6 Cost-Effective Tools to Start a Business in Malaysia
“Merely 4.7% of Malaysian businesses managed to survive for more than six months.”
– Effects of Covid-19 on Companies and Business Firms’ survey conducted by the Department of Statistics in 2020
This alarming figure is a reminder to fellow aspiring entrepreneurs for keeping the cost of company incorporation the lowest possible. Unless you have bottomless funds or you are highly confident that your minimum viable product (MVP) will work out, it is advisable to grasp some cost-effective tools for when you start a new business or company in Malaysia.
Tool 1: Self-Managed Accounting Software
Yes, do it yourself and save some pennies. Why spend RM300 a month for accounting services that have limitations on the number of transactions？ Get self-managed accounting software from just RM100 per month. Yet, it allows unlimited transactions.
With accounting software, you just need to move your fingers to record income by issuing invoices via the system. What’s next? Recording expenses. Snap a photo of your receipts will do.
In other words, you do not need to be a seasoned and credited accountant for ensuring sound bookkeeping and accounting records. Get a handy cloud accounting software BUKKU through CORPSO. You are a step closer to earning a matching grant of RM5,000.
Tool 2: Business Management Software
Many, many local and international startups may cling to spreadsheets for tracking daily work in progress. Slowly but surely, they discover its limitations, and that is when everything falls apart. Why not give a chance to the readily available software in the market?
If you are on the lookout for robust project management software that requires no charges (for the trial package), try Trello, Asana, and Monday.com.
Their user-friendly designs allow you to view all tasks and updates at one glance. So, you won’t be missing out on any single detail at all, be it a menial task such as replacing a cover image on the social media platform or making important decisions for product development, marketing, and governance.
Tool 3: Human Resources Management Software
Right. Your company might not be as big yet, and there are rooms for you to take on the human resources (HR) role. Once you sign up for Microsoft, you can utilise Excel files to manually key in details of an exhaustive list of HR matters; payroll, EA form, E form, claim, leave, medical record, etc.
Imagine your company size in a few years. The number of staff expands, and the amount of HR-related work follows suit. You will be drowned in administrative work.
So, why not adopt cloud payroll software? Enjoy free services when you have only a few colleagues or employees. Besides the practicality of auto-generated tax submission, all payroll records are kept securely in the software and downloadable for external usage.
Talk to CORPSO and grab good deals from our HR partner Imin.my that provides competitive tools that are flexible, scalable, and convenient. Or, you can explore Talenox, which boasts to be the perfect solution for SME.
Tool 4: Customer Relationship Management Software
Customers are always right. We have to serve them right. Or, we will cry. This statement is particularly true when you are just starting out and your business is building your first pool of databases for advertising and marketing purposes.
In order to effectively comprehend the behaviour of your target consumers and manage leads that boost conversion of sales, it is worthwhile to venture into a cost-savvy CRM software like EngageBay, Bitrix24, and Flowlu.
Tool 5: Marketing Analytics Software
As a member of the digital age, you should know that big data is king! Instead of splurging on manipulative digital marketing workshops, spare some time to study your website traffic quantitatively and qualitatively. As a result, you can identify your target audience and you are all good to make a profit at the most affordable fee.
Google Analytics can be your self-starter kit. Feel free to explore Matomo and Heap if you are not a fan of Google.
Tool 6: Electronic Signature Software
Save some quality time to develop your business plans instead of running around to make sure all your legal documents are properly signed, sealed, and delivered.
Pick a free electronic signature software online. Alternatively, just download CORPSO APP (iOS & Android). E-sign your documents with confidence and settle everything within a day or two.
At CORPSO, we fully understand the struggles of being an entrepreneur when it comes to expenses or financial planning. Should you be keen to find out more tips about company incorporation, speak to us. We strive to provide you with the best advice as well as a package that can lighten your wallet.
