The Challenges of Registering Your Business on Your Own
- Written by NewsServices.com
If you are considering setting up a Business in Malaysia then good for you, there are some real benefits to be had from living in, and operating a business out of Malaysia these days. Technically speaking, you could do most of the work yourself although you will require professionals for certain aspects of the process, i.e., when it comes to legal documents and most importantly to you, making sure things happen when are supposed to; good luck, below you will find some of the challenges that might crop up so, hopefully you can avoid them yourself;
Smaller challenges – more likely to happen
Overplanning - To be clear, planning is necessary, but only if it is followed by action. If you spend too much time in the planning phase, you may discover that your business growth slows; this is a major issue. Try to strike a balance, and set aside time for planning – but keep in mind that it's the implementation of those SSM business registration plans that counts.
Counting on Customers – When it comes to customers, try not to keep all of your eggs in one basket, diversify if you can and have a varied portfolio so that if one drops out, you’ve not lost half your income
Customer Care – Making promises that can’t be kept is actually a regular problem, and there are possible risks for not pleasing consumers when there is a strong desire to impress. It can take a lot of effort to make up for 1 unresolved unfavourable experience so much so that it will cost you money.
There are many additional smaller challenges, but it would take all day and you'd probably get bored so here’s a summary of some challenges that you might not expect. Money management, cash flow, and recruiting the proper workforce
Larger, more complex problems... and their solutions
Sales and Marketing - Maintaining a client base, as well as attracting prospective new consumers, is a major task. "Finding out the correct marketing channels is crucial for firms to be successful in the future," said Neal Jenson, a business mentor with experience at Citigroup and Bank of America - so discovering client desires and designing your marketing around them is a huge issue.
Image - In business, there are the inevitable bad decisions, and low and behold, your reputation suffers as a result. If people believe your firm is doing anything wrong, it will have a bad impact — but it might also have a beneficial influence. Making a proactive effort to develop a healthy culture is a fantastic notion since your honesty and trust begin from within the firm. This is also beneficial to employees, who are the ones who are most affected by their reputation.
Broadly speaking, these are far deeper and broader issues that don't go away anytime soon; in fact, you should consider marketing, reputation, and competitiveness to be continuing challenges.
Solutions
Problems happen all the time and, more importantly, it’s not the problem or the challenge itself that is the real issue, it’s in how you deal with the matter. So, understanding that life is forever changing, business even more so you must be ready and prepared for change and on the spot action.
