NM Group Ltd CEO Beppe Muscat has looked back on the past year as one that could be epitomised by “exploration and introspection,” as he faced various hurdles that challenged his resilience.
His comments came as part of the latest instalment of MaltaCEOs.mt’s end-of-year interview series, where he reflected on his accomplishments from 2023, together with the skills he wants to develop in the new year.
Mr Muscat is a Certified Public Accountant and Registered Auditor, and has led business advisory firm NM Group as CEO since 2017. Aside from his work at the company, he also sits on the Board of Directors of a number of Malta-based companies and is also a Malta Chamber of SMEs Council Member.
When asked how he would sum up the past year, Mr Muscat remarked that he would do so by describing it as one of “resilience, consolidation, and gratitude.”
“On a personal level, 2023 unfolded as a year of exploration and introspection, prompted by life challenges that put my resilience to the test,” he said.
He also remarked that the past 12 months proved to be ones of consolidation for NM Group, as it has “solidified the efforts of the past years while establishing the groundwork” that will take it into the future.
“In 2023, we experienced the loss of a dear friend, Angele de Leuw Muscat. Angele inspired everyone fortunate enough to know her, encouraging gratitude and positivity in those who heard her story,” Mr Muscat added.
He explained that he is most grateful for being surrounded by people who respect and love him.
When it comes to the accomplishments he is proud of, Mr Muscat places the progress he has made in his doctoral research at the top of his list. He said that the research is “greatly aligned” with NM Group’s vision, and it delves into the impact of the digital revolution on the world of work, with a particular focus on the accounting industry.
“The knowledge I’m gaining through this research not only enhances my understanding of the subject, but it is also providing knowledge that supports our efforts in leading positive change in our industry,” Mr Muscat explained.
Despite this increased breadth of knowledge, he still feels that leading a firm with more than 60 employees, as is the case with NM Group, is a “demanding and time-consuming job”. As a result, he has set himself the aim of having some downtime during the Christmas holidays and the New Year to relax and spend some quality time with his family.
In the meantime, his will also try to envisage what the coming year will entail, both in terms of challenges and opportunities.
“In 2024, I believe the biggest challenge will remain in sourcing quality people, especially since our industry is highly specialised and thus the pool of available resources is limited,” Mr Muscat said.
Finding the right talent has been a widespread challenge for business leaders, with many facing difficulties when it comes to filling vacancies for specialised positions, prompting them to pay extortionate salaries, upskill their current workforce, seek talent from abroad, or end up being left behind.
“Having said this, we are also now at a level where the team has the skills and expertise required to see us move closer to our vision, and thus, in 2024 there is the prospect of an exciting year ahead, marking the next steps in our journey,” he continued.
Just like his team at NM Group, Mr Muscat himself is also targeting self-development, wanting to sharpen up on his leadership style. He is seeking to enhance his “assertiveness” while still preserving the essence of how he leads the team, “predominantly characterised by fostering a collaborative and empowering work environment.”
From a more personal perspective, he also wants to introduce some changes to his daily routine in order to give greater priority to his physical well-being.
Mr Muscat said that up until a few years ago, he was very active in sports, training on a daily basis as a footballer. However, since he stopped doing so, he hasn’t been as active as he would want to be.
“So, I’d say that I need to make sports a priority in my life once again,” he explained.
Looking ahead to what he will be doing at this time next year, he envisions himself further developing his skills and expertise, taking on new challenges, and contributing to his personal and professional growth.
“I also aspire to continue advocating for reforms in the local economic sector, especially through my role as Council Member of the Malta Chamber of SMEs,” Mr Muscat concluded.
NM Group CEO Beppe Muscat
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