Ever since the spread of COVID-19 got out of control, a lot of things are stagnating. This includes the whole development of various small to medium-sized organisations. However, it is a blessing in disguise; as it is another opportunity to get ahead for literally anyone and everyone. To get a clearer picture of what is coming, we had a chat with the co-founder and CEO of Funding Societies, Wong Kah Meng.
Cash flowing through from every corner of the globe is one of the key elements that emphasise the economic structure of any entity. Be as it may, the uncertainty of economic development is a global discussion. As new organisations are starting to get the hang of starting the business, to shaping the expansion plans and having employees around, challenges are inevitable; yet these elements can be governed in a structured and fully organised way – despite this challenging time.
From organisation goals to objectives implementation, nothing stops when the crucial part of the whole process is being taken care of, so perfectly. Kah Meng can attest to the fact that entrepreneurs shall have regular calls with their team members to ensure that the team is well-equipped, updated and goals are aligned in the company. Be it as it may, working from home can be a hassle to some, thus office vibes virtually keep the safe space structure that anyone would need to boost their productivity level. Additionally, playing the role of managers virtually – encourages the interaction to be a collaborative tool for all. Kah Meng pointed out that digital whiteboards, pools, screen sharing to co-authoring documents would be a great initiative to connect in a way that suffices in the current state of time of being indoors.
Every day, we get updated with news on the coronavirus to businesses being on pause to angels helping the communities in various ways. On this particular note, the government of Malaysia has been playing a key role in helping the adversely impacted SMEs by introducing the Prihatin SME Economic Stimulus Package which SMEs can benefit from. There are incentives that include wage subsidy, micro-loan schemes and the Prihatin Special Grant that could assist the high wave during this rough patch.
To add up more good news, Funding Societies is doing their part by offering a restriction option or deferments for qualified SMEs on a case-by-case basis. Moreover, SMEs are advised to develop their business efficiency and revenues during this time; to focus on what they have as well as develop into the possibilities of new concepts. “We are confident that the adoption of digital platforms or technology will be accepted more and more particularly following the MCO period.” Kah Meng added.
With new realities and technologies, everything will be restructured again, to develop a betterment of all our future – together. Entrepreneurs would need options to manage their employees differently, due to everyone being different than one another, pointed out by the representative from Funding Societies. Therefore, remote working is one of the greatest tools to identify comfort and corporate solutions at its finest, when everything is being realigned and jotted down in details.
COVID-19 leaves a questioning impact on businesses across the region in a very short period of time, but, to look into the situation; new trends are actually happening. With the emergence of digital transformation, a high possibility of future expansion and turn-out precautions can be heightened to plan ahead of any risks.
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Nurul Zamrè is an ardent writer for the past 15 years of her living tenure on science & technology, agriculture, health, communities, management and more. She is also a News Anchor at RTM, a general manager of AHVN, a model, VO artist, emcee, gymnast, ballerina and a lover of everything chocolates.
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