18 March 2020 – Ever since the Movement Control Order (MCO) was announced, small-to-medium enterprises in Malaysia are finding it hard to maintain their normal level of business operation. As a CEO/manager of a company, what can you do to minimize the effect of MCO and assure that the effectiveness, efficiency, and productivity of the company maintains the same as usual? What are potential the workarounds for declining sales?
Good news! Here are 8 tips for your business to survive through this crisis.
(Video for Chinese version is at the bottom of the page)
1. Work from home
It is stated clearly that everyone should perform social distancing during MCO. In order to prevent crowding in your company, employees can be divided into groups. While one group is working in the office, the other groups may work at a co-working space or from home. In this way, if anything happens to one of the groups, the company is still able to operate with the other groups of employees.
2. Virtual Conference / Meeting
In order to decrease the risk of getting an infection, any face-to-face meetings and events should be eliminated. However, companies can switch to online meeting platforms, for example, using Zoom, Skype, Microsoft team and etc.
3. Task Management Software
It would be very hard to assign any tasks and follow up on the employees’ progress without the help of task management software. These software helps departments to communicate and understand each other’s progress. Apart from the well-known Asana or Trello software, there is quite a lot of free online software out there that perform the same function too.
4. Cloud Accounting Software
It is strongly recommended for the Admin and Finance Department to utilize Cloud Database or Cloud Accounting software to ease your job. For instance, SQL Connect allows you to host your company’s accounting database online so that employees are still able to work from home or work remotely. By using this software, your salesmen will be able to generate an invoice at any time without going back and forth to the company.
5. GOBI for beautiful Reports
Managers can easily check the company’s financial and sales performance by using gobi.my. It is an interactive reporting platform that has the function of turning the financial data and P&L statements from SQL into beautiful simple yet informative graphs. In one glance, you can easily find out how well your company is operating.
6. Digitalize Your Business
Retailers are affected the most during this MCO. Retailers can start to invest more time and effort into transitioning the company’s offline business to online. There are many well-known platforms where retailers can sell their products online, for example, Lazada, Zalora, Shopee, etc.
7. Inventory management
Many SMEs today do not have an accurate inventory system. Yet inventory control is becoming more important to identify the remaining stocks available in your inventory. With that, you can sell these stocks online and attach attractive promotions to boost sales and increase brand awareness.
8. Account and cash flow management
Understanding your company’s cash flow position is very important. Yet many bosses and managers turn a blind eye in this area, and if it wasn’t because of the MCO, many would still not take the time to analyse this area. Many think that the available amount in the company’s bank account is the actual cash flow amount that the company has, but this is not always the case – your cash flow might be more OR less depending on other factors like liquid assets and reoccurring expenses. If you would like to know more about accounting and cash flow management, BISPOINT Group of Accountant is our suggestion to you as they provide deep analysis on your company’s financial data with guided measures for improvements.
Here’s a Chinese version of what has been talked about above.