SME Business Owner : “You Have Been Buying Awards, Riding In BMW, Big Houses, Splurging On Overseas Trips & LV Bags & Rolex Watches – Now Is The Time To Pay Back! - The Coverage
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SME Business Owner : “You Have Been Buying Awards, Riding In BMW, Big Houses, Splurging On Overseas Trips & LV Bags & Rolex Watches – Now Is The Time To Pay Back!

“You have been enjoying the profits from your business, buying awards, riding in Mercedes Benz or BMW, big houses, splurging on overseas trips and LV bags and Rolex watches – now is the time to pay back!

“You didn’t offer to share extra profits with the government (in fact I know so many business owners who ‘optimise’ their taxes in extreme ways), so why expect the government to bail you out now? Only the people, especially our B40 community, deserves to be bailed and supported by the government,” she had said.

“I’m worried too, everyone is worried, that is part and parcel of business. But we entrepreneurs do not have to add to the worry. We are supposed to be the most resourceful group of people.

“If you are being negative, then imagine how your employees feel? Their livelihood is tied to you.”

Adding that the government had limited resources, she said these should go towards the welfare of the people, especially those who are not earning or are low-income earners.

“To me it’s not a contest,” she said. “There are bigger concerns like having food on the table.

“We need to look beyond ourselves. We should be looking at the most vulnerable, the low-income group.”

ENTREPRENEURS? REALLY?!

Disclaimer: this post is targeted at those SME’s that has been running for 3 years and above, having 5 and more staffs employed, ESPECIALLY those bosses who have been showing off their awards, success stories, staying in big houses, driving fancy cars, carrying LV bags or Rolex watches – yes, I’m talking to you.

It’s been 4 days since the PM made the announcement on the much awaited COVID-19 Stimulus Package – and past 4 days I have been seeing endless posts from SME business owners whining sulking condemning complaining about us (yes I’m an SME business owner too with 70 pax under our total payroll) being left out by the stimulus package that’s labeled “no one gets left behind”.

But if you’re expecting this is another complaining post – you’re wrong.

I wanna tell all entrepreneurs – if you are truly one – suck it up, get your ass up from the chair and start hustling rather than being a f***ing cry baby!

You have been enjoying the profits from your business – buying awards, riding in Mercedes Benz or BMW, big houses, splurging on overseas trips and LV bags and Rolex watches – now is the time to pay back! You didn’t offer to share extra profits with the government (in fact I know so many business owners who “optimise” their taxes in extreme ways), so why expect the government to bail you out now? Only the people, especially our B40 community, deserves to be bailed and supported by the government.

Past few days I have been seeing ridiculous posts with content or hashtags such as “please suggest which building is high enough for me to jump off”, blaming everything on the “back door” government as if any previous administration could have done any better than today’s government, blaming banks for still wanting to charge or compound interest when the moratorium is already a HUGE relief and help.

If you think I’m suffering less than any of you – my main renovation business just went through major restructuring June last year, and during the transition and rebranding period we burnt more than RM 600k of retained earning. We just got out of survival mode 2 months ago. I have staffs on full fee/profit sharing basis that we need to support financially even when they’re not on payroll.

It took me and my partners a few days to deliberate on our way forward after hearing the stimulus package – we recognise the fact that there really isn’t much direct help being offered by SME – but I’m glad that government is giving DIRECT help to the people, which includes all my staffs. While our companies may not be able to carry on with full salary payment, at least I know that they will be OK with the moratorium and also the cash allowances.

Now if you’re able to read up to this point and remain calm enough, let’s talk about practical solutions that I’m personally undertaking:

  1. Refinance your properties or cash out the principal amount paid.
  2. Apply for the Special Relief Facility offered by BNM, CGC also has loans made available for companies with less than 4 years track record as well as for women entrepreneurs.
  3. Apply for additional credit cards, the extra credit limit is going to come in handy.
  4. Assess all your assets – unit trust, stock holdings, EPF account 2 (you can withdraw more if you purchase a property), and most importantly – your insurance policies, you may find that you have cash values inside that you can withdraw in emergency situations.

Be mentally ready that the MCO will extend all the way till end of May.

For a moment look beyond yourself – picture the life of the staffs in your company earning less than RM 2k – what’s it like for them? You are still able to go to supermarket and bulk buy groceries up to hundreds of Ringgit, show off all the good food that you have been cooking during MCO, they can’t even fork out money to buy supplies for 3 days! And these are the people who enabled you to stay in big houses and drive fancy cars.

So get a grip, be responsible, entrepreneurs are supposed to be the most resourceful group of people in this world – we are meant to offer solutions and help, not becoming part of the problem. Look at how Tesla is repurposing their factories to produce ventilators.

Can you become part of the solution? Can you hustle with every muscle you got? Can you live up to the spirit of true entrepreneur? Cause we, will never give in nor give up.

(P/S: and if your first thought is to fire your staffs who have been fighting alongside you for past few years just so that you can keep the money for yourself to maintain lifestyle, you don’t deserve to be called BOSS and probably your business simply deserves to die – though I feel sorry for your staffs who will become unemployed.)

Source : Amanda Choong

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