• Using disruption strategies, SMEs are contributing significantly to GDP growth
• Too many SMEs fail to plan more than a year ahead

(From left) Deloitte Malaysia partner, SEA Professional Practice Change and Transformation leader Lim Fen Nee; Fusionex International managing director of New Technologies Jacob Isaac; SME Corporation Malaysia International Cooperative Division deputy director Esmawady Mohd Esa; and group CEO & gounder Revenue Valley Group George Ang

THE small and medium sized enterprises (SME) sector is frequently acknowledged by many bodies and governments around the world as an important engine room for the creation of jobs and enhancement of economic growth. Using disruption strategies, SME companies are contributing significantly to GDP growth around the world.

With that in mind, ACCA Malaysia recently organised its very first “ACCA SME Workminar 2018” with the theme ‘Lead the Transformation, Own the Disruption’.

The one-day Conference deliberated on the following themes: SME Scaling Up – Achieving Growth Effectively; Business Transformation Blueprint; Smart Financing; Growing Beyond Borders; Capturing Talents and Growth; and The Forces Behind Business Transformations.

Rafidah Aziz shared the keynote address on Business Transformation Blueprint while Minister of Entrepreneur Development Mohd Redzuan was present for an open dialogue session on the entrepreneur’s role within the economy, implications of Budget 2019 as well as transformative initiatives that will give the Malaysian economy a competitive edge within Asia and around the world.

Welcoming the participants of the SME Workminar, Merina Abu Tahir, chair of ACCA Malaysia Advisory Comittee said, “In the last four months, ACCA published two global research reports supporting small businesses’ growth – How vision and strategy helps small businesses succeed: Governance needs of SMEs  and Growing Globally: How SMPs can unlock international ambitions.

“ACCA’s research revealed that too many SMEs fail to plan more than a year ahead. Also, 45% of SMEs either don’t have a strategy, or one which covers only the next 12 months or less. Most SMEs are aware of the benefits of good governance practice but, faced with limited time and resource, many still fail to put it in practice - which could be costly to long-term success.

“With the challenges put forth by the research findings, ACCA Malaysia decided to bring together experienced guest speakers and panellists who are experts in their areas, to spur the growth of Malaysian SMEs via the ACCA SME Workminar 2018.

“As the global body for professional accountants with presence in over 179 countries, ACCA strives to continue sharing our world-class expertise and knowledge on a broad spectrum of business and economic areas, including the SME sector in forums and workshops with like-minded leaders from around the world.

“It is our hope that the ACCA SME Workminar 2018 will be most beneficial not only to SMEs but to all business as a whole and the sharings will help them to be more informed and confident in leading the transformation and owning the distruption in their companies and businesses,” concluded Merina.

The ACCA SME Workminar 2018 is supported by Malaysian Retail Chain Association (MRCA), Malaysian Institute of Accountants (MIA) and 6Biz.