Bryan Lew Corporate Development & GST Director of Cheng & Co

Bryan Lew
Corporate Development & GST Director of Cheng & Co sharing insights on DFTZ

From Transition to Transformation 

Young and mobile entrepreneurs have adapted to the prevalence of money-making opportunities which is specifically internet or app-based, creating a modernize way of doing business in this new era.

Budget 2017 announcement in October last year has mentioned about implementation of E-Commerce initiatives and E-Usahawan programme, and since then respective government agencies has been working on this gathering the new Startups and the already established SMEs to embrace the digital transformation which helps to leverage on the Digital Free Trade Zone (DFTZ).

The recent concluded Digital Free Trade Zone (DFTZ): SME Guide to Leverage on Digital Free Trade Zone’s Roadshow which covers Johor Bahru, Melaka, and Klang Valley has been successfully attracted more than 500 participants in total with the presence of MDEC, MATRADE, and SAME together with the speakers from our Cheng & Co, PRO B Centre, and other supporting speakers sharing the insights and solutions to the concerns by the SME. The roadshow ended fruitfully where not only all the questions are answered but solutions are given on the spot. The aim of this DFTZ roadshow is to encourage SMEs to embark on the E-Usahawan platform in expanding their business globally via E-Commerce as mentioned in the Budget 2017.

The Change of Trading Trend – E-Commerce (Online Market Place)

IT environment has changed tremendously especially during the implementation on Malaysia Goods and Services Tax (GST) two years ago. Cloud software is becoming a norm nowadays where previously people can only imagine of issuing invoices on smartphones but not in this era. Gone are the days where UBS accounting software is the sole preferences for SME to handle its bookkeeping where there are an abundance of accounting software in the market now with each offering ‘Innovations in Technology Advancement’ solution to their business needs.

Change is an unavoidable hassle to keep up with the ever-changing economic trend as new tech, social media sites and social chats app are rapidly changing, evolving, and developing thus face-to-face interaction are getting lesser and lesser by the day. Verbal communication has indeed decreased drastically if you compare from just simply 20 years ago which I have shared the tech timeline from the 90s till now on the DFTZ’s talk. Social Media, Search Engines, Mobile, Cloud – each of them have been influencing our lifestyle. Think of it, did you ever mention ‘Yahoo-ing’ a question in search engine instead of saying ‘Googling’ it? It has becoming a norm that the branding itself has become part of you. Introduction of Iphone by Apple has us to rethink about smartphones and most of us are carrying this gadget making transactions online every minute now whether it is for their games, online shopping, or purchasing movie tickets. It has changed the way how businesses trade now.

DFTZ talk by Cheng&Co

Operation and Profit Centre

Entrepreneurs embarking on this E-platform will pour huge amount of focus on growing the profitability of its business and will often neglected their operations. Operations such as keeping track of finances, cash flows, payroll processing, talents, IT upgrades, and other administrative or specific business functions are salient points to grow or expand the market. By outsourcing it to a professional firm, it can advises on regulatory and compliances – human resources management, taxation, companies act, accounting standard – in operating businesses and further ease down the transactional-based works.

There are a number of advantages in outsourcing the operations via Business Process Outsourcing.

  • Better compliance and advisory from professional firm.
  • Hassle free on personnel turnover and having your own operations department.
  • Concentrate better on revenue generating activities and expansion of firm.
  • More focus on business development and core operations.
  • Lessen the distraction on non-transactional based matter.
  • Enhance business productivity.
  • Cost saving.

The gist of this Business Process Outsourcing is always helping the business owner to expand its businesses. It is not a mere outsourcing which the business owner should look for, but instead gathering financial analysis, talent development, & growth for its business. Financial analysis is an utmost important aspect which will enable the business owner to expand its business globally. There is a huge difference between accounting and finance, if the business owner is only looking for mere accounting which is recording and reporting financial transactions; it will fail the owner in planning ahead of times whereas finance is the essential aspect in managing assets, liabilities and the planning of future growth. With advises from professional firms on financial management, it can help on exercising high level of control in running a company’s strategy.

Talent development and personal growth of the employees are essential to the core of the operation as well. Businesses need leaders. It definitely helps the business when the employees are appreciated when given a chance to grow with the company handling a department or a division. A right employee is difficult to hire nowadays and it will be beneficial when they are guided by proper training and assistance, the business will definitely grow where no stranger able to understands a company’s culture, vision, and mission better than an existing employee.

Moving forward into E-commerce era, business owners need to prepare themselves for another wave of change which will move us into different generation of trading arena where flexibility and mobility plays an utmost important function. The Digital Free Trade Zone (DFTZ) is the world’s first special trade zone that will promote the growth of E-Commerce by providing a state-of-the-art platform for SMEs and enterprises to conduct the businesses and services (https://mydftz.com). Aligning with MDEC on Global Business Services (GBS), our Pro B Centre has always strived to be the best in its line of GBS, with MSC status recognition and a HRDF Approved Trainer providing trainings which are HRDF claimable.

 

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