SOBA 2023 past winners reveal core principles to implement during hard times.
They related their success journey and experiences with all SOBA Biz Club members during the SOBA Connect on June 28 at Menara Star, which was moderated by Associated Chinese Chambers of Commerce and Industry of Malaysia treasurer Datuk Koong Lin Loong on the topic on Lessons from Malaysian Business of The Year Winners: Navigating the Entrepreneur Journey.
Another way to expand its business was by using a franchising model, which made up about half of its total outlets. He reminded SMEs to be mindful of their financial statements, profit and loss accounts, cash flows, their assets and liabilities, essentially their balance sheet.“For me having fine financial acumen is important and all of our employees are well-trained on that. We are very particular about cash flow.”“We approach banks, my training in a multinational company gave me the insight into the projection for my revenues and cost stream.
During the session, SOBA 2023 sponsors also had their presentations to show some of the ways that they can empower SMEs who need assistance. PKT Logistics said the event would expand horizons by exposing SMEs to new ideas, trends, and perspectives, while encouraging them to think beyond their current limitations and enabling them to explore innovative approaches to business.
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