Once your business is incorporated and becomes a limited company, you’ll need to have a ‘board of directors’ in place to provide your core leadership and run the business. But why do you need a company board? And what are the different roles and functions that each member of the board supplies? Leading the business from the top Your board of directors exists to manage the future success of the business. Whether it’s hiring talent for your senior management team, defining your key business strategy or making decisions on acquisitions, your board must have the best interests of the company at heart. The boards key aims will be to: Maintain a stable financial position Deliver a steady pipeline

Paying tax is something you’re likely to see as a necessary (but not hugely enjoyable) part of running your business. But are you doing enough to plan your own personal tax liabilities? As a director, you’ll pay your income tax annually on a self-assessment basis. But there are plenty of ways to make this a less costly and onerous task to complete. Planning ahead when it comes to tax By taking a forward-looking approach to your own personal finances, and working with an experienced advisor, you can start to minimise your tax costs and maximise the value you enjoy from your own earnings and company profits. Working closely with us helps you: Know your future tax liabilities – by looking at fa

In the online, connected world that we now live in, it’s important for your business to be digital. Digital technology has revolutionized the options you have available as a small business, with a wealth of cloud-based solutions and apps helping to automate the admin, enhance your productivity, open up your business data and market the company online. Making the technology work for you Becoming a digital business isn’t about using technology for tech’s sake. It’s about seeing the huge value and potential of applying digital processes and software tools within the company. By moving your systems, processes and customer interactions over to digital, your small business can quickly become more

Linda is the owner of a small e-commerce platform. Despite 2 years in the business, the scales never tipped low enough in her favor, constantly hovering just above breakeven. It wasn’t until she enlisted the help of a professional business advisory that it was revealed - her delivery processes were 38% slower compared to her competitors. The culprit? Poor inventory management. Linda and her small team were never aware of this, because none of them came from a relevant background. They were knee-deep in the same processes everyday, never realizing it was the process itself that was inadequate. Linda’s case might just be an example to help you illustrate the importance of seeking external help

Working for yourself or running your own business? Contracting or freelancing requires you to wear a lot of hats. Relationship-building, keeping track of your time, marketing your skills and actually doing the work. But one of your priorities should also be establishing how you handle your money and setting the groundwork for good habits. Understand your deductions Before you start, it’s essential to understand what expenses you can and can’t claim. This means you’ll keep the right receipts and track the right expenses. Figuring out what’s what can be a little confusing as everyone has a different working set up and what you can claim for can vary between industries and occupations. Talk to

Want to reduce bottlenecks and free up time? Keen to identify resourcing gaps and improve culture? Understanding the fundamentals of an Organizational Chart and building the best structure for your business will help it be more sustainable, scalable and saleable! There are five things which are critical to getting the best from your organisation structure: 1. Keep it visual. Your Organisation Chart should be a clear, visual structure that shows how your team works together. Share it with your team and display it so it’s visible. 2. Know your departments. There are 10 departments in every business. It’s essential that you understand what these are and the function of each. Understanding the f

Accounting. It’s not an easy subject for most Malaysian business owners, but certainly an unavoidable one. In the process of taking your business from a mere idea to a full-fledged company, you’ll no doubt stumble across areas which aren’t within your realm of expertise. Subject matters outside your comfort zone. You might say: “I’m a business owner, not an accountant!” But setting a good financial foundation for your business from the get-go ensures you don’t end up with a hot mess as the business grows, and guides you towards making better decisions. This article features step-by-step fundamentals of what you need to know about business accounting for beginners in Malaysia. 1. Register you

Time flies when you're running your own business. Days can quickly turn into weeks as you focus on the day-to-day work. And sometimes you can work so hard it’s easy to lose sight of the big picture. Having a monthly checklist will ensure you keep your business on track. This monthly checklist will help you assess the health of your business and stay in control. 1. Step back and do a financial overview Your business won't survive unless you have a tight grip on your finances. Make sure you carefully manage: Expenses and bills – pay quickly to ensure goodwill Invoices – chase all late payers Payroll – ensure all staff records are up to date Taxes – file your returns and pay on time, every time