In the last 18 months, businesses around the world have been forced to adapt their business models and adopt the use of digital technology to continue reaching their clients and customers. Organisations that have not been able to evolve quickly enough have found themselves floundering in the post-Covid world - where going digital may make all the difference to whether a business dies, survives or thrives.
According to the Entrepreneurship Development and Cooperatives Ministry in a Parliamentary written reply dated Nov 5, 2020, a total of 32,469 SMEs had folded since March 2020 when the movement control order (MCO) was first implemented to curb Covid-19. The Ministry, quoting statistics by the Companies Commission of Malaysia (SSM), said that 9,675 SMEs shut down operations during the first phase of the MCO from March 18 to June 9. Then a further 22,794 SMEs shut down during the recovery MCO that took place from June till September last year, with the highest figure recorded in August with a total of 17,800 SMEs.