Are you doing business in Malaysia? Do you have a plan to expand and grow your current business in Malaysian market? If you are still following your redundant business strategy and expect company growth in Malaysia, then you are in a big illusion. Malaysian business strategy has gone far ahead. Company in present scenario demands virtualization, corporate digitalization, self-skill buildup, technological optimization, scopes of trend and market analyzation and outsourcing capabilities.
Did you give a thought on adding up any of those upgrades in your Malaysian business? If not, then it’s the high time for you to give a strong thought on improving your business for future sustainability. To make things easier, this article will explain few such important upgrades you should include in your business to grow and prosper in the competitive market of Malaysia.
1. Improve and update your work premises
Malaysian businesses are tough when considering competitors. In such competitive market having a tidy and classy work space is definitely keeps your company one step ahead from other competitions. In addition, with that, you must prioritize the location of your business. for instance, Kuala lumpur, Selangor, Penang etc. are some top-rated business destinations in Malaysia. Anyhow, if your major target clients are located in some other province in Malaysia, it is wise to establish your business there, As keeping in mind of valued clients should be your primary priority.
2. Update office technologies
A good way to sustain in Malaysian market is to be tech savvy. Corporate platform is constantly getting digitalized in Malaysia. Virtual office, online conferences, digitally secured office environment and many more falls under corporate technological niche. So, this summarize the fact that a strong way to strengthen and expand your business possibilities in Malaysia is to upgrade the technological platform of your company.
3. Review your business financial statements
When doing business in Malaysia, an important aspect that need to be kept in mind is sufficient capital flow. This flow of money is mandatory to improve, establish and constantly carry out various advertising campaign for your company. Moreover, once thinking of growing the business further here, money flow is compulsory in order to carry out various new surveys, and expert consultancies, which again requires money. Finally, financial evaluation can forecast upcoming challenges and help further extension of your company
4. Building up stronger corporate networks
Modern business asks for stronger network. If you have a business in Malaysia, you need to agree with this statement. Without strong network, your company gets cut out of the market niche. As a result, company stay behind all alone and can’t compete with competitors. Moreover, an abandoned company cannot attract new customers. Keeping a good and diplomatic relationship with other companies always gives an advantage point to your venture during the phase of business growth in Malaysia.
5. Update company work heads
Appointing efficient employees, and in some cases firing obsolete workers to restructure the workforce of the company is necessary when spreading the business spectrum in this nation. It is possible to hire freelance workers who can benefit the company growth. It must be kept in mind that productive and skilled staffs are always wanted in this competitive market. Moreover, staffs who are adaptive and capable of working in any areas of Malaysia should have greater priority in the company. A business in Malaysia has greater scope of growing if it has efficient hiring team who can identify efficient workers.
6. Empowering employees
There are several law factors that goes directly in favor of employees working in companies of Malaysia. It is compulsory to maintain Malaysian employee law and regulations. However, prioritizing company employees is the best thing you can do to strengthen your business, and if you have a plan to grow your company radius in Malaysia, you must establish an efficient team of employees in your company. When working in Malaysia, it is mandatory to establish a world class workspace for the favor of your employees or else, you will fall back here in the market race.
7. Search for new customer leads
Generate more customers from new leads for your company in Malaysia. Take assistance from professional SEO and SEM specialists to market and advertise your business. The intension is to attract and create more leads. It must be remembered that more source means more clients, and more clients means more business. If you want to expand your company in Malaysia, you have to expand your client list. If you have enough cash to spend for your company, invest on advertise campaigning to reach more potential clients. It is quite easy to reach clients and get noticed in Malaysian business market once you have an efficient marketing team.
8. Business outsourcing can further accelerate business
It is always a good idea to outsource your additional task no matter where your business is stationed. Once you have a business in Malaysia, you suppose to have a team of workers, and off-course a company secretary to assist you in every professional means from the beginning of your company in this country. They are always present as far as your company is running. But when you plan to expand and grow you company further, you might need some extra hand. Outsourcing company’s additional task can be the solution when such issue arises. Outsourcing additional tasks can definitely bring benefits to the company, as it otherwise would have imposed excess mental and physical stress on you as well as your employees in the company.
There are various other ways to grow your corporate establishments here in Malaysia. Tips and tricks vary from one business to another. Entrepreneurs often need sufficient guidelines to move forward with their new business. Malaysia has various business consultancy agencies who are efficient enough to guide and advice entrepreneurs who intend to grow their existing business even further in Malaysia. Such consultancies also provide useful tips and assist closely at every step-in company progression.
Author name: Md. Forhad Hossain
Founder and Managing Director of S & F Consulting Group since 2012. Expert on Company Secretarial, Company Law, Merger, Income Tax Law, Foreign Direct Investment (FDI) Law, International Trade Law and so on.