Family businesses - the bedrock of sustainable growth | Steve Ellul

Family businesses play a major and pivotal role within the European economic model, and have to play an even bigger role in being catalysts of the digital transformation and sustainability processes

In the local economy, family businesses, together with small and medium sized companies make up a major pillar of growth and value added. This however comes with a number of sector-specific peculiarities, challenges and characteristics which are not usually encountered in other businesses entities.

Our aim is to keep on supporting and incentivising family businesses, enabling them to be agile, able to adapt to the challenges, both present and future. We are living in a constantly evolving economy which seeks a closer connection with the consumer, seeks further sustainability while keeping a close eye on balancing its books. This is by no means, an easy feat. This underscores the imperative to deepen our embrace of high-quality processes, necessitating sustained support for family businesses and tailored interventions to address their distinct needs.

Challenges faced by family businesses are felt at all levels. It would, however, be naive for us to deny the particular circumstances faced by a business operating from Malta. Particularly concerning are the imperatives of digital transformation, enhancing service efficiency, and nurturing skills and talent, all while preserving competitiveness

In this context, local members of the European Parliament advocating for Maltese interests, must leverage discussions and touch upon elements that affect family business day-to-day operations.  Access to finance, environmental transformation, digitalisation and competitiveness are all elements that influence business operations.

Acknowledging the finite resources at the disposal of family businesses underscores the urgency of bolstering their competitiveness at the EU level. Critical questions arise: Are Maltese family businesses actively participating in cross-border projects within the EU? Are they leveraging available EU and local funding opportunities optimally? Are they maximising international processes to expand their export capabilities? Are they equipped to vie for EU projects and tenders? These are avenues I aspire to explore and promote at the European Parliament, championing the interests of family businesses in Malta.

Family businesses encompass a diverse array of enterprises, spanning from the humble neighbourhood grocer to upscale office-based firms and manufacturing entities in industrial zones, all contributing significantly to the local economy. Safeguarding the operational landscape of these businesses remains paramount, and initiatives such as those facilitated by Malta Enterprise, Business Enhance Schemes, and other EU programs are pivotal in nurturing their growth and sustainability.

As we march towards the European Parliament elections in June, I am fervently committed to championing the cause of our cherished family businesses rooted in Malta. These enterprises hold a special place in my vision for our economic landscape. Whether it's the quaint corner grocer, the sleek office headquarters, or the bustling manufacturing plant in our industrial zones, family businesses form the bedrock of our local economy, embodying resilience, innovation, and community spirit.

We must safeguard the fertile ground in which our family businesses thrive, nurturing their growth and prosperity. Initiatives such as those spearheaded by Malta Enterprise, the Family Business Office, and EU-backed programmes such as the Business Enhance schemes are essential instruments in propelling our industries forward.

Embracing a forward-looking perspective, I look forward towards leveraging my platform in the European Parliament to advocate for policies that empower and uplift our family businesses. Together, we can forge a future where these enterprises continue to flourish, driving economic vitality and opportunity for generations to come.