Kuan: Supply chain management is the most important aspect as compared to others in running a business.
PETALING JAYA: AS businesses gear up for the Budget 2023 announcement that’s expected to be tabled on Oct 7, many small and medium enterprises (SMEs) today have their hands full with rising costs and high inflation rates.
Although Malaysia is yet to experience the full onslaught, there are looming uncertainties on the economic horizon.
This is, however, the best time for SMEs to take stock on how to keep themselves agile enough should the talk of a global recession descend.
Those interested in safeguarding their businesses can join in the third Star Outstanding Business Awards LAB discussion by signing up using the QR code below.
This time it will be held at the Grand Ballroom 2, DoubleTree by Hilton, Johor Baru on Sept 5.
The session will be streamed live on the StarBiz Facebook page and on its YouTube channel.
S. Jai Shankar from Matrade is moderator for the SOBA LAB JB panel discussion held at DoubleTree by Hilton, Johor Baru.
It will cover two sessions and moderator for both sessions will be Matrade’s Chemical and Energy Section, Sustainability lead and Oil and Gas director, S. Jai Shankar.
The first session, with the topic on how to “Adapt and evolve to build a more resilient supply chain”, will focus on top areas in the supply chain planning, sourcing and procurement; upcoming trends and changes in supply chain and supply chain priorities and challenges.
One of this session’s panellists is PKT Logistics Group Sdn Bhd chief marketing officer Kuan Eu Jin, who will be speaking on minimum wages, the freeze in foreign workers putting a squeeze on manpower and coping via automation, tight review and process improvements to cut waste.
SJ Varied Sdn Bhd project director, Ashwindran Kumaran is another panellist who will talk on how to diversify business from core activities, products or markets to relevant industry expansions.
Max Chua: SMEs should remain positive in their businesses and deal honestly with customers.
Malaysia Entrepreneurs’ Development Association (Persatuan Usahawan Maju Malaysia) for Johor state, vice-chairman Max Chua Kok Lim will also be joining the panel.
He will be discussing the challenges in the food supply chain such as price wars, product quality comparisons and maintaining integrity with customers.
In the second session the topic will delve into “How to recession-proof your business with better cash flow management”.
It will examine how effective cash flow management can help businesses withstand the impacts of the economic recession and ensure SMEs are in the best possible position for growth when global economies recover, among other relevant topics.
Sim: Businesses looking to weather this uncertain and rapidly changing environment should consider emerging trends.
No stranger to this year’s SOBA LAB SME, RHB Bank Bhd’s SME Engagement head Sim Ee Chiew is concerned with the key challenges SMEs face today, from rising costs to the labour shortage.
Second session panellist KLC Education Group chief executive officer Sean Chia will discuss why 82% of businesses fail due to poor cash flow management and how inaccurate financial reporting and failure to regularly monitor cash flow cause problems for businesses.
Joining in is CGC’s Johor Baru branch manager Don Teriady Abd Jalil who will explain the importance of having better cash flow management.
Kuan hopes by attending the discussion, attendees should remember that they are masters of their own fates.
“Also supply chain management is most important as compared to other aspects of running a business,” he added.
Ashwindran Kumaran: SMEs should continuously explore improvement and expansion plans.
Ashwindran would like companies to focus on business sustainability during economic downturns induced by the pandemic.
“They can tap into their revenue channels from diversified strategies and by continuous exploration of improvement and expansion plans.”
Chua said, “I hope SMEs remain positive-minded in their businesses and to deal honestly with their customers.”
Sim advised that “Businesses looking to sustain in this uncertain and rapidly changing environment should consider emerging trends that are likely to continue for the long-term.”
Chia reminded that “Good cash flow helps to make better plans and decisions.”
Don Teriady: SMEs should have contingencies planned for any emergencies, such as the pandemic.
Meanwhile, Don Teriady said, “SMEs should have contingencies planned for any emergencies, such as the pandemic.”
SOBA 2022 is organised by SMG with Credit Guarantee Corp Malaysia Bhd, Digi, PKT Logistics Group and RHB Bank Bhd 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.
