When it comes to discussing your business with various stakeholders – customers, suppliers, lenders and investors – there is no better way to do this than to have a good business plan to articulate your ideas and plans. Most of the time, business owners have great business ideas and strategies in their head, but when it comes to putting pen to paper for stakeholder meetings and presentations, they fail to speak out and convince these parties on their great ideas. With a good business plan or proposal, this can go a long way in helping business owners in their presentation and their business pitch. Here are some key points you should keep in mind when preparing your next business proposal, whether if it is for a formal business presentation or just a written document for stakeholder’s consideration.
In the past, the most popular legal structure for businesses was to set up a sole proprietorship, whereby the business owner registers his operations under his personal name. Up until today, sole proprietorship remains the easiest and simplest form of business structure in the books. However, in today’s more complex and advanced world, more business owners and startups are opting to register their businesses as a limited liability company. If you own a business as a sole proprietor and are looking to develop your business, or if you want to set up a business but are considering the pros and cons of setting up a registered company, this article will help to answer some questions which you may have.
Advertising and marketing is essential for all businesses – no matter big or small, to reach out and engage with existing and potential customers and also to differentiate your goods and services from other competitors. However, most advertising and marketing services do not come free, and might incur hefty costs. Especially for entrepreneurs and start-ups, traditional marketing techniques like print ads, flyers and hiring promoters for events might be out of your budget.
Forget about bank loan. These are the alternative Financing Options for Your Business (Malaysian Companies)
When it comes to funding their business, most entrepreneurs and business owners will usually look to the easiest option available – obtaining loans and other banking facilities provided by financial institutions. However, besides banks and financial institutions, there are other agencies and bodies out there which are able to provide grants and loans to locally based businesses. Even the Malaysian Government has participated and supported such alternative financing options. Through various bodies, the Government has put in effort to provide alternative financing solutions to businesses, especially for start-ups and SMEs which might not qualify for loans and banking facilities. In this article, we will explore alternative funding options available to start-ups and SMEs based in Malaysia.
As a business owner or entrepreneur, we all know that running a business requires a substantial amount of money. Even after the initial start-up costs are incurred, expenses will continue to be incurred daily. Without proper budgeting and cashflow controls, money might be tight during certain months, and owners will have to rely on external financing, i.e. bank loans and overdrafts, to get them through these slow periods, or even worse, operations might have to be halted temporarily. To prevent such issues, businesses rely on detailed and properly planned budgets to assist them plan out their cashflows. If you are not sure how to set up a proper business budget, here are some tips which will definitely help you in the process.
“Failing to plan is planning to fail” – Benjamin Franklin. This timeless quote emphasises that whether in business, work or in life, planning is an important aspect of all projects and tasks. Time and time again, we have heard of businesses with great ideas and good products fail due to one problem – not having a detailed budget to support business and growth plans.
According to Forbes, nine out of ten startups will fail. This is definitely a big shock to everyone who wanted to be an enterpreneur. Over the past 6 months, Rockwell has conducted a market survey on Startups companies in Singapore and Malaysia and to understand the main reasons that startups company failed in this region. We have summarized and listed out the top four reasons why startups company failed and our suggestions to startups company.