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Cost Saving Strategies for Small Businesses in Malaysia

March 20, 2015 | Sharon Cheong

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For the past 50 years, Malaysia has enjoyed increasingly strong economic growth. The government was wise enough to realize the potential in this nation and they have worked to build a profitable business structure over the years. Because of this, many large and small companies have moved to Malaysia to set up offices there. Since this whole area has excellent access to modern seaports, import and export businesses do especially well there. 

For many small businesses in Malaysia, it can be a struggle to compete with others in your field. Though there are many lucrative business opportunities, there is also much competition in just about every market. Businesses who want to get ahead must look for unique ways to cut their everyday costs and there are a few of those for the savvy small business owner. 

Supplier Consolidation 

Evaluate your purchasing and procurement strategy on a regular basis. If possible, consolidate your suppliers. If you're purchasing more from one company, then you can ask for bigger discounts. It's also less work for the accounting department if they only have to keep track of a dozen suppliers as opposed to two dozen. There are fewer headaches to contend with as well when you deal with a smaller pool of suppliers. 

Shipping Costs 

Shipping can be a big expense for any company. Try to cut back on your overnight and two-day deliveries. Ask customers to simply wait unless it's some type of emergency on their end. You could offer incentives for the slower, cheaper shipping service. You can also try renegotiating with the shippers you regularly use. Ask them for shipping discounts. 

Energy Savings 

Most businesses can save a bundle on energy costs. Lights, computers and other office equipment are usually left on for up to 16 hours per day. Get your employees in the habit of turning off the coffee pot, lights, machines, computers, etc. when not in use. If you're still using old-fashioned light bulbs, replace them with energy-efficient bulbs. 

Miscellaneous Material Spending 

Your company probably uses and throws away many various types of materials each week, from packaging to corrugated cardboard. It may be possible to locate a company that will buy your waste paper, boxes, etc. Check around and see if you can get a company to come by and pick up the paper wrapping material and used corrugated boxes instead of simply throwing this stuff in the trash. You will also save on your weekly trash pickups, since there won't be so much to throw away anymore. 

Malaysia has seven international seaports, an international airport and a modern light rail system and the country draws entrepreneurs every year. Doing business in Malaysia can be highly profitable, but you must be cautious in your spending those first few years in business. Malaysia's financial authorities are working toward building a larger economy and many small business owners find their niche there each year and become highly successful. 

Exclusive Business Centers 

Servcorp Serviced Offices are another great way for small businesses to save money. Located in prime areas of Malaysia, Servcorp allows you to get the prestigious business address you need while spending a much smaller amount of money. A serviced office is the best idea for many business owners because there are so many premier services included with just one low monthly cost. You can get high-speed internet, professional workers, a dedicated receptionist, upscale furnishings and bilingual employees. 

A top-notch downtown office in Malaysia can give you the edge over your competition. Why not call Servcorp to learn more about this money-saving idea? We have a global 24/7 network operations center available for your new business in Malaysia.

 

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Published by: SERVCORP