Perhaps we've been wearing one too many hats when it comes to directing or leading a business. "If there’s a way to do it better… find it." – Thomas A. Edison There are 10 departments in every business, no matter how small. There's Shareholder Director Leadership Product / Service Development Operations Marketing Sales Finance Admin / IT HR Many business owners control multiple departments. Now imagine each department has a hat worn by the single leader of each department. Many business owners wear multiple hats. The secret to the success of your organisation structure is to understand the key differences between the departments (and their responsibilities), to understand which hats you’re w

27 MARCH 2020 - MALAYSIA’S STIMULUS PACKAGE UPDATE Prime Minister Tan Sri Muhyiddin Yassin announced a more comprehensive people-centric economic stimulus package in facing COVID-19 pandemic, valued at RM250 billion to be allocated as follows: RM128 billion channelled towards citizen welfare RM100 billion to support businesses including SMEs (small and medium enterprises) RM2 billion to strengthen the economy RM20 billion as was announced previously The following is a summary of the economic stimulus package: Allocation of RM500 million to ramp up the capability and resources of the Health Ministry Additional special allowance of RM200 a month for police, immigration and customs departments

Over the past few months alone, we have witnessed devastating natural disasters, social unrest in Hong Kong and now the Coronavirus outbreak globally. These series of unpredictable events have signalled to businesses the urgent need to instil stability and minimise disruption in their operations using technology. Not only did these events put the modern workplace arrangements to the test, they have created an even more dire and compelling reason for businesses to accelerate the pace at which they are transforming their business practices and culture. It was not too long ago when businesses were exploring flexible working arrangements to achieve better work-life integration. By leveraging co

Businesses that have clear objectives or goals, robust accountability and a shared sense of purpose should always outperform those that just show up and go through the motions. Strategy lies at the heart of most successful businesses. To achieve this you need to resource and execute with a clear purpose. Few businesses have a strategic plan or a robust planning process. Changing this situation should be a top priority! Here are two top tips for business owners. 1. Process Creates the Plan Getting strategy at the heart of your success will require you to carve out some time, get a process started, and shake things up. There’s no better time to review and tweak your business model, future-proo

During an emergency situation such as the current, employees can no longer work from your usual office location due to restrictions, being able to ‘get up and running’ from a remote location is critical. Remote working allows your people to remain safe at home, allows communication between the team and customers, and – crucially – allows you to continue running your business and creating revenue. But how do you set up your team to become remote workers? And what are the key considerations to think about when working remotely in the cloud? If your business is not yet equipped with any remote or cloud working infrastructure, it is not too late to start strategising and planning for it now. To

Update on recent deadline extensions for tax submission and compliance requirements by SSM, LHDN and Customs. TAX SUBMISSION DEADLINES COMPANIES Two (2) months grace period from the due date of submission is allowed for companies with accounting periods ending: 31 July 2019 31 August 2019 30 September 2019 31 October 2019 30 November 2019 INDIVIDUALS BE Form submission extended to 30 June 2020 EMPLOYERS Form E submission originally due on the 31 March 2020 has been presented a two (2) month grace period to the 31 May 2020 SST SUBMISSION SST returns that are due on 31 March 2020 will be extended to 15 April 2020 Full remission on any penalties that were imposed on SST returns prior to or on

Easy bill and receipt capture included in Xero from today with Hubdoc. How does Hubdoc help you run a successful business? One of the biggest challenges for small business owners is to keep their books up-to-date and understand their financial position in real-time. Do you have enough money in the bank this month? Which parts of the business aren’t profitable? Many people are looking for answers to these questions in order to build a sustainable business. Hubdoc is Xero’s bill and receipt capture tool that helps businesses do their bookkeeping more effectively. This helps you answer these questions and come up with a strategy and plan ahead. How it works When you use Hubdoc and Xero together

In unprecedented times, businesses must adapt to remain productive. If face-to-face meetings are a key part of your daily business operation, here are some tips to take your meetings online with minimal disruption. Find the best system for you. There's a range of free or low-cost platforms, including GoToMeeting, ezTalks, Join.me, Zoom, Google Hangouts, and TeamViewer. Before you choose one, consider: How many people generally attend your meetings? Do you require screen share functionality? How many meetings do you run? (If it’s a lot, a small monthly subscription may pay off due to better functionality) Schedule your meeting Depending on your chosen system, consider how you schedule your o

Inventory management or stock control, encompasses all the tasks you carry out to keep your inventory in check. Activities like ordering products, storing your merchandise, counting items, and forecasting demand are all components of inventory management. Having the right products at the right time for your audience is critical in retail. In order to run a successful retail business you’ll need to think about the following key areas: Sourcing products effectively - by tapping into online directories, attending trade shows, and analysing your stock data. Talk to your customers and staff and review your sales data to guide your purchasing decisions. Understanding different inventory techniques

When you’re running a business, it’s easy to get caught up in the day-to-day activity and lose sight of the big picture. Taking stock of the health of your business is important. Knowing where you’re allows for more effective planning, early warning about any issues, and the chance to better chart a course for success. There are some quick ratios that will help you in order to gauge the health of your business. We can help you to assess your business health and show you how to calculate these vital checks. Liquidity Ratios Liquidity ratios are about how quickly you can turn your business assets into cash - which helps you assess whether you’ll be able to pay the bills. High ratios are better

If you’re looking to scale your business, you’ll need to spend more time working on it than in it. Finding ways to leverage your time is critical, and outsourcing your least favourite tasks is a great way to do this. Things you should consider outsourcing in your business: Digital marketing. From your content strategy to your social media accounts, if this is not a strength of yours, outsource it! There are many freelancers who have multiple clients at this level, who’ll likely be more knowledgeable regarding SEO and much more effective and efficient in general. Graphic design. Your brand is a key reflection of your product offering. If you don’t have the skill, software and time t

Objective is to ensure economic risks associated with the COVID-19 virus outbreak is effectively addressed. Strategy Anchors: - 1. Mitigating the impact of COVID-19 (aka Coronavirus) 2. Spurring rakyat centric economic growth 3. Promoting quality investments STRATEGY 1 For a period of six (6) months from April 2020 until September 2020: - BUSINESS OPERATION RELIEF A deferral period of monthly income tax instalments will be granted for businesses in the tourism sector Affected companies can revise their profit estimates for 2020 with respect to monthly income tax instalments without penalty 15% discount on monthly electricity bills for hotels, travel agencies, airlines, shopping malls, conven