THE International Monetary Fund says that the global economy is experiencing a broad-based and sharper-than-expected slowdown, with inflation higher than it has been in several decades.
These events affect the Malaysian economy and local small and medium enterprises (SMEs). The global crisis impacts prices of goods, which have increased dramatically and transactions are slow.
Session 1: (From left) Moderator Lai, with speakers Yip, Kuan and Yap.
In times like these, SMEs need sound strategies to weather the economic storm, a topic that will be dealt with indepth in the SOBA LAB 5, which will be held from 9am to noon at Level 2, Menara Star, Petaling Jaya, Selangor, on Nov 4.
Experts will share their thoughts and methods on how to deal with the challenges for the rest of this year and next.
Broken again into two sessions, SOBA LAB 5 will focus on “Moving Forward 2023: Boosting Economic Resilience” in the first session and touch on “Trends Transforming the Retail Industry Outlook in 2023” in the second session.
The first session, which will be moderated by BDO Malaysia’s Tax executive director David Lai, will consider the wishlist of businesses when Budget 2023 is retabled later in the year.
It will also gauge the Malaysian economy’s sustainability in light of increasing inflation, different recession predictions and how businesses can withstand these.
Speaking in this session are panellists RHB Bank Bhd SME Banking head Yip How Nang, PKT Logistics Group Sdn Bhd chief marketing officer Kuan Eu Jin and Ernst and Young Tax Consultants Sdn Bhd partner Bernard Yap.
“We’ll look at the different types of assistance SMEs can get, which were tabled in Budget 2023, such as incentives, financing, tax redemption and more,” said Yip.
Session 2: (From left) moderator Loh, with speakers Kok Weng, Leong and Liew.
Kuan said: “I will share PKT’s experience as the economy puts the pandemic behind it and the short and long-term measures the logistic company has in place to sustain growth.”
Meanwhile, Yap will delve into “the challenges faced by SMEs and business enterprises and the changes undertaken to adopt post-pandemic.”
The second discussion will be led by moderator Asean Retail Chain and Franchise Federation president Datuk Mike Loh, with speakers that include Digi Business Innovation and Operations head Liew Kok Weng, SENZ Marketing (M) Sdn Bhd marketing director Datin Katherine Leong Hong Yin and Vanilla Mille Crepe Sdn Bhd chief executive officer Nelson Liew.
Leong received the SOBA 2021 Best Brand and Entrepreneur of the Year award, while Liew won the SOBA Best in Retail for 2020 and 2021 award.
This session will look at upcoming business trends and how companies can establish sustainability moving forward.
The topics include the direct-to-consumer (DTC) trend, sustainability of online marketplaces for brick-and-mortar stores and the effectiveness of eCommerce in reaching a wider customer base.
Kok Weng said: “In a time when brands strive to balance between the novelty of having a physical touch with consumers and the benefits of online selling, such as reaching a wider audience base and digitalisation of processes, Digi wants to support businesses to make the decisions that are best for their brands.”
Leong added: “I will be sharing tips on how to manage or start getting into different social media platforms.”
She will also weigh in on how to leverage DTC, using social media and how eCommerce helped SENZ reach out to a wider audience.
Liew will be examining “the whys and hows of retail digital transformation as well as their challenges.”
SOBA LAB 5 will also be streamed live on The StarBiz and The Star Facebook pages, on SMG Events, and on Youtube for anyone who wishes to watch it online or share the links.
SOBA 2022 is organised by Star Media Group with Credit Guarantee Corp Malaysia Bhd, Digi, PKT Logistics Group and RHB Bank Bhd the main sponsors.
TalentCorp Malaysia is a co-sponsor and Matrade the 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 017-2311789 or visit www.soba.com.my
