Webinar on managing business during COVID-19

Koong conducting the webinar

UTAR’s Institute of Management and Leadership Development, Division of Community and International Networking and Belt & Road Strategic Research Centre jointly organised a webinar titled “How Can Your Business Survive the COVID-19” on 9 April 2020. It was hosted on VooV Meeting.

Speaking at the webinar was Reanda LLKG International Managing Partner-cum-K-Konsult Taxation Sdn Bhd Chief Executive Officer Koong Lin Loong. Koong also serves as the National Council Member of the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) and the Chairman of ACCCIM’s SMEs and HRD Committee.

The webinar was attended by both local and international SMEs as well as UTAR staff. In the webinar, Koong discussed the challenges encountered by SMEs during and after the Movement Control Order (MCO) period and how SMEs can survive the COVID-19 pandemic and how to get through the tough time. Apart from that, he also shared his thoughts on the stimulus packages introduced by the Government.

According to Koong, at this critical juncture, cash flow is much more important than profits for small and medium-sized enterprises (SMEs). Aside from sharing his insight on Post-MCO plan, he advised, “SMEs need to plan for a yearly financial budget to reduce their fixed expenses and review their loan packages. SMEs must transform to adapt to current technology and digitalisation. SMEs are also advised to evaluate their current situation, balance between the incomes and expenses, focus on business value and niche marketing, and make necessary adjustments for survival.”

In the webinar, Koong explained the 4Ms, namely Money (Cash flow), Man, Machinery (Technology), and Market which served as a guide for SMEs to rethink their business models. Lastly, Koong shared the four trends in the current market, known as online platform, share economy, gig economy, and 3D printing technology.

The webinar was followed by a discussion and sharing of ideas between the participants and the speaker on VooV Meeting.