The keyword is “Re-visit”. 

{Written by: Farhana}

I found something interesting on Facebook this morning and I would like to share with all of you especially to the entrepreneurs out there. I believe most SMEs and entrepreneurs out there are facing a difficult time to run their business because of the Restriction Movement Order (RMO) by the Malaysian government. 

But wait, there are things that you as the business owner can do during this trying time which I think is good to share with you.  

The keyword is “Re-visit”. 

1. Check your company’s financial position. Check your profit and loss account. Study what would be the expenses that can be reduced at the moment.  Also, check on your total current assets and liabilities. This is for you to plan better on your company financially, during RMO and as well as after COVID-19.If the company account is not up to date, this is the best time for you to do the housekeeping. Clean, clean, clean!
2. Make short-term planning (during the RMO period) and long-term (after RMO period). Pay attention to the minimum financial requirements to determine the amount of the collection needed for business continuity.Your business landscape somehow could change after the RMO period where you can now look for other options/opportunities/possibilities that would instantly benefit your customer after the RMO period ends or post-COVID 19.
   
   
3. Talk or discuss with your customers about the current situation and what you can do to help. Talk to your creditors for immediate payment and how you can help. Avoid hitting customers who are affected by RMO. Remember, you still need them after the RMO ends.
4. Discuss with your supplier on how you can help each other. For example, discuss delaying the supply or restructuring the payment terms.
5. Actively check all the incentives provided by the government and how it could help your business. For example;
   – Special Relief Fund
   – CIMB Financial Relief Assistance Programme for SMEs
   – Maybank’s COVID 19 Financial Relief Scheme/Moratorium
   – SME Bank Group COVID-19 Special Relief Facility
   
   

On another note, you also can; 

1. Learn or tighten other skills for example on Digital Marketing. All the new skills that are related to your business and can be used later. For example; 
   – MaGIC Digital Business Academy (Modules such as Ideas and Products, Brand and Communication, Marketing and Sales, Operations and Finances and People).
   – Interactive Online Learning of E-commerce (an initiative by MDEC).
2. Re-visit your business processes, for example, how to digitize your business processes so that, if there are possibilities of the outbreak again, the business can still run.
   
   
3. Read and listen to all the other resources available online to you such as webinars and related articles specifically the content that might help you to get a broader idea to plan your business in the future especially after experiencing difficulties during the pandemic.

Sustaining your business during this difficult time is not easy, but please just do not give up!

Look around, look for the opportunities, communicate, network with others on how every one of you could help and complement each other.

This is not the end of the world, so keep fighting!