SMEs Positive And Confident
Malaysia’s small and medium enterprises (SMEs) are experiencing positive business conditions, with many adding jobs and investing in technology, according to a new survey released today.
The findings, from CPA Australia’s eighth annual Asia-Pacific Small Business Survey, follow extensive surveying of nearly 3,000 SMEs in Malaysia, Vietnam, Indonesia, Hong Kong, Singapore, Australia, New Zealand and China.
CPA Australia Head of Policy, Paul Drum said that while Malaysia SMEs reported weaker business growth than in 2016, the sector was still experiencing positive business conditions and was a strong creator of jobs in 2017. Malaysia SMEs were likely to create even more jobs in 2018.
“More than a quarter (27.5 per cent) of Malaysia SMEs added staff in 2017, reflecting strong growth for many Malaysian SMEs. A healthy 40.1 per cent are expecting to add additional staff members in 2018.
“SMEs from Malaysia continue to be strong users of digital technologies in their business. Over half of Malaysian businesses surveyed (53.4 per cent) earned over 10 per cent of their income from online sales, and over 80 per cent use social media for business purposes.
“However, Malaysia's small businesses would benefit from a stronger focus on new digital payment options, such as AliPay, ApplePay and WeChat Pay. Only 29.1 per cent allow customers to pay through this new technology, well below China (65.5 per cent) and the survey average (42.7 per cent).
Malaysian SMEs were the most likely to nominate customer loyalty as having the most positive impact on their business in 2017.
“It is good business practice to focus attention on existing customers, as it is always much easier to keep a customer than attract a new customer."
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Cloud- Driven Recovery
With digital transformation being an important catalyst for Malaysia’s inclusive economic recovery, cloud computing plays an important role that enables . the country to acquire the advantages that technology offers.
Live Werkz: Venturing Beyond Southeast Asia
Being forward-looking in its approach has enabled LiveWerkz Pte Ltd to survive the Covid-19 pandemic, says vice president Tricia Ng. Despite being a Singaporean company, the company does not focus its efforts in the Southeast Asia region. Instead, Greater China and the Middle East become the foundation for its businesses. Ng tells SME the company’s strategies in facing a challenging future.
Singapore's Go Digital Well Received
More than 78,000 of Singapore’s SMEs have participated in the country’s Go Digital programme since its 2017 launch, with more about 40,000 becoming participants last year, including 30,000 that received Covid-19 incentives from the government.
Accountants And SMEs: Creating A Sustainable World
For SME finance professionals, ‘sustainability’ is about achieving longevity. However, there is a confusion over different definitions of sustainability. They recognise the growing importance of tackling sustainability issues but lack the understanding of how doing this can be integrated into day-to-day practices within the finance function.
Rebuilding Our Mental Well-Being In Sales
Sue Barrett is a writer, training provider and entrepreneur who founded Barrett in 1995 to positively transform the culture, capability and continuous learning of leaders, teams and businesses.
Omicron: A Test Of Resilence
Global manufacturers have been facing a supply chain crisis since the start of the year. Just as it appeared that the situation was beginning to stabilise, the Omicron Covid variant reared its ugly head.
Silver Lining In The Cloud
Although RAS Security Pte Ltd’s business was adversely affected by the pandemic, there’s a silver lining in the cloud. The occurrence has necessitated the company to innovate its business model to remain viable and led to the discovery of new areas of security service provision. Managing director Tejdeep Singh shares his journey.
Accelerating Artificial Intelligence
Singapore is introducing two new public artificial intelligence (AI) programmes as part of the strategy to use technology for social and economic good, involving a total allocation of S$680 million to accelerate AI research. The latest initiatives require a funding of S$180 million.
Three Tips For Hiring Top Talents
BIG EGOS LOSE TALENTS First up, when it comes to hiring, you must put aside your ego.
The Economy Is Recovering, But What About People?
All signs are pointing towards a speedy recovery. Contrary to what this writer initially predicted, the economy seems to be genuinely recovering.
