Categories
Business

Adaptive Leadership Helps Your Brand’s Chances of Success

leadership

The COVID-19 pandemic has taught us a lot about the need to stay flexible and ready to adapt to change. The companies that thrived during the quarantines and lockdowns were those that could adapt their businesses into an online ordering and delivery type of operation.

In hindsight, this may have seemed like a ‘no-brainer’ of a decision, but at the time it became apparent that certain drastic steps would have to be taken to ensure a brand’s survival; you can be sure there were some sleepless nights before and after companies made the switch. And many of the most successful brands who made that switch had managers who had been trained in adaptive leadership.

This leadership model is simply a systematic approach to adapting to changes in the workplace, recognising trends in the market and making the most of them, or keeping a team of colleagues firmly focused on a common goal. The model has three main determining factors that are used in making the decisions that represent adaptive leadership.

Experimentation and Intelligent Risks

No company can grow without taking a risk on an untried product, system, or innovation. It’s what differentiates one company from another and sets the better companies apart. But experimenting is also a risky undertaking. You have to have trained managers that can look at the cost versus the benefits from an objective viewpoint, and ensure that the results align with the company’s goals.

You also have to have managers that can learn from the mistakes encountered along the way and make use of them. Adaptive managers know that experimentation is always valuable in concept. But making it pay off in practice takes leadership.

Crucial vs. Expendable

Adaptive managers and leaders know that anytime a brand is growing, they’re in a continuous state of upheaval. Managers can’t afford to be sentimental about a process that’s comfortable if it’s also impeding growth and expansion.

The ability to judge the crucial versus the expendable spans the entire scope of your brand’s operations. While a factory’s operation may be easy to judge based on the time and costs saved, it can be more difficult to judge the value of jettisoning a supplier that has been with you for a long time. A manager who has been trained to be adaptive and analytical in their approach to this process can objectively make value judgments for the benefit of the company’s future.

Focused and Disciplined Assessment

Having taken the plunge into an era of experimentation, it’s now time to assess and integrate these new facets of your brand’s operations. Adaptive managers know that’s it’s important to be able to make any adjustment to these new facets to ensure they help lead the brand toward its goals.

By having a team trained in adaptive leadership, your brand will be in a much better position to respond to all the challenges in the years to come.

If you’re interested in learning more about a custom leadership education for your organisation, please contact the Center for Asia Leadership at our Kuala Lumpur office.

Categories
Finance

A Bumiputera Loan Can Help Your Business Weather Covid

business loan

The Government of Malaysia, through the Minister of Finance Incorporated, has formed a wholly-owned subsidiary called Syarikat JaminanPembiayaanPerniagaan (SJPP), which administers and disburses funds through existing financial institutions. There are nine working capital guarantee schemes in total, and one of the schemes is designed to meet the needs of Bumiputeras who need a business loan to help their private business survive the economic downturn.

The worldwide COVID-19 pandemic has made the timing of the availability of these loan schemes all that much more welcome. People who have carefully built a well-respected business in their community and have maintained an impeccable credit rating while building the business do not deserve to have their hopes and dreams because of something they had no control over.

Financial Institutions Need Backing as Well

One of the main problems with an economic recovery during a pandemic, is no one knows exactly how long it will take. For financial lending institutions, this is an extremely crucial issue. The officers of the lending institution have no guide to know where they should draw the line on lending, so most of them take a more conservative path out of self-preservation.

But a financial lending institution that isn’t lending also isn’t earning any revenue. This stalemate causes further depression in an already reeling economy. The Minister of Finance Incorporated saw the dangers of this potential situation and created the nine schemes as a safeguard against this vicious cycle.

By supporting the lending institutions instead of issuing funds directly, a business can continue doing business with a lender that they already enjoy a relationship with. These lenders also enjoy another source of funding in which to help their customers.

What are the Details of the Bumiputera Loan?

The Bumiputera applying for a loan under the SJPP WCGS-B scheme, must have ownership of 51% of the shares (or more) of the SME business shares. And be incorporated under:

  • Registration of Business Act 1956
  • Companies Act 1965, or 2016
  • Limited Liability Partnership Act 2012
  • Respective authorities or district offices in Sabah and Sarawak: or
  • Respective statutory bodies for professional services providers

Once approved for the business loan, applicants can borrow a minimum amount of RM100,000 up to a maximum of RM3.0 Million over 15 years or until December 31st, 2035, whichever comes first.

The purpose of these loans must be for working capital or capital expenditure. The loan cannot be used to repay other outstanding loans. The loans can be issued in a number of facilities to suit the business owner’s needs, including term load/term financing, overdraft/Cash Line-I, trade facilities and Commercial Card.

For business owners reeling from the effects of the global pandemic, these loans can’t come at a better time. And for new business owners who launched their dream company shortly before COVID-19 became a reality, these loans can ensure that these SMEs have the chance to grow and become an asset to their communities.

For more information about these working capital guarantee schemes, please get in touch with your local financial lending institution or SJPP directly.

Categories
Business

Benefits of Shipping Software For Your Business

Simply for its reputation, ecommerce has a vested interest in delivering a purchase. Customer satisfaction throughout the delivery process is of utmost importance. The shipping and delivery aspects are an extension of your brand. Shipping means the activity of sending goods to other people. This happens most probably by ship, but it could also be by any other means. Customers demand their product be delivered as fast as possible. Not only that, but they also want the comfort of being able to return the product if they are dissatisfied.

It is rather complicated to calculate shipping expenses. The reason being that it is determined by the parcel’s weight, dimensions, and shipping zones. What can you do to beat the competition when it comes to shipping? The answer lies in using shipping software. Shipping software does the shipping cost calculations for you, which calculations provide real-time reliable solutions. A shipping software can help you match your buyers’ demands, thus solidifying your relationship with your customers more. A good shipping software will have the option to print shipping labels in bulk. They also offer return management along with international shipping. The best shipping software is also equipped with reporting tools and shipping discounts. Make sure the one you opt for integrates USPS flat rate boxes, FedEx, UPS, and so on.

Increased efficiency

Utilizing a high-quality shipping software increases your business’s efficiency. Without a shipping software, shipping management would be way too time-consuming. If the shipping and delivery do not match the expectations of the buyer, you could lose them. 30% of the shoppers choose a different retailer if the previous retailer could not guarantee a delivery date. The disorder created by poor shipping management can negatively affect other aspects of your business as well.

More Choice

Buyers may want their delivery in their office. They may want it at a collection point. Alternatively, they may want to receive their package at home. There should be a variety of delivery options in terms of the physical location of the delivery. Customers are more willing to buy from you if they find a wide enough range of delivery options. This is because they want the delivery to fit with their schedule. A shipping software can help small ecommerce businesses deliver conveniently. Thus, even small business owners can cater to buyers in different time zones. Not to mention the prospect of shipping internationally.

Shipping Notifications

Buyers would also want to track their orders. They want to know where their order is at any given time. People who pay in advance tend to know the status of their order before delivery. Giving them the convenience of tracking their order helps in resolving their anxieties regarding their parcels. If a buyer receives updates on their order without having to reach out to the retailer, they become more assured and less anxious. A shipping software helps you stay updated with all deliveries.

Easy Returns

Sometimes the product does not match the expectations of the customer. This in itself is not necessarily a setback for your business. You need to give your customers the option to return the product. They should be clear on the return policies though. It is more likely that the customer returning your product will buy from you again if they have the option of easy return. A shipping software can make these returns simple for you as well as for the customer. It is important to know about the return statistics. You would like to know what kind of product is returned more often. With the help of return statistics, you can find the reason why some products are sent back more often than others. Ensure that the shipping software you use provides you with return statistics.

Faster Shipping

Customers feel uplifted when their parcels arrive to them as fast as possible. 78% of customers say that faster delivery is important. Faster delivery is how you can show your care to your customers. One of the reasons that Amazon and Walmart are so successful is that they deliver fast. The good news is you can compete with these giants by investing in a good shipping software.

Conclusion

A shipping software is essential to manage the shipping procedure from beginning to end. It allows you to separate your items into various categories. It integrates various channels and carriers. It makes customized branding of the packages possible. Many of the shipping software have a mobile app as well. You can access these from your smartphone. Faster shipping is the top priority of customers. You can ship faster, increase the choice of time and place of delivery, and provide easy return options by using a good shipping software. This can improve your business’s efficiency by a large margin.

Categories
Business

Maximum Medical Improvement

When a doctor informs a patient that their condition has reached maximum medical condition, there is no further improvement that can be done. In minor injuries, MMI workers comp means complete recovery. In severe injuries, it means that the professionals have done the best they could to have you healed, but some effects will remain in your body. It is commendable to be patient until you get to the maximum medical improvement point to ensure that you have received all the benefits you deserve.

Employers need to take the workers’ comp insurance to protect employees when injured in their line of duty. If you have a minor injury, you can comfortably handle their claims without the help of an attorney. However, suppose an employee sustains severe injuries that threaten their life and ability to perform daily routines. In that case, they require the assistance of an injury attorney to help them navigate through the claims. The laws and regulations relating to compensation at the workplace are complex and are best understood by a legal expert.

An attorney helps determine a fair settlement in situations where a person reaches the maximum medical improvement. The victim has to choose whether to receive lump-sum compensation or continue to receive benefits that cater to the ongoing medical condition and other personal needs.

What is an employee eligible for after reaching MMI

Even though MMI is the ultimate point in the recovery process, a worker is still entitled to benefits such as;

Permanent disability benefits

If workers sustain severe forms of injury that render them physically unfit to continue working, they are still eligible for permanent total disability benefits from the employer.

Compensation for lost wages

In some instances, workers get injuries that make them unsuitable for their position before getting injured, and the company may relocate them to alternative departments. However, there are instances in which a person cannot work any longer, and in such cases, they are eligible for compensation of lost wages.

Settlement of lump sum

Upon reaching the maximum medical improvement, a victim may be offered a lump sum settlement. It is advisable to seek an attorney’s expertise before accepting such a settlement, especially if the injury was severe.

Rehabilitation allowances

Some companies have back-to-work rehabilitation programs to help employees resume their duties. If your workplace has such programs, then victims of work-related injuries are eligible for compensation for rehabilitation costs.

Percentage of permanent partial disability compensation

Employees who reach the maximum improvement can be compensated based on the percentage of partial disability sustained after the injury.

Relevance of MMI to your compensation

Employees that reach this level can have their claims moving towards settlement. There will be a need for further investigations regarding future treatment options and extra medical care. It allows for further preparation that caters to these needs. Injured victims might have already received the best medical care and are aware of the condition they will remain with for the rest of their lives.

If there are any interests in defending the victim, it allows for better evaluation of the circumstances. It allows the company to plan for the set reserves and settlement schemes.

In situations where the victim is not incapacitated, it allows for a good transition for the employee to resume their duties.

It is commendable for the company to make the first move in matters regarding employee compensation claims. The hiring company can get in touch with the compensation attorney and the employee to discuss the matter.

Victims should discuss with their attorneys and agree on the best time to settle claims after maximum medical improvement. This is because some conditions that victims are left with require medical attention from time to time, and resolving a claim would mean an end to all forms of compensation.

Categories
Branding Business

Safety Ways To Protect Your Brand Data

Businesses have started using more and more data in recent years. This is a direct result of technology making its way into the hands of everyday businesses rather than just the largest companies. Now that a business of any size can collect data, you better understand what to do with the data after you have gathered it. It is not a good idea to store all your collected data in only one database on a single server.

There is more to protecting your hard-fought business data than having space on a database server. Business owners who are not tech-savvy may face additional challenges they never predicted when they started using data. Let other teams worry about how to best use your data while you spend some time putting together a plan to keep your data safe. It is impossible to make your data entirely secure forever, still there are ways to protect it. Here is how:

Software And Program Protections

There are many fronts on which you need to defend your data, and software is one such area. There are people out there who enjoy wreaking havoc on business servers and messing with data. To keep any unwanted breachers out, you need strong protections that will stop inappropriate remote access. Sometimes the same program that collects data for you will monitor your databases, like the PI system. Alternatively, you can set up your own network of protections.

If you do not have a protection and monitoring program already and cannot build one yourself, it is worth calling a security expert. They will assist you as this is an area where good enough will not work in the long-run. Your protection software should also include an access system where anyone who accesses the data is logged with unique passwords. So, if something goes wrong, you can see who the last person was to access the point.

Best Storage Practices

Data may not look like much, but once you start collecting it, it can create an incredible amount of digital information. Storage space can get expensive and tricky to maintain, but you can alleviate some of that worry by only storing the data you actually need. It may be tempting to hold onto every bit of data you have gathered over the years, but some of that data is useless. Not only does extra data fill up your stage, but if your database is breached, your customers will be the ones who pay for your data hoarding. Do not put your customers at risk over data you are not using anyway.

Physical Database

Maintain your physical database. Your data does not exist in the air as it is tied to a physical computer. That physical computer may be stuffed in the corner of the office, but it still needs attention and protection. If you have a physical access point for your database, it must be protected with a locked door and a unique password system. You do not want just anyone walking up to that pc and plugging in a simple USB drive that can ruin your entire system. Just because you trust your employees and visitors does not mean that security precautions are pointless.

Check Hardware

Computers can work for years on end, but they still need maintenance. Dust and hair will choke cooling fans over time, and you will need to open up the system to clean it out. If your computer overheats, it may shut down to protect itself from thermal damage. You will have to fix the issue or face potential damages. If you are not storing your data in the cloud or in a different system, you must also take care of your storage devices.

Spinning hard drives are still the common choice for mass storage. Do not be mistaken by drives designed to work in less than ideal conditions, those can fail after a few years as well. When a drive fails, you may lose data depending on how you have your storage set up. For a mass storage setup, get drives with the most extensive storage space you can find. Leave it in UNRAID with backup drive resiliencies to rebuild your data if one drive fails.

Back Up Everything You Care About

Most people never think about the day where everything goes wrong, and therefore, do not make plans to ensure that day never comes. Backing up your data is not fun or exciting, but you will be happy to have a separate copy if something happens to your primary data stash. You can pay for an off-site copy server that will automatically store a copy of anything on your central server. However, it is also possible to create a backup system in-house. There are massive external storage drives that you can stack together to create a brick of backup storage.

Categories
Finance

3 Ways a Bridge Loan Can Benefit You

If you need short-term funding while you wait for or work to organize long-term financing, a bridge loan from private bridge lenders may be the best option for you. Here are three reasons this loan makes a good option.

1. They are fast

One of the biggest benefits of bridge loans for businesses and homebuyers is that they come together quickly because they are designed to “bridge the gap” between when financing is available but not available.

2. They help businesses cover expenses when cash flow is low

Because bridge loans are quick to get and short-term, they can help businesses that are low in cash because of a seasonal slump or that are awaiting payment for a major piece of business.

3. They allow you to place a contingency-free offer on a new home

When there are multiple offers on a home, being able to make an offer that isn’t reliant on you selling your house could make you stand out amongst the owners. A borrower can use a portion of their bridge loan to pay off their current mortgage while using the rest as a down payment on a new home. This could make the difference between you or another buyer getting your dream home, it could also enable your family to make a quick move should you be relocated or should you find your current living situation inadequate.

Categories
Business

Benefits of teleworking for the environment

Telecommuting has become an everyday activity after the arrival of the COVID-19 in 2020. Although previously many companies promoted it, today it is the most common form of work. However, the benefits it brings to the environment have been much discussed, which is why today we want to point them out.

Does teleworking benefit the environment?

The answer to this question is yes. As you will read below, the benefits of teleworking for the environment are numerous and, above all, very relevant for nature. Join us to get to know them in detail

 teleworking

Reduces CO 2 emissions

The emissions of carbon dioxide (CO 2) are one of the main culprits of destroying the ozone layer. These emissions are generated mainly from cars’ use; therefore, reducing their use, thanks to teleworking, has helped considerably reduce these polluting gases.

Less use of paper

Paper in the office sometimes becomes indispensable for making deliveries or simply jotting down notes in meetings. With teleworking, its use has been reduced to a great extent, which generates a decrease in energy used in its production.

Reduce energy use

Achieving energy savings in the office can be difficult, depending on the type of equipment used. Typically these workspaces are equipped with multiple computers or laptops (depending on the number of employees), light bulbs, printers, photocopiers and, above all, air conditioning systems whose energy consumption is high.

Fortunately, teleworking has managed to reduce the use of electricity in these spaces, taking into account that offices consume twice and much energy as homes.

Less use of plastic

If you were one of the people who used to buy packaged food to take to work and eat or snack as soon as possible, its reduction might have been noticeable since you have teleworked.

The fight against the use of plastic is still being practised and, if from home we can help reduce it, let’s tries to maintain our habits to replace plastic with other less polluting materials. The planet will appreciate it!

Decrease environmental pollution

Environmental pollution occurs in large cities due to the use of cars and many passersby’s routine on the main streets and avenues. With teleworking, the reduction of this type of pollution has benefited.

The pollution of the soil, of the air and noise pollution or noise, mainly has declined since more companies adopted the measures telecommuting for their employees to the onset of the global pandemic.

Delays climate change

Finally, due to the benefits of telework mentioned in the previous points, it is believed that this form of work may delay the effects of climate change. Therefore, its advantages positively affect not only the present but also the future of the environment.

Benefits for the worker

As you can see, the benefits of teleworking to the environment are relevant for the planet. However, not only nature is the primary beneficiary of this modality, so are the workers who now enjoy:

Comfort for the worker.

. The balance between work and personal life.

. Stress reduction

Saving money (by not having to use the car or public transport to get around);

. Higher productivity;

Regarding this last benefit of teleworking, the report “The future of work after COVID-19”, carried out by the consultancy Robert Walters, shows that workers are more productive working from home.

According to the report, 47% of professionals acknowledge having achieved better results since working under this modality. Therefore, it is an aspect that also benefits companies and the success of operating day activities.

Telework responsibly!

Suppose you are also teleworking from home, the corner bar or your children’s favourite park. In that case, it is essential that you consider different aspects to telework responsibly and, thus, continue helping the planet with the above benefits. How can you do it? Very easy:

. Use efficient computers to carry out your day-to-day tasks. Take into account the consumption of the desktop or laptop computer and notify your company immediately in case of identifying problems.

. If you use a laptop, do not keep the equipment connected to electricity throughout your workday. Please take advantage of its battery and carry out the necessary changes to continue working.

. Select a workplace with enough natural lighting, preferably near windows, so that you get the most out of the daylight.

Eat healthy snacks and drink plenty of water.

After finishing work, disconnect and take the time to take a walk in the outside world.

In short, teleworking is an activity that, although not everyone is used to doing it, is becoming more and more common, which is why we must adapt to new trends and take advantage of its endless benefits.

If you telecommute, tell us about your experience in the comments and don’t forget to share this article with your colleagues. From our workspaces, we can help the environment.

 

Categories
Business

Get the Growth | How to grow your business online

I’ll cut to the chase. I have created this short piece on growing your business online because I want to help you to find the same sort of success in business that I have been lucky enough to experience. I own two businesses and have been around long enough to remember a time when marketing didn’t equate to online, and to when you didn’t have a device in your pocket capable of calling someone by video on the other side of the world.

That’s not to say that I long for a different time – far from it! I am so excited about the digital age that we live in and love seeing all of the innovation that has come from the internet. One of the key ways in which being online has impacted on my business has been the ability for my company to grow and to ‘go global.’ For the longest time, I was constrained by the fact that I had to have all of my staff working in the office with me, and was limited by the fact that I had to have everyone in the same city as well…

Well let me tell you something. As soon as I discovered remote working waaaaay back in the early days of the internet, I jumped on it like a fox on a trampoline. Now, I am based in Hong Kong, and I simply hire one of Servcorp’s virtual offices for when I need to have client meetings. The rest of the time I enjoy the freedom, flexibility and variation of being able to work from Kuala Lumpur, Hong Kong, Thailand and Malaysia. My team have the same freedom. It’s exciting, to say the least.

I want to share my success with fellow entrepreneurs in the hopes that it helps you to grow a successful business. In order to get the results you want, you have to get the people excited online. If you’re just throwing content out there and aren’t actively engaging with your audience you won’t get an idea of what they respond to.

So let’s take a look at how to grow your business online.

Engagement

Reach out to people who are influencers in your field of work and see if you can’t get them to feature your company or brand. Along with engaging with people by asking questions, your users are going to be asking questions which you can respond to with helpful answers. This works in a couple of ways – chief among them being that you build your personality and tone of voice when you respond to people. Showing your company’s personality with thoughtful answers will go a long way towards getting people’s approval and respect. Make sure you respond to any engagement pretty promptly. If your audience can see that you’re on to things they’ll dig it.

Hold a contest

Contests are awesome for lots of reasons. They get people excited about your brand because people love free stuff, basically. Give back to your audience and get them excited about your brand and it builds their excitement about your product or brand. Be clear about what you’re communicating in your competition or product giveaway so that your intention is clear. Are you after more followers on your social media? Be clear about it. Are you after more exposure? Make it obvious. Your followers will appreciate the honesty. If you’re conducting a survey, be frank about what you want to know. People want to know that their opinion matters, and a great way to reward people is to make their voices heard. Retweet, regram and generally share the awesome stuff worth sharing.

Get them with some emotional content

It’s ok to publish the occasional bit of emotionally driven content. This is a really easy way to demonstrate the personality of your brand while sharing something that you truly care about. Don’t just hitch your wagon to a trend – make sure if you do post something emotional it needs to be genuine. Being real is the most important thing.

So behind all of this, you need to make sure that you are being consistent with your messaging and your tone of voice. That’s the way to your audience and your key to growing your business online.

Categories
Finance

Get A Lower Energy Bill With These Money-Saving Tips And Tricks

At some point, many homeowners look at their monthly energy bill and find that it has soared through the roof. When this time comes for you, it’s important to modify your behavior so that you’re not wasting energy and paying high bills unnecessarily. To get started in the process of bringing your energy bill down, utilize some or all of these money-saving tips and tricks:

1. Have an automatic thermostat installed so that your AC can be shut off once the temperature reaches a certain point.

2. Open your windows during the summer to get air that will keep you cool. This strategy will enable you to use your AC less frequently.

3. Get in the habit of turning the AC off when you’re not using it. This includes during your day to day trips out of the house as well as vacations or business trips.

4. Use your ceiling fans as much as possible. They cost much less than ACs.

5. Use overhangs and awnings to ensure that the sun is kept out of your windows during the summer months. You can then remove the awnings to let in the sunlight during the winter.

6. Upgrade the windows on your property. Select windows with insulated spaces and argon gas fills.

7. Allow your staff members to wear comfortable clothing during the summer months. Business suits keep people too warm and can increase your need to use the AC in the business setting.

8. Seal leaks located around your electrical outlets, windows, and doors. This step is important because your home’s heat can escape through some or all of these cracks. When you seal the leaks correctly, you can bring your heating bill down by up to 20%.

9. During the fall, get your vent systems checked and have your chimney cleaned. Also ensure that your pipes indicate no signs of damage or rust. Make sure that they are properly connected, too.

10. Find a company that offers reasonable energy rates. Compare Texas Energy Providers can help you realize this objective by providing you with information regarding the different rates charged by several energy companies in your area.

Summing It All Up

When it’s time for you to start saving money as a homeowner, one of the first things you should consider is whether you’re wasting any energy. By utilizing the energy-saving tips you see here, you can bring your energy bill down and start using your money in more productive ways.

Categories
Business

Personal Qualities Of A Business Partner

While most people consider being independent and self-sufficient to be important personal qualities that a small business entrepreneur should have, in today’s volatile economic environment, it is not possible for an entrepreneur to a lone warrior and expect to succeed.  This is a common misconception that most entrepreneurs of small and medium business enterprises make while conducting the affairs of their businesses. In today’s global economy, it is not possible for a single entrepreneur to cater to all the needs of his target audience in the market and still stand apart from his/her competitors. It is imperative for entrepreneurs of small and medium scale businesses to enter into strategic partnership agreements or strategic alliances to enhance their competitive edge in the market.

Anura Perera, a renowned expert on strategic business partnerships and the secrets to their success explains most individual entrepreneurs and corporate enterprise refuse to talk to their competitors let alone enter into strategic partnerships with them. Many of these entrepreneurs and corporate enterprises even refuse to associate themselves with same social networking and business class groups as their competitors. This is an indication of weakness and fear that these entrepreneurs and corporate enterprises are not secure with their own proposition. For a competent entrepreneur or corporate enterprise, running into his/ her or its own competitors should not cause such an entrepreneur or corporate enterprise to become anxious. An entrepreneur of a small business enterprise operating and catering to the meets of a local market will have to face stiff competition from larger corporate players and may even find it difficult to stay afloat.

It is imperative such entrepreneurs to look at the bigger picture and enter into strategic partnership agreements with such corporate players. Such entrepreneurs need consider them as allies rather than enemies to gain the competitive edge in the today’s market environment. In the long-run such an entrepreneur can gain by leveraging with such corporate competitors. However, it is important for such entrepreneurs to do some research on their prospecting corporate partner before entering into any legal binding agreements. The strategic business partnership needs to be mutually beneficial for both parties to be effective. Moreover, such a strategic business partnership needs to have the approval of all the stakeholders whose interests the partnership agreement is likely to effect to avoid any possible future conflicts. Even the entrepreneur should not ignore the interests and power of the community his/her business enterprise caters to while entering into a strategic business partnership with a corporate enterprise.

Anura Perera emphasizes that corporate enterprises that create the fastest growth are aware that strategic business partnerships with promising and ambitious small business entrepreneurs is best way to get ahead of the competition in the market. Moreover, for entrepreneurs of small and medium business enterprises need confronting their fears and taking the initiative for enter into strategic business partnerships with such corporate enterprises in order to survive and strive in today’s market economy. Such strategic business partnerships can have mutual benefits for the corporate enterprises, small business entrepreneurs and their stakeholders to the arrangement.