SME sem
KUALA LUMPUR: As post-pandemic Malaysia opens up with more industries resuming their operations, the economy has been hit with new challenges.
With rising costs from the US Federal Reserve interest rate hikes to a running inflation, scarcity of resources due to the Ukraine-Russia crisis and a shortage of workers, businesses small and large are bracing themselves for the consequences to come to head.
With that in mind, the first Star Outstanding Business Awards (SOBA) LAB webinar opens the discussion on “Building future business resilience through technology, partnerships and effective cash flow management”.
SMEs can tune into the webinar tomorrow, July 26 at 3pm, by registering at bit.ly/edsobalab1 or scan the QR code below.
This discussion will be headed and moderated by the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) small and medium enterprises (SMEs) committee national treasurer and chairman Koong Lin Loong.
The panel of speakers include PKT Logistics Group Sdn Bhd chief financial officer Pang Kong Chek, RHB Bank Bhd and SME Engagement head Sim Ee Chiew and Credit Guarantee Corp Malaysia Bhd’s Branch Sales Management vice-president Sharifah Attashah Syed Ali.
They will share strategies for building business resilience through digital transformation, as well as ways to affect an accelerated digital shift, by investing in reskilling and upskilling.
Other topics include the use of partnerships as a key to drive long-term positive change across business and society and how to leverage on data analytics to take advantage of favourable terms in negotiations and payment strategies.
Pang will share how PKT secured sufficient cash reserves by implementing the voluntary salary deferment programme (VSDP) to allow staff to earn a 5% interest per annum for deferring part of their salary.
He will also highlight the importance of treating employees as partners in the business, rather than abandoning them during a crisis, as a show of management’s sincerity and appreciation for their hard work and loyalty.
“SMEs need to future-proof their business operations via digitalisation, phase out manual processes and establish a strong online presence,” Pang said.
“The key point I would like the participants in this webinar to leave with is to not put all their eggs in one basket. They should also work out a plan together with their staff and not abandon them in isolation.”
Sim will elaborate on key challenges facing SMEs today, which includes rising costs, shortage of labour, skill and talents and ways to overcome these from a banking perspective.
He will also address how to change the traditional mindset and the inability to take radical action in transforming and responding to rapid changes in SME markets, due to lack of information and awareness.
“I would like to see SMEs demonstrate their ability to adapt as necessity arises under challenging circumstances,” said Sim.
He also reminded businesses that are looking to weather this uncertain and rapidly changing environment to consider emerging trends that are likely to continue for the long term.
Sharifah will be discussing the importance of cashflow to small businesses, particularly star-ups. She will also touch on the challenges and provide recommendations to overcome them.
She pointed out that the lack of exposure and knowledge in responding to market changes due to unexpected business environments and conditions as some of the drawbacks that SMEs will face.
“I hope participants who are startups leave the session with the knowledge that their sustainability depends on their readiness, awareness and ability to adapt to market changes.
“They should also look out for new opportunities to remain competitive.”
SOBA 2022 is organised by Star Media Group (SMG) with Credit Guarantee Corp, Digi, PKT Logistics Group and RHB Bank as main sponsors, TalentCorp Malaysia as co-sponsor and Matrade as official trade promotion partner.
Supported by Bursa Malaysia, it is audited by BDO with 988 and Suria as official media partners. For more information on SOBA 2022, call SMG Events at 017-231 1789 or visit www.soba.com.my.
