“In my opinion, it all boils down to one word: results. Does coaching work? Yes, it does. How do we know? We see, and critically, we can measure the results using science-based tools,” Ms Martin tells BM. “As I see it, the bottom line is that coaching has produced and continues to produce significant results, without which companies would simply be unwilling to invest. Without evidence to support their investment, companies would look elsewhere for their desired results,” she adds.

Coaching — as an industry — is growing fast. Advocates say the activity can be a powerful resource and vehicle for growth, development and change for individuals, as well as businesses. As life is speeding up, leading to a hastier business world than ever, Ms Martin sees coaching as an “invaluable support” rather than a “crutch”. In her own words, “essentially, coaching is like consulting your inner compass and using the knowledge you find there to align cognition, emotion and behaviour.”

Nevertheless, coaching is not an instant cure; the client’s involvement is crucial. Additionally, the relationship between the coach and the coachee, the time invested in coaching and related activities, as well as belief in the process, are key elements for success. Ms Martin says that both the parties of the coaching process should share what she tags as “strong rapport” as a solid foundation. Also, in today’s culture of always being busy, coaching should be scheduled for slots of undivided attention, which often means prioritising well. What she pinpoints as the factor of “buying-in” basically means the coachee’s commitment and ownership of the process; as having a coach is not a stigma nor would be the sign of weakness. With these building blocks in place, coaching is likely to bear tangible fruit.

Ranging benefits

Given that all the aforementioned factors are established, benefits are expected on a wide spectrum, according to Ms Martin. “From a leadership perspective, coaching goals range greatly, often encompassing a focus such as improving communication, productivity and professional relationships, identifying and leveraging strengths, improving cognition and moving from reactivity to proactivity in challenging situations — to name but a few. Crucially, the benefit which produces long-term change and further development is heightened self-awareness — the point from which sustained change can flow,” the professional says.

“Sometimes people have a result in mind but are not sure how to get there, how to propel themselves forward. Coaching assists them in sifting through their options to find their own golden ticket,” says Ms Martin.

“Coaching helps bring them to their psychological and behavioural tipping point, cut off all other possibilities, find the best route forward, and enable them to make their goals become a reality,” she adds.

At the same time, in order to boost operations of a business, leaders must have an understanding of where they are. “Before embarking on any journey, knowing your starting point is central to calculating the voyage. Assessing the present reality — leaks, current fuel, strengths and weaknesses — help us better establish what is needed to get us to our desired finish line,” Ms Martin describes. Although the destination might not always be clear, establishing a desired outcome is as necessary as establishing the starting point.

“Start and end point clear? Now let’s decipher the best route to get there — assessing potential risks, obstacles, challenges and mishaps. Self-awareness is the starting point of any great journey of personal or professional change,” Ms Martin says.

Facing challenges

The quickly-changing business world brings grave challenges to leaders, who need to be at the top of their game. As Ms Martin talks about it, this really is the survival of the fittest, with coaching serving as a mental, emotional and cognitive workout to maximise “fitness” for modern leadership challenges.

“Social, political, geographical, economic challenges; it is certainly not an exaggeration that the current pace of change across various spheres is phenomenal, bringing with it a great opportunity and of course, a great challenge for individuals, leaders and organisations alike,” Ms Martin says. Therefore, the most important challenges leaders need to face today include engagement, redefining leadership and communication.

Celebrating its tenth anniversary this year, Business Leaders Malta is organising the Breakthrough – From Good to Great conference by Business Leaders Malta on 14 June at Teatru Manoel, Valletta. If you want to hear what Ms Martin has to share, come and see her in action at the event.

Business Leaders Malta started life as an alliance between three diverse companies in 2009 — Mdina International, Jugs Malta and Konnekt, fusing capabilities, experience, professionalism and creativity to pursue their original goal of creating a forum where thought leaders and professionals could come together to share knowledge and ideas

The post Coaching could aid leaders toward business growth first appeared on The Malta Business Weekly.

The group’s pre-tax profit, following the “spin-off” of Trident Estates Plc in the previous financial year, reached €15.1m — an increase of 10% from last year’s profit of €13.8m.

Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to €23.2m, an increase of 5% over last year.

The group’s net borrowings decreased by €6m, resulting in a lower gearing ratio of 23.4% as compared to 28.8% in the previous year.

Total equity of the group increased from €96.6m to €108.3m reflecting the profit generated, net of the dividends distributed during the year.

Board recommends €0.10 per share dividend

The board has recommended paying a final dividend of €3m — €0.10 per share — for approval at the Annual General Meeting scheduled for 24 June 2019.

Together with the net interim dividend of €1m — €0.0333 per share — paid in October 2018, this will result in total dividends of €4m being paid in respect of the year ended 31 January 2019, the press statement says.

This represents an increase of 11% or €400,000 over the dividends declared in the previous year.

Challenging year behind

Despite what the company tags as “aggressive competition” in the local market, Farsons registered growth in its locally produced products while also increasing its imported beer, spirits and wine portfolio in response to changing consumer preferences, according to the press release. Its food import business together with its franchised food business registered higher turnover resulting in improved contribution levels, despite ongoing challenges on distribution costs, the press statement adds.

“While such results are encouraging and serve to motivate us to pursue further our strategic path, we shall continue to face our fair share of challenges. These include an ever increasing aggressive competition across all business sectors, rapidly evolving consumer tastes and preferences, as well as environmental and health considerations and resultant legislative pressures,” said Norman Aquilina, CEO of the Farsons group.

“Also, there are, of course, both moral and business imperatives to do more than just increase profits. Indeed, we are obliged to take a long-term view which considers the interest of a wide spectrum of stakeholders ranging from our consumers, our workforce, our suppliers, our shareholders and the broader community as a whole. Over the last year Farsons continued to implement wide-ranging initiatives to embrace our social and environmental responsibilities in practice, as enshrined in our mission statement, and this through increasingly operating our business units in a healthier, cleaner and more sustainable manner,” Mr Aquilina added.

Farsons expects the mandatory national Beverage Container Refund Scheme (BCRS) on all one-way beverage containers to come in force in a year. Farsons says it is fully aligned with the environmental objectives of the scheme, adding that it believes effective enforcement across the board is an essential prerequisite for achieving the set objectives.

“Innovation remains high on the group’s agenda, as management continues to prioritise the development of products which proactively meet, and exceed, the ever-evolving expectations of our consumers. Another growth pillar is internationalisation. Following significant investments made by the group, further tapping a growing number of export markets remains a priority, although this presents new and ongoing challenges that nonetheless continue to be addressed,” said Louis A Farrugia, Chairman of Farsons group.

Further projects in pipeline

Malta’s well-known local Cisk lager has its 90th anniversary this year. Marking this milestone, Mr Farrugia said that Cisk is “not only a Maltese icon but has won respect and a following from an international audience”.

The CEO also mentioned the Old Brewhouse project launched in 2018, which will feature a microbrewery, a brewpub, a visitor attraction, depicting Farsons history and story, and a cafeteria/bistro, among others. Coordinated with Trident Estates’s Business Park Project, the two projects could open in the first quarter of 2021.

“Farsons’s significant investments over many years have notably contributed to the improved performance, and the group is cautiously optimistic of its ability to continue to deliver growth in its turnover and profitability in a growing Maltese economy. However, continuous growth is also dependent on sustained favourable economic conditions leading to increased consumer demand, equitable market conditions, a level playing field for all operators in the sector together with the growth of the tourism industry which is showing signs of reaching a plateau for the coming year,” Mr Farrugia concluded.

The post Farsons sees 5% rise in turnover to €99.8m in 2018 first appeared on The Malta Business Weekly.