Management

5 Small Business Problems And What Malaysians Can Do About It

Small companies are faced with many challenges in their initial years. It’s easy to see why folks tread carefully during the first few years of business, as there are so many things that could go wrong. From finding customers, generating leads, creating an email list to hiring the right staff and balancing growth and quality, Scaling a business is one of the toughest things for a business. However, with the right tools and knowledge, these obstacles can always be overcome. Here, we have compiled 5 challenges that every business meets with, along with some advice on what you can do about it. If you’re looking to scale your business, then be sure to avoid these common pitfalls. 1. Hiring The Right Staff “No man is an island”. For operations to run smoothly, you will need to get the rig...

Accounting for Your Business: Freelancer Edition

Being your own employer is the dream for a lot of folks. But as much freedom as the freelance life brings, it also can bring on headaches – especially when it comes to managing your business’s finances on your own. The sheer amount of paperwork and record-keeping can be overwhelming, and putting your finances off until another day is likely an attractive thought. That is, until the day you realise just how much work there is to do and you’re kicking yourself for not staying on top of the accounting. Luckily, Financio offers a tool that can effectively, efficiently simplify your financial management so that the only headaches you suffer from are brought on by clients – not accounting. Read on to learn more about how Financio can benefit you. It’s created for non-accountants First and foremo...

4 Simple Ways For Small Businesses To Reduce Costs

Bolstering your business’s profits is tough enough as it is nowadays. The problem is that as costs go up, so do our prices – in turn eventually affecting our profit margins. Cutting unnecessary expenses are just as important as increasing sales. It can be tough to identify what expenses need to be cut. What is deemed “unnecessary”? If you’re looking for a long-term solution to reduce costs and expenditure, then read on to see how. 1. Move your processes into Software Automation Labour is often one of the biggest expenses for a business to incur.  Processes like time sheet errors are costly to correct and will take up significant amount of time cumulatively. Automating means creating an accurate and painless process that enhances productivity and performance. Although setting up an au...

Why Malaysian Restaurants Need Inventory Management

Expanding too quickly is a problem with most restaurants. While more business is always great, it is important to maintain what you already have before moving on, especially your inventory. Failure to manage your inventory comes down to those initial stages. When you don’t take the time to sort things out during your developing stages, you are setting yourself up for problems in the future. To prevent failure in this department, here are 3 tips to help you manage your inventory efficiently. 1. Use Automation to Prevent Human Error As humans, we are prone to making mistakes. Even the most meticulous people cannot be perfect all the time. While managing your inventory manually, mistakes and miscalculations are bound to happen. To prevent these mistakes, consider mapping out these items using...

Report: Why 30% of F&B Businesses in Singapore Fail Every Year

1 in 4 F&B businesses in Singapore churn out of business every year. Many close within the first year of operations. This is the case across segments, from hawkers, to cafes and even high-end fine dining restaurants. Reputable Michelin stars restaurants too, have been leaving the scene. Why is it that even F&B operators with S$150-550m in revenue only have 5-7% margins. How do they then also command a respectable 25%+ return on capital? In June this year, we conducted close to a thousand surveys with F&B business owners across Asia. Many shared common challenges – people, off-peak demand, competition. (Read Full Article Here) Despite the many tech and software start-ups helping to create change in the F&B space, it is a highly challenging business to be in. This (somewhat l...

4 Reasons Why These HR Processes Need Automation

Recruiting, on boarding, hiring, appraisals – the tiresome processes that HR personnel are tasked to never ends. As it goes in business , time is money, and these processes require a large portion of time to be dealt with. Automation has been a goal of business leaders ever since the Industrial Revolution, and resource consolidation has never been easier thanks to computers and softwares. Where HR process automation is concerned, the ability to analyse every step of the process helps determine the inconsistencies that can be better managed, while minimising time spent on monotonous copy-and-paste work. 1. Requests for Leave Leave requests are by far one of the most common processes to automate. Vacation requests, for example, is a length process when conducted manually. A paper or email de...

Understanding F&B Industry in India – Avoid mistakes of other F&B owners

In collaboration with SME Southeast Asia, we were commissioned in June 2018 to study F&B industry in India. Over the past weeks, we surveyed hundreds of F&B owners and managers across India. Hot out of the oven, our report revealed some sizzling insights! Here’s a peek on what we’ve revealed!  Over 30% of Restauranteurs face these Top 2 problems including having a Lack of Customers During Off-Peak Hours and Hiring & Training. Check if these issues affect you too! [Full List within Report] Over 36% of them use these TWO Solutions to solve the Challenges above. Are you? [Solutions within report]  25% of Restauranteurs who use these 11 Apps say that it does not help them Drive More Customers and is Not Customized to Their Needs. Which apps are you using? [List within report] Bench...

Understanding F&B Industry in Singapore – Avoid mistakes of other F&B owners

In collaboration with SME Southeast Asia, we were commissioned in June 2018 to study F&B industry in Singapore. Over the past weeks, we surveyed hundreds of F&B owners and managers across Singapore. Hot out of the oven, our report revealed some sizzling insights! Here’s a peek on what we’ve revealed!  Over 37% of Restauranteurs face these Top 2 problems including having a Lack of Customers During Off-Peak Hours and Hiring & Training. Check if these issues affect you too! [Full List within Report] Over 35% of them use these THREE Solutions to solve the Challenges above. Are you? [Solutions within report]  53% of Restauranteurs who use these 15 Apps say that it does not help them Drive More Customers. Which apps are you using? [List within report] Benchmark if you are Spending Mo...

Understanding F&B Industry in the Malaysia – Avoid mistakes of other F&B owners

In collaboration with SME Southeast Asia, we were commissioned in June 2018 to study F&B industry in Malaysia. Over the past weeks, we surveyed hundreds of F&B owners and managers across Malaysia. Hot out of the oven, our report revealed some sizzling insights! Here’s a peek on what we’ve revealed!  Over 41% of Restauranteurs face these Top 2 problems including having a Lack of Customers During Off-Peak Hours and Hiring & Training. Check if these issues affect you too! [Full List within Report] Over 30% of them use these THREE Solutions to solve the Challenges above. Are you? [Solutions within report]  53% of Restauranteurs who use these 12 Apps say that it does not help them Drive More Customers. Which apps are you using? [List within report] Benchmark if you are Spending More...

Find the Right Wait Staff with These Interview Questions

Hiring is a tricky process because you need to get to know your future employee in and out just after a short interview. So what questions should you ask to get skin deep? Generic questions like  “What is your biggest weakness and greatest strength?” may be ineffective at getting an honest response from your candidate but these questions might. At least they worked on me, because all my employees turned out to be loyal and hard workers.  1. “What do you think we would achieve together a year from now?”  This question will make sure that you are hiring someone that has done his research on your company and your company vision. It shows exactly how serious and invested they are in their role as well. 2. “What is your greatest success in your career in the F&B industry?” Getting to know a...

Understanding F&B Industry in the Philippines – Avoid mistakes of other F&B owners

In collaboration with SME Southeast Asia, we were commissioned in June 2018 to study F&B industry in the Philippines. Over the past weeks, we surveyed hundreds of F&B owners and managers across the Philippines. 🔥Hot out of the oven, our report revealed some ♨sizzling insights! Here’s a peek on what we’ve revealed! 👀 Over 35% of Restauranteurs face these Top 5 problems including having a Lack of Customers During Off-Peak Hours and Competition. Check if these issues affect you too! [Full List within Report] Over 30% of them use these THREE Solutions to solve the Challenges above. Are you? [Solutions within report]  54% of Restauranteurs who use these 7 Apps say that it does not help them Drive More Customers and is Not Customized to Their Needs. Which apps are you using? ...

Why Are So Many Restaurants in India Shutting Down?

भारत में इतने सारे रेस्तरां बंद क्यों हो रहे हैं, यह जानने के लिए अपने फेसबुक खाते से लॉगिन करें

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