Any Successful SME Needs These 4 Tips In 2017
Starting a new business can be tough and the roadblocks just seem to keep on coming: limited time, manpower and budget can all be a factor as the workload starts piling up and bill come rolling in.
Yet Malaysians are not deterred: small and medium enterprises (SME) have long been recognised as the backbone of local economy, as they outnumber large enterprises, both in terms of number and employment.
According to an economic census, SMEs account for 97.3% or 645 136 of total business establishments. Also, these enterprises contributed close to 36% of the country’s gross domestic product (GDP), to 65% of total employment, and to 17.8% of total exports.
With many policies and benefits in the country to encourage companies to go digital, every SME must review their business strategy to digitalise their business.
So if you are in the SME circuit, here are five tips to maximise your business capabilities in the digital world:
1. Tap into digital advertising
We live in a digital age so it goes without saying that at the fore front of your decision-making process is data.
According to the Open Data Readiness Assessment report, local businesses are already demanding for direct interaction and “data crunching” sessions with the Department of Statistics to better understand and trust data.
To get in on the data wave is simple. There are plenty of analytical tools available, and your best bet is Google Analytics.
It’s innovative and easy to use: it relies on clearly marked charts and graphs so that even the least tech savvy individual can feel confident with understanding their information.
There’s also Google Ads. While you are in control of how much you spend on this platform, local businesses are expected to spend anywhere between US$1,000 and US$10,000 per month. The final number depends on your industry, the cost-per-click that you’ll find in it and how likely you are to succeed.
Digital advertising aside, you can also tap into the online world with Maybank2u. This brings a whole new dimension to payments whether it is online banking or even checking account balances in real time.
To ensure ease of payment, you can make e-payments conveniently with Maybank2u Biz. This online banking platform helps you access and manage company accounts anytime, anywhere. You can check account balances in real time, perform funds transfer and pay bills from any PC. Also, there’s a dual-control security function and online bulk payment feature, too.
2. Boost employee satisfaction with easy and prompt payments
Why scratch your head over making regular payments? Through the Maybank2u Biz digital platform, businesses get to process automated salary payments and do this timely and accurately, which in turn boosts staff satisfaction.
Retaining talent is a major task for any SME. According to the World Talent Ranking 2016, Malaysia has slipped from 15th to the 19th spot in its talent-retention efforts.
So, want to up the employee-satisfaction game? Then reward them with a credit card that has a three-year annual fee waiver, special rates on auto financing and even a chance for the company to win a company trip worth up to RM100,000.
Win a company trip!
Start enjoying the convenience of automated payroll processing today and stand a chance to win a company trip! Promo ends December 31, 2017.
Besides salary payments, businesses can also make regular payments to suppliers/business partners. After all, no one enjoys being late on payments or receiving late payments.
Enjoy 4-month transaction fee waiver when you start performing bulk payments on Maybank2u Biz now until 31 Dec 2017.
3. Invest in training and networking
During the tabling of Budget 2017, the government decided to allocate a sum for the purpose of training and technical vocational education. In fact as Malaysia gears up to enter the high-income bracket, upskilling and training will be the only options for staff to keep up with technology.
Companies can also take advantage of the Maybank Building Capacity & Capability programme held nationwide. The programme serves as a platform for participants to network and also share the latest business insights and tips. It’s free and you can register your interest to participate through Maybank2u.
To manage business expenses for training, flights, accommodation and networking efficiently, try Maybank SME Commercial credit cards.
It has business-related perks such as first-year annual fee waiver with Malaysia Airlines American Express® Business Cards. The card has one of the highest rate of earning Enrich Miles. You’ll get 8,000 Enrich Miles on first Malaysia Airlines ticket purchase.
4. Have a flexible financial booster
To run an efficient business, you’ll need to be adept at handling money. During those lean seasons, a loan can come in handy.
Maybe you want to secure financing to maintain business operations, invest in equipment, start a new outlet/branch or any number of other legitimate reasons. Loans are beneficial for a growing business as in they are easily accessible.
For example, the Maybank SME Clean Loan is designed to help your boost working capital so you’ll remain competitive in the industry you are in. It doesn’t require any collateral
Aside from establishing a healthy credit record, loans provide you with the capability to increase your working capital during tough economic times.
While a company that is looking to expand may already have enough money to become larger, taking out a loan allows them to maintain their operating cash flow. This makes it easier for the outfit to cover any unexpected expenses, thus being able to make payments on their loan by using the new income gained from expanding its their business.
But always aim for productivity (and flexibility)
At the end of the day, what makes or breaks your SME boils down to a host of complex factors, yet you are able to mitigate the risks and even the outflows with the right tools.
Ultimately, you’ll need to ensure that your business is sustainable in the long run, and should it get difficult, there are always facilities such as the SME Clean Loan to keep your business running.
What if you are clueless about financial tools? Then the Maybank SME First Account is your go-to. It is a current account meant for start-ups, with solutions ranging from online banking, a POS terminal, insurance to commercial credit cards and others.
But like all aids, remember to stay financially prudent. Even a SME credit facility can go wrong if you are not on top of your finances.
After all, being an entrepreneur is being adept at managing money.