It’s common knowledge – businesses need the right tools, support and to some extent, mentorship to stay relevant in the industries they are in.
But is this common practice? In the dawn of COVID-10, Malaysia has seen a worrying number of companies battling through the shock of the pandemic and eventually ceasing business operations. The pandemic has thrown many businesses into an unforgiving cycle of low revenue and profit, disrupted cash flow, lower productivity and for some, talent losses. Businesses of various scales are hit hard, with its effects especially felt by smaller businesses.
In the blur of panic, some have made one poor decision after the other, leading to a series of woes that would ail the company tremendously. Thus as we recognise the pandemic as a force on its own, one of the factors that have led companies to fail may also be the lack of support, counsel and practical knowledge by leading mentors in their respective fields. That is where the gap lies.
Diagnosing your ‘pain points’ remotely
Bridging that gap, the Virtual Advisory Clinic (VAC) by Malaysia Productivity Corporation (MPC) supports companies in rebuilding the business due to the adverse impact of COVID-19. Virtual Advisory Clinics (VAC) is an advisory and consultation online “clinic” that help companies rethink and reshape their ways with the help of recognised experts and specialists as advisors.
More importantly, VAC’s key feature as a 100% online solution removes the need for physical meetings. This would mean that it connects experts and the companies beyond geographical boundaries, regardless of where they are based. Relevant to today’s increasing shift to virtual meetings, it is also more cost-efficient without the travelling, while adhering to safe-distancing measures and eliminating the risk of exposure especially during the pandemic.
“The shift towards digitisation is critical in light of the social and movement restrictions of the MCO, and to rise above the compounded challenges of the pandemic encompassing health, economy and social crises,” says MPC deputy director general Zahid Ismail, and adds, “Our aim is to bring productivity activities to every businesses that connects to the Internet,” he added.
Catering to a wide range of industries, VAC is an initiative under the 9 Productivity Nexus by MPC with the focus areas of Tourism, Machinery & Equipment, Retail & F&B, Chemical, Electrical & Electronics, Digital, Private Healthcare, Professional Services, and Agrofood. Thus, companies under these sector would be eligible to apply for the VAC initiative.
The process: Knowing where it ‘hurts’ and how to ‘fix’ it
As the first step, interested applicants register their companies in a seamless process online. Upon approval, the relevant experts are identified and selected as the Advisor for your unique business case. In preparation for the clinic’s consultation and advisory session, the Advisor conducts research to prepare resources personalized to your business.
During the VAC session, the Advisor delivers a one-to-one consultation and advisory session with the company leader for a duration of 1 hour, which comprises of the company’s barriers, weaknesses, and challenges which block the company’s growth. In the session, the Advisor also recommends the relevant implementable solutions or intervention programs. Depending on the company’s unique challenges, the areas discussed may be in areas of Finance, Branding and Marketing, Digitalisation, Operations and Supply Chain Management among others.
After the VAC session, the Advisor will produce a business insight report on the company and is able to provide virtual coaching for interested businesses.
Today, companies not only require the tools, support and mentorship to succeed; but with it a reliable and trusted platform to achieve their business goals and beyond. For more information about the VAC initiative, head to www.mpc.gov.my/vac.