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4 Extremely Crucial Things To Know When Running An SME

Knowing is winning half the battle!
13 Aug 2018, 10:00 AM
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Main image via Tutellus

Nobody said it was easy—these words describe perfectly the reality of running a business, especially a small and medium-sized enterprise (SME) where you, the owner, will most likely have to be involved in everything from strategy to management to operations.

You already knew it was going to be hard work, but that doesn’t mean things can’t be simpler. Here are four things that’s worth knowing…

Have a source of information and learning

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No man (or woman) should be an island when it comes to running a business because there is simply no way for one person to know it all. So, make sure you seek out a mentor whom you can rely on for business guidance. That person should, of course, have a good track record of setting up and running a business.

Alternatively, you can also crowdsource assistance from Q&A forums such as Quora.

Make use of technology

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Your scale of operations may be small but that doesn’t mean it can’t operate at its peak efficiency. By adopting the right tools, you can help your employees—and yourself—work smarter rather than harder. Examples of really cool tools out there include:

4 extremely crucial things to know when running an sme

Image via Slack Help Center

Slack: An internal communication tool that aims to replace emails via the introduction of multiple, tailored channels of communication.

4 extremely crucial things to know when running an sme

Image via Wrike Help Portal

Wrike: A project management tool that lets you manage tasks, share files, and monitor group activities in a real-time feed. An upgraded, paid version also opens up the options to customise and generate reports.

Understand the laws that affect your business

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This will be time-consuming, but it’s extremely important that you understand all the rules and regulations that apply to your business. Equally as important is a firm understanding of all licenses, taxes, and certifications that you’ll have to apply and pay for.

For this, it’s a good idea to engage a law firm you can trust and consult insurance companies capable of providing risk management services.

Know where to obtain the financing your business needs

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Nobody ever goes into business with the goal of not expanding. But in order to expand your business, you’ll need to ramp up operations, which will require funds so it’s important that you know where to obtain the working capital you need, when you need it.

That’s where Maybank comes in! With their fast approval SME Clean Loan / Financing-i, you’re able to boost your company’s working capital up to RM1.5 million for as long as seven years tenure without any collateral. This financing product also doesn’t impose an early settlement fee.

4 extremely crucial things to know when running an sme

Image via Twitter/@MyMaybank

For more info, on Maybank’s SME Clean Loan / Financing-I, click here. Alternatively, inquire at the nearest Maybank or Maybank Islamic branch.

To apply, log into Maybank2u or Maybank2u Biz and submit your application online (for existing Maybank customers only).

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