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money matters

32,000 SMEs Have Shut Down Since The Pandemic Began. Here’s How You Can Avoid Closure Too

There are many solutions you can try.
21 Apr 2021, 04:08 PM
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32,000 smes have shut down since the pandemic began. here’s how you can avoid closure too

Image via Maxis

Since the Movement Control Order (MCO) has been implemented last year, about 32,000 small and medium-sized enterprises (SME) have officially shut down since then.

According to YB June Leow Hsiad Hui, the highest figure was recorded in August with 17,800 SMEs ending operations.

Surveys conducted by the Companies Commission of Malaysia found that majority of businesses that closed were micro SMEs, making up 79.5% of the closures during the MCO and 70.8% during the RMCO.

As the second wave of Covid-19 infections started spreading rapidly again in early January with record-high daily infections, the SMEs that managed to pull through the initial MCO were feeling anxious once more.

Chin Chee Seong, the Vice President of the SME Association of Malaysia, said that the recovery of SMEs’ businesses is very much dependent on how well the country curbs the spread of the pandemic.

It was estimated that at least 25% of SMEs faced possible shut downs.

Madam Lim and her friends decided to take over a beauty salon with her friends in 2018. They were thriving and in 2019 they decided to open a second branch in March 2019. However, as MCO hit a year later, their business dramatically came to a halt.

They had to remain closed as per the SOP which put them many months out of business. When they were allowed to reopen, they still couldn’t sustain the business as the number of customers decreased tremendously.

One of their business mistakes was the lack of digital and social media marketing that could have helped spread the word about their business. In February 2021, there were forced to close down to prevent further losses.

One of the main causes for closure is the inability to adapt to the situation such as having connectivity and the right tools or even fixing HR policies in time.

About 69% of companies experienced disruption in one form or another, with 53% of SMEs voicing the need for improvement.

This is why the government is giving out grant subsidies for the digitalisation of SMEs. If you’d like to put your business online, you can try out the Digital Marketing Starter Kit by Maxis Business where you can enjoy 50% off thanks to the SME Digitalisation Grant.

From as low as RM4 per day, you’ll enjoy free templates, free digital training, and an all-in-one platform to make your online business successful. There are only 4 simple steps too for the ad set up so you can have a fuss-free experience.

Here’s how the Digital Marketing Starter Kit can help you and your business:

#1 Reach more customers by creating effective digital ads in less than 1 minute.

#2 Identify the right audience based on your industry and retarget customers or website visitors.

#3 Drive customers to your physical stores with digital vouchers.

#4 Send automated and personalised SMS and emails to customers or prospects.

#5 Upskill your team with workshops and training on eCommerce and Digital Marketing.

If you’re interested but unsure of how to proceed, you can speak with the Maxis SME Help Squad. They will walk you through the grant application as well as guide you on the Digital Marketing Starter Kit.

To support your digitalisation journey, you’ll need a steady connection as well. Here’s where the Maxis Business Postpaid & Fibre can help you. When subscribed, you can enjoy a 5G-ready network, high-speed office internet, get more value for money with complimentary solutions such as eSMS blast, unlock borderless connectivity and get the help of Maxis SME Help Squad at your fingertips.

32,000 smes have shut down since the pandemic began. here’s how you can avoid closure too

Image via Maxis

For more information and to sign up, visit Maxis’ website.

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