Credit author: Len Markidan (www.groovehq.com)
Credit author: Len Markidan (www.groovehq.com)
The Fourth Industrial Revolution (IR 4.0) is upon us, and it is expected to change how we live, work, and communicate. As IR 4.0 picks up speed, we can see a definite shift in business models and employment trends.
This age of cutting-edge technology can mean a lot in terms of advancing small businesses. Nevertheless, to implement these new systems and software could be costly for small business owners. You can still benefit from new and developing technology. Here are a few tips to help your small business thrive without having to dip into your savings:
Customer Interaction
The popularity of social media has taken customer interaction to the next level.
Social media refers to websites and applications that are designed to allow people to share content quickly, efficiently, and in real-time. Facebook, Instagram and Twiter are among the most popular social media sharing sites that are often used by the public to engage with brands and business with a total of 1 billion users as of September 2019, and are expected to reach more than 2 billion in the not-so-distant future.
Changing technologies help you reach more potential customers than ever before, around the clock. Social media platforms, mobile marketing, various types of content marketing, and much more increase the visibility of your business far beyond your local community—often on a reasonable budget.
To maintain customer interaction, all that is required of business owners today is to have a few social media profiles that can be consistently maintained, and to engage customers by responding to their messages, and inviting reviews as well as customer-generated content. This allows you to observe nearly every aspect of your audience’s behaviour, thus providing a wealth of insight into customer motivation. By doing this, business owners will be able to understand their customers better. This also allows them to be more proactive about customers’ wants, which in return increased sales and customer loyalty.
Online Payments
One of the most popular trends in the business world today is e-commerce. Often called online payment, this has become the favoured form of purchasing for most customers. Web-based payment systems make it easy to send or receive payments. Furthermore, they do so while offering a host of payment options. Many of these platforms even offer seamless integration into popular accounting programs.
When you accept digital payments on your e-commerce website, you will expand your customer base to include far more people than before—those who want to pay offline and those who prefer online payment. In addition to that, the introduction of online payments can also attract a more global audience if you use a payment gateway that allows customers to pay in their local currency.
Moreover, one of the appeals of online payments is that they are faster than manual payments. The whole process of making an online payment may only take seconds. The result is immediate confirmation of transactions and improved the cash flow for your organisation. Do some research in advance to know which payment options suits your existing and potential customers. In other words, the more types of payments you accept, the more customers you will attract.
Analytical Tools
This method may be a little more costly than the previous entries but it certainly is the most formidable entry on this list. Companies have widely embraced the use of analytics to streamline operations and improve processes. Nevertheless, applying analytical tools will provide important data that will in turn inform intelligent and capable business decisions.
For instance, using analytical tools, you can gauge the percentage of visitors to your website that browse your site on their mobile browsers, or you can assess your page load speeds. The most common, popular and widely used is Microsoft Excel. Such information will provide a better understanding of your business and the direction in which it is heading. In addition, it also allows you to better recognise new business opportunities that may have been generally neglected, for example, undiscovered client demands.
Thus, with the right application of analytical tools, the potential for growth and profitability becomes endless and more intelligence-based.
As the new industrial revolution gathers speed, small business owners should take advantage of these new technologies to help their business thrive. With the internet and social media at our fingertips every day, the opportunities for business are constantly growing. Nevertheless, it all depends on how we choose to use new technology.
Healthcare has always been viewed as a good industry to venture into, both for businesses as well as individuals who are looking for a positive career prospect. Deemed as a growing business in the country, the market research firm Global Data has stated that the healthcare market in Malaysia will be worth as much as RM 15.9 billion come 2020.
It is known that clients in the healthcare industry are those who face health issues and are in need of care or treatment. While anyone can face health issues requiring medical treatment at any time in their life, such issues tend to increase as people get older, as a natural result of the body’s ageingprocess.
In Malaysia, the biggest consumers of healthcare are senior citizens. The ageing population—those aged 65 and above—is rapidly increasing and will form 7% of the national population as we approach 2020, thus it is highly likely that businesses in this industry will see an increased demand. Together with this, job opportunities, as well as business opportunities for entrepreneurs to provide services for this sector, will also increase.
An Array of Career Opportunities to Choose From
It is no secret that careers in healthcare have always enjoyed a very high demand over the years. When speaking of careers in healthcare, the terms doctor’ and ‘nurse’ is usually the ones that come to mind. However, what is often overlooked is the fact that there are over 50 job opportunities when it comes to working in the healthcare industry. Some of these overlooked careers in healthcare are:
1. Dentist
2. Dental Hygienist
3. Emergency Medical Technician
4. Pharmacist
5. Therapist
Benefitting Entrepreneurs and Businesses
Apart from a wide range of careers to choose from, the increased demand for healthcare services increases business opportunities as well. In particular, the business market is further aided by the growth of e-Health in the industry.
Having created a whirlwind in many other countries over the years, e-Health has now made its debut in Malaysia after a somewhat slow start. Malaysian startups are beginning to pay more attention to the e-Health industry and are determined not to let the country be left behind its neighbours such as Singapore and Indonesia, when it comes to the e-Health sector.
As such, e-Health deserves more attention from investors, policy makers and, particularly, entrepreneurs in the country, as it can work wonders in improving and systemising the healthcare system in our country. It is said that the e-Health sector play a vital role in Malaysia’s health sector in the years to come.
For instance, several private hospitals within the country have begun exploiting mobile apps in order to assist their tech-savvy potential clients to search for doctors and health services, as well as to book appointments and pay for health screenings. Thus, mobile apps that aid in diagnosis and in the monitoring of patient conditions will definitely come in handy as it would cut costs for governments and health care providers in the country.
Meanwhile, e-commerce has the potential for laying the foundation for efficient and effective transactions at a low cost between employers, payers, providers, and patients in the e-healthcare industry. A big player in the e-commerce sector, B2B healthcare e-commerce is able to aid transactions and the exchange of information among vendors, hospitals, insurance agencies, state and federal regulators, and doctors’ offices. This will simplify and improve the healthcare system in our country while bringing it to new heights.
A Bright Future Ahead
The demand and need for healthcare in Malaysia is expected to further increase over the years, and with demand comes more opportunities to improve treatment and diagnoses.
The 2019 Budget saw a lot of improved healthcare plans that benefit both the people and businesses involved in the industry. Among these are the B40 Health Protection Fund, Skim Perlindungan Kesihatan (Health Protection Scheme, Peka) and many other health screening programmes nationwide. The budget also saw a RM 29 billion in allocation for the Health Ministry, which is a 7.8% increase, compared to the RM 27 billion allocation in 2018.
On that account, in 2027 Malaysia’s healthcare market is predicted to grow by 127%, amounting to RM 127.9 billion, compared to the RM 56.3 billion in 2017. The 2019 Budget projected an increase in public healthcare expenditure, and according to Fitch Solutions Macro Research, the government will continue to push forward fundamental healthcare initiatives which will in turn boost the nation’s healthcare market.
On that note, the government has allocated RM 29 billion for the healthcare sub-sector, which is an increase of 7.8% compared to last year’s budget. Out of these RM 29 billion, RM 2.3 billion will be allocated to the health sub-sector, such as the building and maintaining of clinics and hospitals, and improving the existing healthcare facilities, as well as the means of obtaining medical equipments—all of which is in line with the aim to offer better quality in healthcare, as well as increasing accessibility of health services to the public.
Thus, with the backing of the government, and the willingness of entrepreneurs to venture into the market, it is safe to say that the healthcare industry indeed holds fair and bright prospects for keen businesses and individuals.
For 2000 years, China has been a trading centre and the largest economy in the world. Today, it has transformed itself from the 1970’s closed economy to a manufacturing and exporting hub.
Since it instituted reforms in 1978, the country has achieved economic growth averaging 10% annually, lifted almost half of its 1.3 billion populations out of poverty and become the second-largest economy in the world.
Now, it is poised to exert its influence in the start-up ecosystem.
China is no doubt an undisputed leader in Asia. Recently, it has been very successfully growing its own companies, especially start-ups.
Who has not heard of Alibaba founder Jack Ma, who currently is the 23rd richest man in the world in 2017 (Forbes List) with a net worth of USD 33.2 billion?
The power of start-ups cannot be underestimated. They revolutionise the way things are done, and they are industry disruptors.
Of course, there are countless start-ups popping up everywhere around the world, but the Chinese, due to their sheer growth and being an Asian giant are to be especially watched.
Due to their unique culture too, the Chinese are very innovative in coming up with solutions that suit their needs.
From a funding point of view, currently, it has been slowing down in the Silicon Valley.
About 83% of venture funding went elsewhere in 2016 (other than the USA), and China’s influence continues to grow.
Some of the world’s most active investors, such as Sequoia Capital and Lightspeed Venture Partners are increasingly looking east, while the Chinese start-ups, such as Didi Chuxing and Ant Financial Services Group, the financial-services affiliate of e-commerce giant Alibaba Group Holding Ltd., closed the world’s largest private fundraising round for an Internet company at USD 4.5 billion in 2016.
So let us look at some the Chinese start-ups that are poised to do well in the near future. In no particular order, they are:
iDreamsky
Recent Funding: USD 115 million (IPO)
Founder: Jeffrey Lyndon
iDreamsky is a fast growing mobile game enterprise and the largest independent mobile game publishing platform in China.
It localises successful overseas apps for the Chinese market and has become one of the largest mobile game publishing platforms in China with 98.3 million active users and 25.8 million daily active users.
Daojia
Recent Funding: USD 50 million (Series D)
Founder: Hao Sun
Daojia is established in 2010, focusing on online food orders and delivery services targeting at China’s middle class urbanites.
It works with more than 6,000 restaurants and currently has 1 million customers and is still growing at a fast pace.
Daojia operates in eight cities in China with an over 3,000-strong logistics team and delivery staff.
It is aiming at expanding to over 30 other cities all over China this year. Currently, Yum China is in initial talks to acquire the food delivery firm.
Haha Pinche
Recent Funding: USD 10 million (Series A)
Founder: Xuguang Men
Haha Pinche is a carpooling app launched in January 2014 which matches passengers with drivers, connecting drivers and passengers wanting to share the same car for a trip. It provides ratings and allows payment as well.
It is well placed for growth as China’s traffic jams are legendary and with a growing affluent middle class who owns cars and prefers to travel by car, Haha Pinche provides a well needed solution.
Aipai
Recent Funding: USD 38 million (Series C)
Founder: Tienan Wang
Aipai is a video sharing site that focuses on game recordings and allows users to use tools to capture their own footages, edit them, and add effects like music and sound.
It has over 10 million daily active users and 50 million monthly active users.
Mobike
Recent Funding: USD 215 million (Series D)
Founder: Wang Xiaofeng
Mobike is a bicycle-sharing app which helps users find and rent nearby bikes—bright red in colour—at dirt-cheap prices (i.e. USD 1 or RM 4.28 per half hour of riding).
It provides a service to people who needs to get somewhere not too far in a short time, such as a subway station to the office.
It is the world’s largest bicycle operator and in December 2016 made Shanghai the world’s largest bike-share city.
iCarbonX
Recent Funding: USD 145 million (Series A)
Founder: Jun Wang
Shenzhen-based company iCarbonX became a unicorn less than a year after being founded.
The biotech start-up wants to build a one-stop platform that crunches all kinds of data, including genetic information and blood samples, provides health-related insights and recommendations.
Inke
Recent Funding: USD 10 million (Series B)
Founder: Feng Yousheng
Inke founded in 2015 is one of the most popular live broadcasting apps.
It is mobile-first which means users can live stream through their phones instead of their computers.
The app recorded monthly active users of over 16 million in January this year.
Inke Founder, Feng Yousheng noted that the app’s live streaming hosts funnel as many as 50% of their fans to Weibo, WeChat, and other channels in order to sell products and monetise.
On e-commerce sites such as Taobao and JD, live shopping has already taken off, with conversion rates of 32%.
Inke has recently been acquired by Shunya International Brand Consulting in May 2017.
Entrepreneurs need to consistently create and deliver value propositions to customers. Knowledge of our own products and services is paramount as we have to accurately match our customers’ needs. We have to emphasize on the benefits our customers could derive from our offerings rather than blindly spelling out the features of our portfolio.
Every entrepreneur is required to routinely revisit the fundamental concepts of the business. We must always keep a close eye on market trends and the economic climate. Fiery enthusiasm coupled with an undying passion of our career will undoubtedly increase an entrepreneur’s success within the society.
It was extremely challenging to lead Malaysia’s then mega project, Proton. I learned that the secrets to becoming an eminent leader lie in one’s ability to constantly innovate and manage the company efficiently in both its human resource and finances.
A quality workforce will form the very backbone of an organisation thus dictating the success of the organisation. Entrepreneurs have to muster the courage to selflessly devote ourselves to our business and not be afraid to sacrifice a little for growth in profit and productivity. We have to etch our company’s vision on to the back or our heads and never be complacent with our situation, all the while exhibiting professionalism and patience.
At the current financial predicament, the success or even the very existence of a business all boils down to the survival of the fittest. Therefore, it is imperative to study cultural aspects and local issues on overseas markets if one is to thread past their comfort zone.
We, entrepreneurs and business leaders, must continuously interact with business and market environment. Not forgetting the importance of building up winning teams and never to work in isolation. Lastly, as for being a good manager – is through getting results by working with other members of the organisation.
‘In business, only the strong will survive and the weak will be left behind. The success of the strong will determine the continuity of an organisation from one generation to another’
Source: YBhg Tan Sri Dr. Mohd Nadzmi Mohd Salleh, The Executive Chairman of Nadicorp Holdings Sdn Bhd at PUNB Enrichment Luncheon Talk 2008.
In retail business, adapting and responding to change is an important process. Those of you who have been in business for many years would have made changes to keep up with current times. One way to do this is by conducting business review.
A review process begins with evaluating your current status. The main areas to be look at are as follows:
Get to know their demographics and your surroundings.
Who are they – families, couples, singles, factory, workers or students?
Buying power – find out what products they buy, the types of businesses and price of real estate in the area to estimate their buying power
Buying pattern – do they buy smaller packs or cheaper brands?
Their schedule – should you open earlier or close later to accommodate them?
2. Products
Review your inventory to better suit your customers.
3. Suppliers
Find out how you can improve the way you work with them.
Certain office relationships can be detrimental to the company and your career? Find out how they can be…….
The past several years had brought many changes to our workplace. This includes technological advances, alternative work schedules, flatter organisations, kinder and gentler hierarchies. But each advance confuses the definition of an appropriate distance in workplace relationships.
Aristotle once said, “A society is something in nature that precedes the individual. Anyone who either cannot lead the common life or is so self-sufficient as not to need to, therefore does not partake of society is either a beast or a god”..
The act of socialising with co-workers may be difficult to avoid in today’s more casual and less hierarchical office. Social time between co-workers is a good idea because it builds camaraderie which can ultimately lead to greater productivity and success at work. So does a friendship between a boss and a subordinate. It will be healthy for the organisation only if the friendship is being kept to a certain limit, professionalism and within work related interests. While the need for companionship doesn’t end when one enters a workplace, some experts however believe that it should. They insisted that workers maintain boundaries in office relationship as when it goes bad, those who are involved will bring the problems to work with them. Another expert said that while there are few guidelines to help workers determine the appropriateness of an office friendship, but more often than not it is difficult to know when too much is too much until the whispers start, team work crumbles and productivity come to halt.
One must understand that a workplace friendship is typical to a personal friendship; when the friendship works, everything is just fine but when the honeymoon is over, things get very ugly. Another thing is that when you don’t know a person so well, you tend to focus on their strengths and you may even idolise them. But once you get closer to them, then you will see their weaknesses which will ultimately diminishes your opinion. This will change the dynamics of the relationship, the team and perhaps the entire organisation.
A boss who had a close personal relationship with a subordinate is inviting problems that can be detrimental to his leadership qualities. He will not only get a whats-on all look at the workplace but more important, he will ultimately lose all the respect from his other subordinates. They see him as unprofessional and bias and therefore not a good leader. When workplace relationship is build on secret agenda and unfounded biases, those beyond the inner circle feel isolated and abandoned. Cliques can lead to paranoia, disloyalty, distrust, ineffectiveness, low morale and low productivity.
When this happens, they will question the boss’s credibility in evaluating work performances, setting schedules and taking disciplinary actions and so forth. The subordinate on the other hand will face peers’ rejection and this will unnecessarily open the opportunities for conflicts. Even if that subordinate deserves a promotion, others see it as a personal gift from the boss rather than from his own achievement.
One way we can help ourselves and others to respect the limits of work-friend relationship is to keep our activities and interactions on work related. For example when you spend time with a work-friend after working time, include others in the office. Don’t single out your friend for praise or recognition at the expense of someone else who may also deserve it. Separate personal from professional dealings and if you are mature enough to understand where they begin and end, then they will enrich your life. If you are not sure where those boundaries are, then keep your distance!
Sumber Arkib: Buletin Usahawan Nasional Bilangan 1
| Average Performers | Star Performers | |
| Initiative | Average performers come up with ideas that will get them noticed by the Management | Star performers offer ideas that will also benefit co-workers and the organisation |
| Networking | Average employees thrive on gossip and limit contracts to those in their field | Star build relationships within and outside their field and gladly share their knowledge |
| Self-management | Most people limit this to managing time | Stars also use it to develop talents that will increase their value to the organisation |
| Followership | Average employees think this means sticking to a job description and not questioning authority | Stars don’t hesitate to offer opinions on goals, tasks and methods. But despite all differences, they cooperate with authority to reach organisational goals |
| Teamwork | Average team members see this as just doing their part on a project or problem | Stars see it as helping to set and commit to goals, activities and schedules; making others feel part of the team; dealing with conflict and assisting others with problems |
| Leadership | Average employees see this as a chance to stroke their egos | Star view it as knowing how to influence and direct a group to work together to complete a task |
| Organisational Savvy | Average performers view this as knowing how to play office politics | Stars see it as knowing when to cooperate and when to compete; when to avoid conflict and when to meet it head on |
| Show and Tell | Average employees focus on their message, not on audience needs. They write long memos, offer slick presentations and praise their work-all to get noticed by Management | Stars focus on message receivers. They pick the right information for the audience and the best format deliver it |
The Nineties have been blamed for the serious decline in office manners – it was a time when the “me” generations held sway. Indeed, the general lack of regard for others has reached such a level that many companies have become worried that it is affecting work performance and are consequently sending employees off on manners training courses.
POINT TO PONDER
“Good breeding consists in concealing how much we think of ourselves and how little we think of other persons”
Mark Twain – US Writer
Sumber Arkib: Buletin Usahawan Nasional Bilangan 2
