How Malaysia Business Can Survive during this Covid-19 Pandemic

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Here are some good advice for businesses during this Covid-19 pandemic:

Planning is Key

• Plan for survival, not just expansion. Plan for the worst, so that everything better is a bonus. Plan for the coming 6 months, as the effect can last till the end of the year. Some studies show that the effect will impact at least until July 2020 for Malaysia. But it is better to plan longer till Dec 2020. 
• The export business will be impacted negatively. Plan accordingly.
• Change with the business environment. Always learn how to adapt. Go digital.
• Do more video to market your product
• Plan for your company branding
• Now is the time to do intensive marketing online
• Use a Cashless payment POS system, e.g. QRpay. 
• Apply the 0% interest by BSN. This can help your business' cash flow in the short term.
• Cash is King now. Manage your cash flow prudently.
• Handle debt wisely. Manu companies can go bankrupt because of bad debt.
• Talk to your accountant to plan for your business tax, as some companies will have no sales.
• Go back to the basic
• Focus on the customer's need
• Think in term of the customer's point of view / perspective

Staff Cost Plan
There are many stimulus plans offered by the government to assist the companies to manage the staff cost to overcome the current difficulties.

• Wage Subsidy Programme (WSP) - check with Sosco
• RM1200/m x 3
• Employee Retention Programme (ERP)
• RM600/m x 6
• Paycut
• Discuss with employee of mutual paycut scheme
• Retrenchment
• EIS

However, do check the payment, some said that they received more (yes, you need to refund back), or being deposited into another bank accounts.


3 Documents to Focus

Income Statement

• Income - Find ways to find new markets to get more income
• Expenses - Find ways to reduce unnecessary expenses

Balance Sheet

• Asset - don't buy any big assets right now
• Liabilities

Cash Flow Statement

• Inflow - make sure bank account have money. 
• Outflow - be reserve and be careful about any purchases

Take care and be safe.
Don't ke sana, ke sini.


Happy Investing! 😉

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