In this regard, entrepreneurs need to live in a new normal, which would entail high adoption rate of technology as the businesses have learnt their lesson well during the coronavirus outbreak, says an economist.
"In a way, the pandemic has become a wake-up call for SMEs that threats to businesses could come in various directions. Therefore, it is critically important to be ready for changes and to be swift in their response,” he told Bernama. "This may include organising a workshop, conferences and exhibition would actually help to allay their concern or misconception among the SMEs about the need to upskill their businesses,” he added.
Having this cash flexibility enables SMEs to pay suppliers faster and to negotiate more favourable rates and terms, he said.