More than half of businesses believe their company will register some recovery in the next six months, a newly-published Confidence Index has revealed. 

But if the situation with the COVID-19 pandemic and its impact on the economy does not improve, around 60% of companies fear their cash reserves will run out before year’s end.

The insights were provided to the Malta Chamber by Vistage after the two entities partnered up to provide quarterly updates on the state of businesses on the island. Vistage is an international executive coaching organisation that helps small and mid-size businesses’ CEOs, owners and key executives. 

Published for the first time on Thursday, the report was drafted after 105 respondents from the local business community were surveyed in December and January. 

The researchers found that the rollout of the COVID-19 vaccine seems to be encouraging business owners to look forward to kick-starting new or halted projects, reopen recruitment and plan for growth with some optimism. Some 40% of those surveyed expressed this sentiment. 

On revenues, 49% of the survey respondents expect revenues to increase in the year ahead, compared to 14% that expect revenues to decline.

The researchers also reviewed businesses’ plans for their return to office, with most of them opting for a “hybrid” approach where work is carried out both at the office and at home. 

“We also see that in this time, the majority have chosen to upskill their staff while business was on slowdown,” Vistage said. 

Speaking at the unveiling of the report, Malta Chamber president David Xuereb said the CEOs and business owners’ views are crucial, especially as the business community plans for the future while trying to “swim through the COVID-19 experience”. 

He said the fact that Vistage is an international body will also help with comparing the findings in Malta with those abroad. 

Vistage Malta chair Nathan Farrugia said the insights gathered will be key to taking decisions which will impact the future for years to come.