What are the risks and challenges businesses today are facing? What are the grants and schemes available? What are the post-crisis opportunities?
These are some of the questions Lock Chee Wee, Partner and Industry Lead, Professional & Business Services of RSM, addressed during his webinar held on 22 May 2020. To survive this pandemic, businesses have to understand the position they are in and what are the options available to survive this period. But how optimistic are the participants in handling the negative impact and recession arising from COVID-19? How likely would they apply for grants on online training/learning management systems?
According to the live poll conducted during the webinar, 73 per cent of the participants are optimistic or very optimistic (rating 4 or 5 on a scale of 1-5) that they can tackle the negative impact from the pandemic. The result also shows that 70 per cent are either likely or very likely to apply for grants on online training/learning management systems, and 80 per cent of the participants expressed that they are satisfied or very satisfied with their online content/delivery channels. With these results, Chee Wee went on to elaborate on the fundament of sustaining a business during a crisis.
Of paramount importance is to perform a business heath check to determine a business’ breakeven point, ascertain the possibilities with respect to this breakeven point by doing various sensitivity analyses, and know how to conserve current cash balance as the end game.
Chee Wee brought his points further by urging businesses to look at both the impact and financial bottom lines. Similarly, education business owners were advised to relook into their business model, revenue model and availability of excess capacity. Relevant KPIs can also be incorporated to measure the performance of the business and the impact of the above remodelling.
So, what are the post-crisis opportunities? Chee Wee succinctly condensed these opportunities into three broad points:
- Accelerate digital readiness: To leverage various government grants to kick-start or deepen digital capability
- Build agility: To simplify processes in view of the new business environment and revenue model
- Mergers and acquisitions: To strengthen and prepare for the post-COVID-19 environment
Who can companies approach to get help? One of the ways RSM can help is by performing a business assessment to determine company and business’ viabilities
In closing, Chee Wee recommended some of the governmental support measures and packages available, based on the 3Cs, for the short term.
In the medium- to long-term, it may be good that education business owners and companies can supplement their efforts to increase productivity or to develop digital capability through the Productivity Solutions Grant (“PSG”) and other grants available.
If you have missed the informative webinar, you may download a PDF copy of the presentation deck here.
To find out how we can assist you, please consult our specialist:
Lock Chee Wee
Partner & Industry Lead, Professional & Business Services
+65 6715 1188