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5 Ways To Grow Your Business in Malaysia

5 Ways To Grow Your Business in Malaysia

  • 01 February 2024
  • By OCBC Business Banking
  • 10 mins read

Nurturing Your Business Potential for Growth

In Malaysia’s ever-changing business environment and landscape, entrepreneurs and business owners must be ready to face the evolving challenge of not just staying ahead of the competition, but to accelerate themselves toward sustainable growth.

Regardless of one’s level of experience in the business curriculum, it is imperative to understand the fundamental basics of how to grow a business from the ground up by applying the appropriate strategies needed to achieve long-term success.

In this article, we'll walk you through five key strategies that will help you realise your business’ true potential in the Malaysian market.

  • Get the Capital to Fund Your Growth

  • Consider Purchasing Your Own Business Premises

  • Increase Your Purchasing Power with Trade Financing

  • Invoice Financing

  • Leverage on Digital Tools

1. Get the Capital to Fund Your Growth

Building up a moderate financing sum is essential for the longevity of your business; whether for the expansion of your business’ operations, manpower or investments in technology, amassing capital is the primary objective for all enterprises. Though, it is best to keep in mind that not all business are the same – each may require different options – such as business loans – to boost and grow your business.

2. Consider Purchasing Your Own Business Premises

Having your own premises to set up your business provides several advantages to you. For example, owning your own business premises gives you total jurisdiction over how to manage the space. This way, any future expansion of your business can be made with very little resistance. Consider looking at OCBC Bank’s catalogue of commercial property loans, an investment that can provide the solid foundation for your business’ premises.

3. Increase Your Purchasing Power with Trade Financing

When it comes to taking your business international, proper application of trade financing solutions can enhance your business’ overall purchasing power and increase global reach. Equipped with tools such as OCBC’s Transferable Letters of Credit (TLC), you will be able to effectively and confidently import goods through secure, verifiable payment mechanisms, and negotiate better terms with suppliers.

4. Invoice Financing

One of the larger hurdles of running a business is the congestion when it comes to managing invoices. For most businesses, invoices represent the lion’s share of cash flow, but it can create problems when there are gaps in between payments. As such, we suggest leveraging on services like OCBC’s invoice financing (purchase) that can help streamline your supplier’s payment terms while optimising on the working capital to grow your business.

5. Leverage on Digital Tools

In an age where customers are becoming increasingly technologically savvy, a large factor for businesses, is to stay digitally relevant and ahead of the curve. Following a digitalisation business model, OCBC OneCollect offers services such as cross border collections and QR-based payments that allow customers to efficiently procure services, while providing business owners a safe and efficient way to operate and unlock brand new avenues for growth.

How to Grow Small Business

Small businesses, at its core, operates on the same playing field as conventional businesses—albeit in a smaller scale. To rise above current business climates in Malaysia, Small and Medium-sized Enterprises (SMEs) must similarly adopt strong strategies to achieve sustainable growth.

The 5 strategies mentioned earlier can be applied to small businesses. Notably, exploring different funding options, developing various revenue streams, and embracing digitalisation, all the while cultivating customer loyalty and the commitment to continuous learning. In understanding and applying these concepts, your small business will be on the course to succeed.

How to Grow eCommerce Business

The eCommerce industry has seen monumental growth in Malaysia, with the emergence of popular online shopping platforms such as Shopee, TikTok Shop, and Lazada. In seeing such a growing demand for contactless and virtual commerce, it is an opportunistic time to grow an eCommerce business today.

Championing an eCommerce business shares a myriad of similarities with conventional businesses, in terms of growth strategies, namely the sourcing of capital, the need for a base of operations, and the successful implementation of a digitalised business. As the practice of eCommerce is done online, it is imperative to keep up with the latest eCommerce trends and to invest in developing a strong web presence.

Grow Your Business with OCBC

OCBC Bank adheres to our brand values in supporting the growth and aspirations of all Malaysian businesses. To drive that claim home, we offer a wide selection of financial solutions that are tailored to fit every aspect of your business, from startups, eCommerce businesses, to established enterprises.

Reach out to our team of highly experienced business banking experts to find the perfect banking solution to help you mould and grow your business into one that goes beyond your business ambitions.

Disclaimer

The information provided herein is intended for general circulation and/or discussion purposes only. Before making any decision, please seek independent advice from professional advisors. No representation or warranty whatsoever in respect of any information provided herein is given by OCBC Bank and it should not be relied upon as such. OCBC Bank does not undertake any obligation to update the information or to correct any inaccuracy that may become apparent at a later time. All information presented is subject to change without notice. OCBC Bank shall not be responsible or liable for any loss or damage whatsoever arising directly or indirectly howsoever in connection with or as a result of any person acting on any information provided herein. Any reference to any specific company, financial product or asset class in whatever way is used for illustrative purposes only and does not constitute a recommendation on the same.