KUALA LUMPUR – The World Islamic Economic Forum (WIEF) Foundation, through WIEF Businesswomen Network (WBN), successfully held the WIEF #iEmPOWER series workshop on 26 November 2020 at 10:30 am, entitled ‘Cash Flow Management During a Pandemic’. The event was attended by participants from nine countries, Australia, Belgium, Kuwait, Indonesia, Philippines, Vietnam, Brunei, India and Malaysia.
Trainer, Hui Shan, CEO and Founder of Sohow Sdn Bhd. covered topics including myth about money, personal financial planning, debt management, common mistakes in cash flow management and how to develop cash flow projection for businesses.
‘Debt is something you have to deal with immediately, especially credit card debts. Until your debts are cleared, don’t spend on unnecessary things.’ Hui Shan urged. According to her, four ways to achieve financial freedom are; reduce debts, increase savings, grow savings (invest) and protect savings. Therefore, while making money is the utmost importance in achieving a positive cashflow, protecting it is equally important and often forgotten. Hui Shan emphasized on the need to have insurance to protect one’s wealth.
She explained in depth about managing personal cash flow as well as business. ‘How you manage your personal cash flow will eventually reflect on the way you manage your business. It is very important to be prudent in managing your personal finances, especially if you’re planning to apply for business loans. There’s a high chance that the banks will look into your finance records and that will determine the success of your loan application.’
Hui Shan encouraged business owners to re-focus on their business strength. ‘Assess your products, identify the best sellers and focus on that.’ She also encouraged business owners to leverage on existing loyal clients by offering them new services and terms. Business owners have to constantly grow and acquire new skills. ‘It is now the best time to re-skill your staff, to enable them to master new tasks. This will be beneficial for the company as well as the staff’s personal development.’ Hui Shan added.
‘At this point, there is almost no choice but to embark into digitization and online business. Always remember to network with people. When we have are among like-minded people, we get to share new ideas and constantly motivate each other and act like a support group.’ Business consolidation and change is tough but inevitable. ‘The pandemic has halted a lot of business activities. It is still going to be tough even after the pandemic ends. Knowledge like this is crucial, for individuals and businesses alike, to help them survive and grow, without depending too much on incentives.’ Hui Shan said, ending her session.
Ivy Loh, one of the participants from Malaysia, said, ‘I think it is important that we fully understand the cash flow management strategies, especially now that the whole world is in turmoil. I thank WIEF WBN for organizing sessions like this in a timely manner.’
For more information, contact Faizah Jaafar at +6019 399 7746 (email@example.com) or follow WIEF Foundation on Facebook, LinkedIn, Instagram, YouTube and Twitter for regular updates on future events and happenings. Visit us at www.wief.org.
About WIEF Businesswomen Network (WBN)
WIEF Businesswomen Network (WBN) was introduced at the inaugural World Islamic Economic Forum in 2005. It marked the Foundation’s recognition of the importance of women’s contribution to economic growth. WBN is aimed at providing a networking platform for women entrepreneurs globally. Thus, creating valuable connections between businesswomen from both Muslim and non-Muslim worlds, as well as empowering their business potential and widening their market reach.
WBN initiatives are designed to equip women entrepreneurs with business know-how, e-commerce capabilities as well as knowledge in business growth and diversification. To this effect, WBN has initiated several entrepreneurship programmes such as WIEF Women Entrepreneurs Workshop, WIEF Regional Online Marketing Workshop, WIEF Entrepreneurial Retreat, WIEF Tea Talk, WIEF Women Entrepreneurs Strategic Workshop, WIEF Social Media Workshop for Women Entrepreneurs, WIEF Businesswomen Forum held in Gangneung, Korea and #iEmPOWER workshop series.
To date, WBN entrepreneurship programmes have continued to evolve with the times and benefitted nearly 1000 women from 50 countries. WBN will continue its efforts in empowering and advancing women in the economic fields at national, regional and international levels.
About World Islamic Economic Forum (WIEF) Foundation
World Islamic Economic Forum (WIEF) Foundation was established in 2005. It is the organising body of the annual World Islamic Economic Forum. The Forum serves as a focal point where country leaders, captains of industry, emerging entrepreneurs, academics and other stakeholders from the Muslim World and beyond, meet to build bridges through business. The Foundation also undertakes various capacity building programmes under WIEF initiatives of the Businesswomen Network (WBN), Young Leaders Network (WYN), Education Trust (WET) and Roundtable Series (WRT).
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Hew Hui Shan
CEO and Founder of Sohow Sdn Bhd, Malaysia
Hew Hui Shan is the CEO and founder of Sohow Sdn Bhd, a business training and coaching firm, helping hundreds of SME to build profitable, sustainable and scalable businesses. She believes that everyone can turn their passion into a profitable business. She is a chartered accountant, a certified financial planner as well as business coach, and a member as well as trainer of Business Network International (BNI).
With 14 years’ experience, she has developed a structured and easy to follow Business DNA for Success program that can help many new start-ups or existing businesses to have clarity on their business goals and direction, the right business model to achieve their business goals, quantification of their projected investment, profitability and cash flow, as well as how to implement their business step by step to achieve success. Those who attended her program have gained clarity on what needs to be done for their business, avoid common start-up mistakes, and save them cost as well as time. They have also commented her sincerity in sharing the methodology to success.