Modern Australian
Men's Weekly

.

Malaysian small businesses post best growth results since pandemic

  • Confidence in economy high
  • Cost of doing business remains a key concern
  • Strong returns tied to technology spending

KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 3 April 2024 - Sixty-six per cent of Malaysian small businesses grew in 2023 with 2024 expected to be an even better year, a new survey by CPA Australia shows.

Malaysia Small Business Survey Infographic

The annual Asia-Pacific Small Business Survey found seventy-eight per cent expect to grow in 2024, the country's best result since 2012 and higher than the survey average of 70 per cent.

The upbeat sentiment is pegged to the confidence in the economy with nearly three quarters expecting it to grow this year, above the survey average of 65 per cent.

Fifty-nine per cent sought external funding for business growth in 2023 reflecting a shift from business survival in 2022.

The increasing cost of doing business, however, remains a key concern with materials, utility costs, staff costs and rent being the costs that impacted businesses the most last year. Close to 50 per cent said increasing cost negatively impacted their business.

"Young entrepreneurs are driving the momentum on innovation and technology uptake. The survey results have shown over many years that small business with younger entrepreneurs are more likely to be growing, innovating, using emerging technologies and exporting," said Surin Segar, President of CPA Australia Malaysia Division.

Strong returns from online sales through a wider choice of new digital and payment technologies and greater social media presence are driving technology spending. Mobile apps remain the most popular technology for Malaysian small businesses to invest in 2023, with almost 50 per cent reporting their technology investment improved profitability.

Thirty-two per cent said they will introduce a new product, process or service to Malaysia or the world in 2024. This will support long-term growth and improved competitiveness of Malaysia's small businesses.

"With many small businesses being risk averse, it is imperative for policymakers to support potentially inexperienced young people owning or in key positions to seek business advice."

Fearing cyber risks from the increased use of technology, 52 per cent of small businesses owners reviewed their cybersecurity in the last six months compared to 48 per cent in 2022.

"It is encouraging to see the increase in cyber risk awareness as the government continues to strengthen regulatory frameworks with the new Cyber Security Bill tabled in Parliament. This is aligned with the Communications and Digital Ministry's call for collective action and global coordination to counter cyber threats," said Surin.

ESG focus for small businesses centred on staff health and safety, supply chain sustainability, diversity and inclusion policies.

"We hope to see increased investment in advanced ESG practices such as renewable energy and the adoption of green and sustainable finance opportunities."

Access the Malaysia summary and infographic

Hashtag: #cpaaustralia #smallbusiness #businessowners #Malasyianbusinesses






The issuer is solely responsible for the content of this announcement.

About CPA Australia

CPA Australia is one of the largest professional accounting bodies in the world, with more than 173,000 members in over 100 countries and regions, including more than 10,500 members in Malaysia. CPA Australia has been operating in Malaysia since 1956 and opened our Malaysian office in 1994. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at

7 Common Air Conditioner Issues in Melbourne – And How to Fix Them

Image by freepik Living in Melbourne, we all know how unpredictable the weather can be. One moment it’s cold and windy, the next it’s a scorchin...

Powering Palm QLD with Reliable Electrical Solutions

Image by pvproductions on Freepik When it comes to finding a trustworthy electrician Palm QLD locals can count on, the team at East Coast Sparkies s...

The Smart Way to Grow Online: SEO Management Sydney Businesses Can Rely On

If you’re a Sydney-based business owner, you already know the digital space is crowded. But with the right strategy, you don’t need to shout the...

What Your Car Says About You: The Personality Behind the Vehicle

You can tell a lot about someone by the car they drive—or at least, that’s what people think. True Blue Mobile Mechanics reckon the car says a l...

The Confidence Curve: Why Boudoir Photography Is the Empowerment Trend You Didn’t Know You Needed

Boudoir photography has been quietly taking over social feeds, Pinterest boards, and personal milestones—and for good reason. It’s not just abou...

Understanding Level 2 Electricians: Why Sydney Residents Need Licenced Experts for Complex Electrical Work

When it comes to electrical work around the home or business, not all electricians are created equal. In Sydney, particularly when you're dealing wi...

Retirement Anchored in Model Boat Building for Waterford’s Doug Unsold

WATERFORD — When Doug Unsold sees his ship come in, it’s usually one he’s crafted with his own hands. The 67-year-old retiree from Waterford ...

The Science Behind Alarm Clocks and Your Circadian Rhythm

Waking up on time isn’t just about setting an alarm—it’s about working with your body, not against it. At the heart of every restful night and...

How to Use Plants to Create a Calming Atmosphere in Your Home

In today’s fast-paced world, cultivating a calm, soothing environment at home has never been more important. Whether you live in a busy urban apar...

How Maths Tutoring Can Help Students Master Maths

Mathematics can be a daunting subject for many students, often causing stress and frustration. However, maths tutoring has proven to be an effective...

Refurbished iPads Are Better Than New Ones (Here's Why)

Image by rawpixel.com on Freepik Apple's refurbished iPad program has quietly become one of the best deals in tech. While everyone obsesses over the ...

Your Guide to Finding the Right GP: What Perth City Doctors Offer Today

Choosing a General Practitioner (GP) is one of the most important health decisions you’ll make. Luckily, Perth’s vibrant CBD now hosts a new ge...

Why Every Mining Operation Needs a Robust Safety Management System

Mining is one of the backbones of the Australian economy, particularly in Western Australia. Back in 2019-20, mining contributed 10.4% of Australiaâ...

Australian Classic Literature Enjoys Resurgence

Welcome back to the good old days of storytelling! As the modern world becomes increasingly more demanding, returning to childhood favourites offers...

How to Choose the Right Lawyers in Sydney for Your Situation

When faced with a legal issue, selecting the right legal representation can make all the difference. Whether you're dealing with a personal injury, ...

Building a Governance Model for Headless Content Management at Scale

Image by pch.vector on Freepik There's never been a better time to implement a headless content management system (CMS) to gain the flexibility and ...

Understanding Trade Insurance: Essential Protection for Businesses

Image by Drazen Zigic on Freepik In the current economic environment, trade insurance is an important element for companies trading both locally an...

Choosing the Right Timber for External Cladding

Timber cladding is one of those finishes that pulls double duty: it makes a building look warm and welcoming, and it quietly shields the frame from ...