SOBA council discusses ways to help businesses scale up
Knowledge bank: The SOBA Council before the roundtable discussion at Menara Star. Seated (from left) are Siti Noraini, Koong, Loo, Ramee, SMG senior general manager Jamie Ng, Rajesh, Chin and Chieng. Standing (from left) are Goh, Ong, Choo, Hah, Ang, Ng and Chong. — YAP CHEE HONG/The Star
PETALING JAYA: The organisers and council members of the Star Outstanding Business Awards (SOBA) 2025 held a roundtable discussion to identify the growing challenges that Malaysian businesses face.
The event was held on June 17 in Menara Star, Petaling Jaya.
The sponsors who attended were Credit Guarantee Corp Bhd (CGC) chief business officer Sean Tan, PKT Logistics Group Sdn Bhd corporate affairs and strategy head Corinne Chieng, RHB Bank Bhd SME business development head Kelvin Chin, U Mobile Sdn Bhd enterprise products head Rajesh Awat Ram, and the Malaysian External Trade Development Corp (Matrade) strategic planning division senior director Remee Yaakub.
The judges attending were Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) treasurer Datuk Koong Lin Loong, Branding Association of Malaysia president Winnie Loo, vice-president Datuk Jennifer Ong, and Malaysia Retail Chain Association (MRCA) vice-president Datuk Vincent Choo.
This year's SOBA ambassadors who attended the council were Nippon Sushi (M) Sdn Bhd chief executive office Siti Noraini Nuawi, Wynkids Education Group founder and chief executive Elwin Goh, Mega Fortris Group chief executive Datuk Adrian Ng, Fire Fighter Industry Sdn Bhd executive director Michelle Hah, Kanika Malaysia Sdn Bhd chief executive Vinnie Ang, and DC Healthcare Sdn Bhd director Dr TS Chong.
Some of the topics that were discussed include helping SMEs scale their businesses and how to cultivate a high-impact culture in order to attract, empower and retain talent.
Another topic that the council identified as relevant for businesses – especially those that have grown enough they can go public – is that they be advised on strategies on how to apply for initial public offerings.
The discussion also touched on the importance of leveraging artificial intelligence (AI) and digital transformation in order to ensure business resilience, and how to drive value using technology and AI for business adoption and digital marketing.
The importance of cybersecurity and data analytics was also brought up.
Other topics that the council members agree are important include financial literacy among entrepreneurs in order to master financial management, budgets and investments.
Environmental, social and governance (ESG) practices were also raised as many businesses were aware of them but find it challenging to implement or adopt.
Rather than saying how important ESG is for businesses, the experts suggested that more guidance on implementation was needed.
This is was necessary so business owners could run lean operations and find innovative ways to ensure sustainable business growth.
Tied to sustainability is how businesses can enhance their business resilience and competitiveness by expanding their business operations internationally.
The experts also pointed out that many of the topics discussed require some form of mentorship for up and coming entrepreneurs along their journey to success.
Such discussions held by the council help SOBA enhance the awards with more relevant and exciting workshops that benefit the SOBA 2025 participants and the Malaysian business community as a whole.
SOBA 2025 is organised by SMG with CGC, PKT Logistics, RHB Bank and U Mobile as main sponsors, and Matrade as the official trade promotion partner. It is audited by BDO, with radio stations 988 and Suria as official media partners.
For details, call the SOBA hotline at 017-231 1789 or visit www.soba.com.my. Look out for the announcement of the first SOBA LAB 2025, which will be held on July 17 in Petaling Jaya.
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