Malta Enterprise have launched the Business Re-Engineering and Transformation Scheme that allows businesses to use external approved advisors in order to help them get back on track while claiming back 50% of the advisory fees up to a maximum of €5,000. Read about the scheme rules in our other post.Businesses operate in trying times and Covid has been the latest of many challenges to hit at local businesses and change the status quo into a steeper uphill struggle. It is important to recognise and understand that the challenges faced are real and that many have come from factors that are outside a business’ control. Having said this, it does not mean that nothing can be done to counter these challenges or to get back on track as a business.
The interesting aspects of the Business Re-Engineering and Transformation scheme are not just the funds claimed back but the actual benefits to a business. Consider a few projects and scenarios that could be addressed under this scheme:
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Process Efficiency: Sometimes a business has been carrying out a process in the same way for many years. While there might be the feeling that this could be more efficient, the business owners and managers are not always aware of the best way to tackle it. An external view will be a game changer. An exercise can be carried out to review these processes, understand how to improve them and even include computer systems, automation or just re-designed processes to make the business more efficient.
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Business Performance: There are situations where owners and management put their heart and soul into a business. They work long hours… they give it their all… yet … the feeling is that the business should be delivering much more than it actually is. A business analysis exercise can enable one to understand what is happening here and why the effort being put into the business does not seem to be in line with the results being achieved. The recommendations drawn up from such an exercise can lead to re-engineering of processes or even transforming the whole business model.
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Service Quality: On occasion, businesses realise that there are a degree of errors in their operation that result in work needing to be re-done or in customers being dissatisfied or even needing to complain. Process analysis and re-engineering can identify the root causes of these situations as well as re-designing the processes and controls around them to ensure that that service quality and customer retention are increased.
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Organisational Structure: Many SMEs are structured in a way that creates a core dependence on owners, management or a few key employees. A business transformation exercise can be carried out to understand the causes of such a dependence, create processes and practices to grow other employees and design a resulting structure of people, processes and accountability to make the operation more resilient and future-looking.
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Smoother Revenue Patterns: The revenue pattern of a business depends on the operation, products, clients and targeting. The result of these design choices is that some businesses end up in a situation where they face very irregular revenue patterns placing them in a situation that planning their operation and investment is very difficult. A portfolio analysis of products and services, customer segments and targeting can enable a business to try to better understand the market dynamics, smoothen the revenue pattern and create a more steady stream of income into the future. Such an exercise could result in a transformation of the business model of the complete operation.
The above 5 ideas are just a quick taster of the multiple opportunities local SMEs have in engaging advisors and taking advantage of the Business Re-Engineering and Transformation Scheme. Please get in touch with CMG Consulta for a short meeting where we can discuss your business and advise on the various options under this scheme.
