Did you know that Malaysia’s gross domestic products growth is predominantly contributed by the small and medium-sized businesses? According to the LinkedIn post written by Julian Neo, small and medium-sized businesses (SMEs) make significant economic growth by contributing 36.6% to the gross domestic product (GDP). Moreover, most of the businesses that are run by Malaysian businessmen or entrepreneurs fall into the category of small and medium-sized businesses.
Julian Neo stated in his LinkedIn post that 98.5% of SMEs made up Malaysia’s business landscape. However, after COVID-19 hits the world, its impact has tremendously doubled and increased the burden on SMEs. One of the reasons stated by Julian Neo is that SMEs are quite slow to adopt digitalization and technology. Allow us to share a few business survival tips for SME businesses in Malaysia. One of the highlighted tips is to buy retail POS system Malaysia.
1) Re-evaluate Your Business Finance
The first and foremost tip for SME businesses in Malaysia to stay survive despite external or internal challenges is by re-evaluating your business finance. It is really essential to know the current state of your finances for business as this re-examination will give insights or clear hints about your current business situation.
There are a few ways that can be done to perform re-evaluation of your business finance. You can follow Harvard Business School Online insights to do so. They suggest entrepreneurs or business owners to analyze the balance sheet, review the income statement, observe the cash flow statement, and analyze the financial ratio statement.
By doing so, you are not only having a detailed picture of your current business financial state but also can do business forecasting and introduce precautions.
2) Strengthen the Bond with Your Employees
The key to business survival does not only rely on technical skills and good business plans but also good and warm connections with your employees. Sometimes, business owners or entrepreneurs tend to focus on non-human skills and giving good customer service for ensuring customer satisfaction, but they put their good connections with employees as a side priority. Employees’ happiness is the interrelated key to a strong and good bond with them. If they feel happy and have a sense of belonging at the company, they are not only happy while doing their work but also providing good quality work. This will result in good work performance, thus boosting the company’s performance.
According to Camille Preston in her written article on the Forbes website, businessmen or entrepreneurs can build happiness with their employees by engaging themselves with happy people, building meaningful relationships, and conducting wellness programs at the company, and/or events.
3) Faster Adaptation to Technology
Electronic POS software can streamline retail and business operations by automating the transaction process and keeping track of critical sales data. Basic POS software systems include an electronic cash register and software to coordinate data gathered from everyday purchases. Installing a network of data-capture devices, such as card readers and barcode scanners, allows you to expand the functionality of POS software and devices.
To summarize the article, business survival relies on strategic financial decisions, developing good and warm connections between business owners or entrepreneurs and employees, and also fast adaptation to technology.