CPA Australia's survey shows that 72.2% of Malaysian small businesses are expecting growth this year, up from only 54.6% in 2022. — Bloomberg
PETALING JAYA: Small businesses in Malaysia are optimistic about their respective enterprises and the economy driven by an increasing focus on innovation and technology, according to a survey conducted by CPA Australia.
The accounting association’s latest Asia-Pacific small business survey revealed that 72.2% of small businesses are expecting growth this year, up from only 54.6% in 2022, underpinned by an improving economy and an increasing number of businesses grasping the benefits of digital technology including eCommerce, supported by new digital payment opportunities.
The survey showed 63.9% of small businesses in the country earned more than 10% of their revenue from online sales in 2022, while 72.9% received more than a tenth of their sales through digital payment technologies such as GrabPay.
Aside from that, 53% of small businesses reported investment into technology have improved their profitability.
President for the Malaysia division of CPA Australia Surin Segar said businesses were more likely to invest in mobile phone applications than any other technology, and that an increasing focus on eCommerce will position many small enterprises for growth.
“These small businesses have an appetite to innovate that is encouraging to the small enterprises sector. The high percentage of Malaysians under 40 running small businesses is also a contributing factor” he said.
CPA Australia hoped policymakers would incentivise young small business owners to access professional advice, for the country to better harness the entrepreneurial spirit among the younger generation.
“The increased use of technology raises cyber risks all businesses need to be aware of, with 48% of small businesses having reviewed their cybersecurity in the last six months. While this result was up from 2021, we want to see that figure climb higher,” he said.
The survey discovered that 34.1% of small businesses intend to introduce a new product, process or service in Malaysia or the world this year, up from 25.3% last year.
