While business plans are certainly a useful summary for external parties, you should have a business plan from the very start of your business. That way you can plan the growth journey of your business and anticipate ahead of time when you need to expand to new markets, explore strategic partnerships, or apply for funding.
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Your business needs to expand to fulfil its growth ambitions for the year. You've checked out alternative funding options such as credit cards or peer-to-peer (P2P) financing, but the interest rates are simply too high to justify using those methods. So you decide to apply for a business loan, but other SME owners tell you it will take too long to process, and in the end, there's a high likelihood the bank turns you down.
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The regular recording of a company’s financial transactions is often called bookkeeping. The “books” are source documents every business uses in the course of its daily operations and includes invoices, receipts, bills, cheque stubs, payment vouchers, credit and debit notes.
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With the advent of cheap and quick onboarding cloud-based human resources (HR) and payroll software, hiring employees is easier than ever before. Still, it would be a good idea to talk to an HR professional before you get started. Here are a few details to keep in mind when structuring an employment contract.
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As an SME owner, you may be focused on keeping your business in the black and maintaining profits at the end of each fiscal year. While high profits make great headlines, profit figures can be manipulated with non-cash items such as depreciation and amortisation to offset large capital expenditures, such as company cars, warehouses, and machinery.
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When first starting out and lacking a track record with which to apply for funding, business owners typically raise money from friends and family, or tap their personal credit cards or loans to finance their business. However, as an SME grows and starts to bid for bigger projects or eye expansion, business owners need to consider business loans.
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Small business owners often blur the lines between personal credit history and business credit history – and that is understandable considering it is hard for newly-established businesses to get financing without at least a year's record of credit history.
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Key steps that can kickstart good governance practices and make your journey to get financing down the road easier when the time comes to expand your business.
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Malaysia Innovates Report 2022 is a collaboration between UNDP and EPU Malaysia, which showcases 24 homegrown innovations from innovators of various backgrounds and industries, including school students.
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Andalin CEO Rifki Pratomo talks about revolutionising the logistics industry of Southeast Asia through proprietary tech, process, and team.
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With non-emergent procedures being delayed throughout the pandemic, there has been increased acceptance of healthtech, from telemedicine, employee wellbeing and even genetics and diagnostic health. As a result, the healthtech scene in the region is set to hit the US$100 billion mark by 2025.
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Malaysia has implemented sandboxes for targeted services such as equity crowdfunding and peer-to-peer lending and, most recently, issuing digital banking licences to multiple foreign consortiums. Fintechs have responded positively, setting up regional hubs in Greater KL, either on their own or in partnership with local financial/ fintech partners.
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Greater Kuala Lumpur (KL) is currently in the pole position to take the lion's share of Asia Pacific revenues, banking on its pool of homegrown drone solutions and talents, targeted industry incentives, and supportive regulation and sandboxes for drone testing and pilot training for different scenarios.
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In financial markets, volatility is the presence of extreme and rapid price swings. The more volatile an asset is, the more likely its price can change dramatically over a short period of time.
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“Buy low, sell high” is easier said than done, given the amount of self-discipline needed to sell and not get greedy, or the amount of knowledge and effort needed to track the market daily and even hourly just to “time the market correctly.”
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A better question would be, “What Are My Savings Goals?” Many people dream of becoming a millionaire and being able to retire early or achieve financial independence. True financial independence means that you never have to work again and instead live off your current savings, along with the growth, interest, or dividends.
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Edited and proofread the National Fourth Industrial Revolution (4IR) Policy
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Edited and proofread the Malaysia Digital Economy Blueprint.
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The wide range of cost estimates above depend on whether you choose public or private education options for your children. These options also apply to costs from birth including fertility costs, prenatal and postnatal care, childcare, kindergarten, primary and secondary schooling, and additional tuition or enrichment classes.
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Pre-pandemic, 68% of EPF members did not have the minimum basic savings requirement of RM240,000 at age 55, with about 20% retiring with less than RM10,000. These figures are bound to be even higher now.
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