- Confidence in economy high
- Cost of doing business remains a key concern
- Strong returns tied to technology spending
KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 3 April 2024 – Sixty-six per cent of Malaysian small businesses grew in 2023 with 2024 expected to be an even better year, a new survey by CPA Australia shows.
The annual Asia-Pacific Small Business Survey found seventy-eight per cent expect to grow in 2024, the country’s best result since 2012 and higher than the survey average of 70 per cent.
The upbeat sentiment is pegged to the confidence in the economy with nearly three quarters expecting it to grow this year, above the survey average of 65 per cent.
Fifty-nine per cent sought external funding for business growth in 2023 reflecting a shift from business survival in 2022.
The increasing cost of doing business, however, remains a key concern with materials, utility costs, staff costs and rent being the costs that impacted businesses the most last year. Close to 50 per cent said increasing cost negatively impacted their business.
“Young entrepreneurs are driving the momentum on innovation and technology uptake. The survey results have shown over many years that small business with younger entrepreneurs are more likely to be growing, innovating, using emerging technologies and exporting,” said Surin Segar, President of CPA Australia Malaysia Division.
Strong returns from online sales through a wider choice of new digital and payment technologies and greater social media presence are driving technology spending. Mobile apps remain the most popular technology for Malaysian small businesses to invest in 2023, with almost 50 per cent reporting their technology investment improved profitability.
Thirty-two per cent said they will introduce a new product, process or service to Malaysia or the world in 2024. This will support long-term growth and improved competitiveness of Malaysia’s small businesses.
“With many small businesses being risk averse, it is imperative for policymakers to support potentially inexperienced young people owning or in key positions to seek business advice.”
Fearing cyber risks from the increased use of technology, 52 per cent of small businesses owners reviewed their cybersecurity in the last six months compared to 48 per cent in 2022.
“It is encouraging to see the increase in cyber risk awareness as the government continues to strengthen regulatory frameworks with the new Cyber Security Bill tabled in Parliament. This is aligned with the Communications and Digital Ministry’s call for collective action and global coordination to counter cyber threats,” said Surin.
ESG focus for small businesses centred on staff health and safety, supply chain sustainability, diversity and inclusion policies.
“We hope to see increased investment in advanced ESG practices such as renewable energy and the adoption of green and sustainable finance opportunities.”
Access the Malaysia summary and infographic
Hashtag: #cpaaustralia #smallbusiness #businessowners #Malasyianbusinesses
https://cpaaustralia.com.au
https://www.linkedin.com/school/cpaaustralia
https://twitter.com/cpaaustralia
https://www.facebook.com/cpaaustralia
https://www.instagram.com/cpaaustraliaThe issuer is solely responsible for the content of this announcement.
About CPA Australia
CPA Australia is one of the largest professional accounting bodies in the world, with more than 173,000 members in over 100 countries and regions, including more than 10,500 members in Malaysia. CPA Australia has been operating in Malaysia since 1956 and opened our Malaysian office in 1994. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au
Services
STAKEHOLDER ENGAGEMENT
Stakeholder mapping, analysis, engagement and communication needs to be detailed to avoid business losses or even worse, a crisis. How can you do this effectively to prevent failure? ...
BUSINESS INTELLIGENCE
Data-driven business decisions have never been as crucial, especially in this era. MGBF leverages off, technology, experience and market presence to aid businesses in making accurate decisions. ...
GOVERNMENT RELATIONS
MGBF provides comprehensive strategic advice and results-focused solutions to solve clients' problems in business-government relations so they can focus on their core business. ...
BUSINESS & BROADER MARKET ACCESS
A critical business challenge is meeting the right decision-makers and potential buyers through the best channel and platform. How will you improve your business competency? ...
Upcoming Events
‘A WORKING LUNCH WITH NORDIN’: NATIONWIDE TOUR WITH TOYOTA
MGBF founding chairman Nordin Abdullah and UMW Toyota president Datuk Ravindran K. will delve into the convergence of automotive innovation and environmental sustainability in Penang, Sarawak, Johor and Pahang.
MGBF Roundtable: Digitalisation of the Food and Beverage Industry
Hosted by menumiz™ – an end-to-end restaurant management system – this roundtable will feature a case study presentation and a panel session to discuss the latest digital trends, challenges, and opportunities within the food and beverage sector.
THE SOUTH CHINA SEA: A THREAT OF DISRUPTION FOR BUSINESS?
In this episode of 'A Working Lunch with Nordin', MGBF's founding chairman, Nordin Abdullah, will host this discussion focusing on the biggest threats and opportunities for businesses as we look to manage change in the South China Sea.
FOOD SECURITY IN THE BREACH: INDUSTRIALISATION AND WEAPONISATION
This MGBF Roundtable will focus on regional food security issues and trends in the regional supply chain, and trade regulations and policies, including a new geopolitical tool i.e., weaponisation of supply chains.
MGBF In The News
Planet QEOS, KIS BlOCNG San Bhd, and the Sarawak Land Consolidation and Rehabilitation Authority (SALCRA) have officially signed a tripartite memorandum of understanding (MoU) to establish a collaborative framework aimed at producing bio-hydrogen via the Steam Biomethane Reforming (SBMR) Process. The MoU was signed by Planet QEOS executive chairman Dino […]
Planet QEOS and China Machinery Engineering Corporation (CMEC) are interested in investing RM10 billion to co-develop advanced Megawatt peak (MWp) agrovoltaic in Baram, to further boost Sarawak’s green energy initiative and food security. Sarawak Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg was briefed on Friday by both the […]
Last week SPM results came out, 373,974 aspirants who have been waiting patiently over the last few months would now know their fate. Some 10,109 have received all A’s, the golden standard of academic success and the ticket to those looking to study the “more advanced” subjects in university. Proudly, […]
The classic knee-jerk reaction is to say, fire the coach, change the leadership of associations, and reduce the funding till they start performing better. This kind of negative reinforcement may work for kindergarten children, but we are dealing with high-performance adults – individuals much further along in their psychological and […]
Since its earliest tea plantations in 1929, Cameron Highlands has grown to become a key player in the agricultural landscape of Malaysia, producing 40 per cent of all vegetables grown. Despite Malaysia shifting its economic focus away from agriculture, the industry remains imperative for food security and the livelihoods of […]
Although at first glance the travel industry and the agricultural sector appear to have nothing in common, they actually share more than meets the eye. The economic benefits of tourism to the agricultural sector can be multiplied several times over. “Tourism brings the end consumers closer to the source, which […]
The Malaysia Global Business Forum (MGBF) recently held a high-level roundtable themed ‘Designing the Future of the Digital Economy’, attended by industry leaders and business associations. The guest of honour was Yang Berhormat Syerleena Abdul Rashid, the Member of Parliament (MP) for Bukit Bendera in Penang. The MP’s Special Session […]
The Malaysia Global Business Forum (MGBF) will be hosting a roundtable on ‘Designing the Future of the Digital Economy’ on 23 February 2023. It is the culmination of the first three MGBF Exclusive Roundtable Series titled ‘The Evolving Threat Matrix in the Digital Economy’ held throughout 2022. According to the […]
The Founding Chairman of the Malaysia Global Business Forum (MGBF), Nordin Abdullah, today spoke on Bernama TV’s leading English talk show, The Brief, hosted by Jessy Chahal, on the topic of a stable political reality and what that means for the Malaysian economy. Nordin said, “The first thing that it […]
More than 1,100 years ago, Muhammad ibn Musa al-Khwarizmi was developing the mathematical formulas that we know today as algorithms which now have become so intertwined with the business fortunes of global media giants and the very fabric of geopolitics. A series of recent high level international reports have revealed […]
KSK Land has been recognised by the Malaysia Global Business Forum (MGBF) for its role in attracting high net-worth individuals to Malaysia post-pandemic. The first challenge in investor attraction is “selling” the country. In the context of Asia, Malaysia is competing with some very established investment destinations. The second […]
Malaysia, in particular Kuala Lumpur, continues to position itself as a regional centre to do business, educate a family and enjoy a global lifestyle. One company, KSK Land, has taken the lead in positioning itself and the city of Kuala Lumpur as a property investment destination for the global citizen […]
The upcoming budget represents an opportunity to build resilience in the critical sectors that will form the backbone of the country’s future-facing economic ambitions. This however needs to be achieved in the context of managing the community sectors most impacted by COVID-19 over the past two years. The Keluarga Malaysia (Malaysian Family) […]
KUALA LUMPUR, 6 July 2022 – As the global economy continues to deal with unprecedented levels of disruption caused by the pandemic and the conflict between Russia and Ukraine, the convergence of energy security and food security issues has become a front-of-mind issue faced by policy makers and consumers alike. […]
KUALA LUMPUR, 23 June 2022 — Malaysia Global Business Forum (MGBF) ties up with scoutAsia to ensure that businesses are equipped with deeper regional insights. The past two years has seen a massive shift in the way businesses are conducted with digitisation, digitalisation and automation continuously being adopted to improve […]
KUALA LUMPUR, 25 May 2022 – The Malaysia Global Business Forum (MGBF)’s exclusive roundtable on ‘Security Concerns in Critical Value Chains’ was held in a hybrid setting yesterday at the Eastin Hotel Kuala Lumpur. The guest of honour was Yang Berbahagia Tan Sri Dato’ Seri Rafidah Aziz, former minister of […]
