Oh dear, 580,000 businesses facing closure by October

Before we start today’s topic, this is the explanation about fatigue. “Fatigue is a symptom, not a condition.”

Second thing we should know is this. “Facing Closure” and “already closed down” are very different thing as well.

For both cases, whether it’s fatigue or facing closure, it tells us that something could still be done in order not to have this final outcome happening. I give you a good example.

If I have a business which is generating many thousands of ringgit in earnings per month and it’s under a lockdown currently, I would definitely have to pivot quickly. Quickly learn how to sell online, for example. Setting up online shops is easy as ABC these days.

Quickly become a delivery rider for some hours everyday. They need more people not less people all the time.

Quickly take the time to learn about property investments so that I could use in the future. There are many things to do. In fact, this is what Jezz Bezos (one of the richest man in the world nonetheless) said, “Stress primarily comes from not taking action over something that you can have some control over.”

We have full control on our self and many other things too. Please remember that in many countries, even if you like to do what I suggested above, you have no such opportunities.

Last but not least, it’s definitely possible to stop the business and just go back to the 9-5 every day and just receive a salary every month. Climb the corporate ladder, continue increasing the earnings slowly over the years, invest those money and having far lower stress levels than owning a business and does not know what to do during a lockdown and thus suffering from fatigue and facing closure.

Article in themalaysianreserve.com Minister of Entrepreneur Development and Cooperatives (Medac) Datuk Seri Dr Wan Junaidi Tuanku Jaafar says that up to 580,000 businesses representing 49 % of the micro, small and medium enterprise (MSME) sector — are at risk of closing down by October.

He said, “If we don’t do something to help them now, I am worried that many of these MSMEs will fail and will not be around to help rebuild the economy once businesses are allowed to open. The longer businesses are not allowed to operate, the longer it will take to recover.”

To make it worse, he said many businesses are now suffering “business fatigue” syndrome and declining confidence as a result of lockdown. Do read the full article here: Article in themalaysianreserve.com

SMEs will rise faster than any large corporates

As soon as there’s demand, someone will try to capture that demand. This is what all SMEs are about; agility and speed. It’s very true that lockdowns are not helping but businesses and especially SMEs would have to find a way to weather this because it’s never fair weather all the time. There are bound to be ups and downs and every business must also be prepared for such times.

Imagine someone earning a lot of money but spends it all without saving some money? When the ‘winter’ comes, this person earning a lot of money would have no money to last the winter. This should be the same for businesses too. By the way, banks will approve if the SMEs were to apply for the moratorium of 6 months. All the best and may good days return soon.

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