Slowly but surely, we’re bidding goodbye to a society where customers scrounge for change at the till.
Bank Negara stats show that direct debit transactions increased from 3 million in 2017 to 4 million in 2018, while the number of transactions made via debit cards jumped a whopping 83.5 million.
Along with the crowded e-wallet market, these stats certainly stand for something. It illustrates our ever-dwindling reliance on traditional paper-based payments, favoring the usage of debit and credit cards, online banking and mobile wallets among others.
But Malaysia’s shifting payments landscape probably isn’t news to you. What matters more is - should your bu...
Our success in life depends largely on our mindset. Those who wait until conditions are perfect are unlikely to achieve their goals as they’re always waiting for the right time and never take that first step.
There are three small words whose order can heavily influence the outcomes we achieve: be, do, and have. After deciding on your goals, the next step is to consider who you need to be in order to achieve your goals, rather than what you need to do.
Compare the following sentences:
“When I have a more profitable business, I’ll do great things with my family and be a great partner and parent… first I need to work a bit harde...
There are three fundamentals to successfully scale up your business: having a clear organisation structure, having comprehensive systems, and developing great leadership.
Ever heard the quote, “What got you here won’t get you there”? These are wise words (and the title of a book you should read!) are from Marshall Goldsmith. Choosing to scale your business does not come without risk!
Many leaders focus on their systems and teams when looking to scale, which is important, but they must also focus on scaling themselves.
Fundamental three: developing great leadership
Most reasons why businesses fail, directly and indirectly, point to leadership failure. ...
Fundamental two: documenting your systems and processes
It’s essential that you regularly review your business’s systems and have clearly documented processes in place - for consistency, efficiency, and so that you can delegate more responsibilities to your team.
Nine steps to establish great systems:
1. Identify your key systems.
Focus on documenting your most critical processes first. These may be customer focused, those where only one person knows how to perform the task, the tasks currently causing the most friction, or those preventing you from being paid on time.
2. Develop a standardised approach to documenting your systems.
Growth brings increased opportunity, but at the same time, increases risk. Poorly managed risk can cause failure, even if the business is growing.
So, how do we plan for success in a fast-growing business?
There are three fundamentals to successfully scale up your business: having a clear organisation structure, having comprehensive systems and processes - both of which must be clearly documented - and finally, developing great leadership skils.
Fundamental one: your organisation structure
1. A clear organisation structure allows a business to successfully scale.
It will enable you to increase your revenue without creating bottlenecks and overloadin...
If you have a business, it is a safe bet that you employ millennials, and you are only going to be hiring more. They are rapidly becoming the labour market’s biggest pool.
Millennials have been gaining a bad reputation - entitled, uncommitted, difficult - but that doesn’t have to be your experience. Up your millennial management game and see results not social stereotypes.
The 5 keys to managing millennials
Growing up with rapid change, the digitisation of the world and the explosion of social media has given millennials a different outlook to baby boomers or even generation X, but they are every bit as bright and capable, they just need handling dif...
In the online, connected world that we now live in, it’s important for your business to be digital.
Digital technology has revolutionised 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,...