Business survival tips during COVID-19

Koong emphasising the importance of sustainability in businesses

The Centre for Corporate and Community Development in collaboration with Unovate Centre and Belt and Road Strategic Research Centre co-organised a live webinar titled “How Can Your Business Survive COVID-19” on 8 May 2020. It was hosted at 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. He is also the Board Member-cum-Audit Committee Chairman of SMECorp Malaysia.

The webinar focused on the challenges encountered by small and medium-sized enterprises (SMEs) during and after the Movement Control Order (MCO) period, how SMEs can survive the COVID-19 pandemic and how to get through the tough time.

Koong shared his opinion on budget planning for businesses, leveraging on the growth of the gig economy and how to identify a valuable business resource. He said, “When you strategise well, risk will become opportunities. The best time always evolves in the worst period of time.”

Koong said, “We need to increase income and reduce expenses. Be a cost leader to reduce liabilities. In the current situation, we need to look at now and the future. In upgrading businesses, we need to strategise on methods that are sustainable in order to remain relevant,” he said and added, “Concentrate on what you know and be effective and efficient in making the best decision for your business. Everyone needs to adapt to the online platform and leverage on the technologies we have to seize opportunities and grow our businesses.”

In the webinar, Koong also spoke about government assistance for SMEs such as wage subsidy programme, automatic moratoriums on all bank loans, micro-enterprises facility, special relief facility, all economic sectors facility, special grant RM3,000, automation and digitalisation facility, agrofood facility, foreign workers’ levy rebate, exemption and discounts of rental premises and tax deduction of rental rebate.

The webinar was followed by a Q&A session between the speaker and participants.