KUALA LUMPUR, May 4 (Bernama) — The impact of the global Covid-19 crisis is felt by Malaysian businesses of every size and across sectors, with limited cash-flow affecting smaller organisations to a greater extent. Delving into these and many other concerns faced by countless businesses, the ACCA Covid-19 Global Survey: Inside Business – Impacts and Responses gathered input from over 10,000 respondents, including 919 finance professionals in Malaysia.
Results revealed that:
– Many Malaysian businesses are not prepared to face a crisis like this; less than half (47%) had implemented a business continuity plan (BCP) and a third (33%) had no BCP at all.
– Difficulties with cash flow could see almost a quarter (24%) of businesses fold within 6 months, and almost half (49%) within 12 months.
– Nearly half (49%) of respondents predict losses in 2020. Two-thirds (66%) expect revenue and profit to decline by at least 10% year on year; 64% anticipate the worst case being at least 25% reduction year on year, and 40% expect a plunge of over 50%.
– Despite these circumstances, 80% have made efforts to ensure employee health and safety.
