Rebuilding Your Small Business After the MCO
The Covid-19 pandemic has mostly created havoc on small businesses, as they have a limited budgets, fewer infrastructures, and depend on the daily cash flow to survive. With the damage the pandemic has brought to their operations and finances, it may be challenging for some firms to get back on business. However, even if it may take some work, the situation is still addressable. Here are some tips on how small companies can begin their operations smoothly after the lockdown:
Start by Assessing Your Finances
The first thing you do is to complete all the outstanding audits and check how much you have actually lost during the pandemic. Compare your profit and losses with the previous year’s financial records, and this will give you a sense of how you should move on with the finances.
Review if You Need Support
The government of Malaysia has introduced an Economic Recovery Plan where it aims to provide businesses finances and other support, including tax rebates, wage and childcare subsidy, upskilling programs, etc. The scheme will be great for you if your business had gone on loss during the lockdown period. To know more about it, look at the Malaysia Economic Recovery Plan Highlights.
Don’t Hurry Just Yet
Remember, COVID-19 has affected most of the businesses around the world. It isn’t only your company, but also your competitors and even customers who have seen the adverse effects of the pandemic. You need to understand that the health of your employees and yourself is more important than the revenue. Furthermore, the government has issued guidelines for companies to operate during and after the MCO. Follow all of them.
The Next Normal
Three months is more than enough time to build a habit. This may have been the case for your company as well.
The COVID-19 has resulted in various Malaysia businesses going Digital. After all, companies need to let employees work from home, and also make products to their customers. In all of this, the technology has been playing a huge role.
Digitizing your operations will not only help during the MCO and the pandemic but also after that. Your employees and your work will be more productive, and your customers will be more satisfied. Furthermore, your management and operations, including marketing, accounting, etc. will become more effective. So, now is the time for you to make the best use of and upgrade your IT resources as much as you can.