Topsy turvy year for SMEs

Topsy turvy year for SMEs. [Newspaper] (2020)


LETTERS: The world shut down when Covid-19 came without a warning. All of our plans — to go on a vacation, start a family and kickstart projects — went down the drain as we were placed under movement restrictions. Some companies had to cease operations. Millions of people globally lost their jobs. In Malaysia, some survived by tapping into the business industry. While this might bring hope to some, it was sadly a threat to small- and medium-sized enterprises (SMEs), which bear the biggest brunt of the pandemic's economic impact as a new group of opponents enters the arena. According to the Companies Commission of Malaysia (SSM), 82,555 new businesses were registered between April and July. This means that the supply for the sales and services industry has multiplied but, unfortunately, buyers are facing a financial crisis. As a result, a large number of SMEs had to close due to a lack of profit. SSM data showed that 32,469 of registered companies (not limited to SMEs) shut down between March and September. Only enterprises with loyal customers and an effective sales strategy were able to stay afloat.

Item Type: Newspaper
Keywords: Sme`s, Economic, SSM
Taxonomy: By Subject > Entrepreneurship > Business Fundamentals
By Subject > Entrepreneurship > Business Planning
Local Content Hub: Subjects > Entrepreneurship
Depositing User: Jamil Jawi
Date Deposited: 05 Feb 2021 02:36
Last Modified: 05 Feb 2021 02:36
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