Monthly Archives: June 2021

Home Elementor #3421 2021 June

How to develop your business plan

Whether you’ve just started out or been running your business for years, business planning can be the key to your success. Having a business plan:

  • can help you prioritise – it gives your business direction, defines your objectives, maps out strategies to achieve your goals and helps you to manage possible bumps in the road
  • gives you control over your business – the planning process helps you learn about the different forces and factors that may affect your success. If you’re already in business, it helps you to step back and look at what’s working and what you can improve on
  • is vital to help you get finance – if you’re seeking finance for your business, you’ll need to show banks and investors why they should invest in your business

Before you write your business plan

Before writing your business plan, honestly evaluate yourself and decide if your business idea has a good chance of success. Analysis can help you anticipate any challenges you may face and help you overcome them. It can also help you set the goals for your business in your business plan.

Things to consider before writing your business plan:

  • Analyse your business idea – Is your business idea viable? Is there a market for your proposed product or service? Is your business idea worth investing your time and money into?
  • Analyse yourself – Are you ready to venture into business? Do you have what it takes to be an entrepreneur? Do you have the skills needed to run your business successfully? Are you ready to put in the hard work?

Does your business plan have more than one purpose? Will you use it internally, or will you involve external parties, such as an investor or bank?

Deciding what your purpose is, can help you develop your plan for the right audience. If the plan has been developed for third parties, you will need to determine what they’ll be most interested in. Don’t assume they’re just interested in the financial part of your business. They’ll be looking at the whole package.

You’ll need to make quite a few decisions about your business including its structure, marketing strategies and finances before you can complete your plan. Research can help you develop goals and targets, as well as a better understanding of where your business should be heading. It’s important to make sure your research is up-to-date and accurate before presenting to lenders or investors as market conditions can change over time.

Lenders and investors need to know your finances are in order and your business is in a strong financial position. Both lenders and investors will want to know how much money you currently have, how much money you need and how much you expect to make in the near future. While a bit of extra funding will help you ensure you’re covered for unexpected costs, be realistic and avoid asking for more than you need.

Summarise the main points of your business plan using as few words as possible. You want to get to the point but not overlook important facts. This is also your opportunity to sell yourself, but don’t overdo it. The summary should include details about your business, market, goals, current financial position, how much finance you’re seeking and what it will achieve.

Don’t leave your business plan to the last minute. It takes time, research and careful preparation to develop an impressive plan that can sway investors and lenders.

If you aren’t confident in completing the plan yourself, you can enlist the help of a professional to look through your plan and provide advice.

There are a number of government services available to help you plan, start or grow your business. These services can provide general advice, workshops, seminars and networking events, and can even match you with a mentor or business coach.

Review your plan regularly. As your business changes many of the strategies in your plan will need to change to ensure your business is still heading in the right direction. Having your plan up to date can keep you focused on where you are heading.

It’s a good idea to keep a record of each version of your business plan as they may contain some important historical information as well as your intellectual property.

Having an understanding with third parties when distributing a plan could be enough protection for some businesses. However, others who have innovative business practices or products or services may wish for each person to sign a confidentiality agreement to protect their innovations.

It may also be a good idea to include some words in your plan asking the reader not to disclose the details of your plan.

Business plan template

Our business plan template and guide provides a roadmap for your business’s future. It can help you start your business and manage your future goals.

Business Plan Template

Business Plan Guide

Preparing yourself for business

Whether you’re about to start a new business, buy an established business or turn your hobby into a business, you’ll need to prepare yourself for any challenges you may face.

Before you start to work in your new venture, we recommend you take some time to consider the following key areas to help develop your business.

The very first step of the process is to do some research and analysis to determine whether your business idea has potential and if you’re the best person to build it.

Some questions to consider include:

  • Is there a need for your product or service?
  • Is there a desire for your product or service?
  • Who will buy the product or service?
  • How hard will it be to develop your idea?
  • Is your idea financially viable?
  • How will you protect your idea?
  • Who are your competitors?

Consider yourself

Operating a business is not just about working for yourself. It also means having the necessary skills to grow and succeed.

It’s important to consider whether you really understand what’s involved and whether you’re suited to running a business. Ask yourself:

  • Why do you want to start a business?
  • Do you have the skills to set-up and run your business or will you need to outsource?
  • What are your business and personal goals?
  • What income do you need to generate for your business to be successful?
  • Do you have the financial capacity and time to start and run your business?

Conduct market research to help you understand your customers, your competition and your market. Research your customer’s habits, needs and where they’re located. Analyze who your competitors are, where they’re located and what they do better than you.

Through this research you’ll understand:

  • who your customers are, their needs and buying patterns
  • who your competitors are, what they sell and for what price
  • how you can improve your business, product or service to become more competitive

When you conduct your research, you may want to consider:

  • What your customer demands and expectations are?
  • Where your customers are located?
  • How and where they receive marketing?
  • Who your competitors are?
  • What are they selling and for what price?
  • How they market their business?

An essential part of starting your business is developing your business plan. This will include the operational, financial and marketing aspects of your business. This is important if you are looking for a loan, applying for a business grant or pitching to investors. Lenders and investors want to see the true potential of your business idea. 

The plan can also help you identify your goals and develop strategies for achieving them.

Use our business planning template and guide to help you.

Remember a business plan is a living document. You should review it regularly to remind yourself of your goals and modify it when plans change.

While setting up your business can be an exciting time you should also think about how you can protect your future business in times of crisis or change. Create emergency management and succession plan, to prepare and protect yourself against potential risks.

Consider what you would do:

  • during a natural disaster
  • if you could no longer run your business
  • if you retire
  • during technological disruption

Now that you have a more of an understanding of your business, your product and your customers, you need to register your business and decide on your business structure.

Pick a business structure that best suits your needs. Your business structure refers to the way you will operate your business. You can also change your business structure as your business grows.

Types of business structures include:

  • Sole trader: an individual trading on their own.
  • Partnership: a group or association of people running a business together and distribute income or losses between themselves.
  • Company: a legal entity run by its directors and owned by shareholders.
  • Trust: an entity that holds property or income for the benefit of others.

Your business name is the name under which you operate your business.

To find out if your business name is available search the business names register on the Ministry of Commence (MoC) website.

If your name isn’t available, try altering your choice or keep searching until you find a suitable name that is available.

Your domain name is your website address on the internet. Your domain gives your business an online identity for your customers.

When you pick a website name, remember to pick a name that:

  • represents your business
  • is easy to remember, pronounce and spell
  • is 3 syllables or less

If you want to buy a .com.kh or .org.kh web address you will need to have a company name or a business number (TIN). 

Also, you can use our Qbiz Solution’s service for digital marketing such as:

  • Domain
  • Hosting
  • Mail Service 
  • Website Design
  • Business Enterprise Centres, Association and our Qbiz Solution’s adviser who provide low-cost advice and support.
  • Advisory services to help you find local business advisers and professionals.

Are you ready to start a business?

So you’re thinking of starting in business? Whether you’re starting a new business, or buying an established one, you’ll need to prepare for challenges.

Starting a business requires a lot of effort and commitment. Before you start, it’s important to know what’s involved and if you’re suited to business and self-employment. We recommend you take some time to critically evaluate yourself.

Consider these key areas to make sure you are ready.

Aside from having knowledge in your chosen industry, running a business requires a wide range of skills such as business, personal and interpersonal skills. Now is the time to find training opportunities to help you build relevant skills.

Your lifestyle will change a lot as a business owner. You will need to work long hours and even weekends. You need to prepare yourself that you may have less free time.

Passion and motivation can wear off during hard times. Make sure you’re prepared to keep working even when things are hard. You will need to rely on your discipline not to give up.

Make sure you are in the right financial position to start a business. Starting a business is exciting but also expensive. There will be a number of up-front costs you will have to consider, as well ongoing fixed and variable costs involved in running a business.

You may not start making money from your business for some time. It’s important you have enough financial backing to take on and support your new venture.

You should have enough savings or an alternative income to use whilst establishing your business. It may be a while before you can pay yourself a stable salary or income again. This may have a significant effect on your lifestyle and daily living.

It’s important that you assess your business idea with a critical eye. Make sure that there is a need or desire from customers for your product or service.

It’s important that you are comfortable seeking help. Running a business isn’t a simple thing to do and you don’t have to do it alone. Make sure you reach out to professional business advisors or other trusted business professionals.

Talking to a business adviser or trusted accountant or tax agent can help you solve business problems and connect you to grants and programs.

Unfortunately, you need to be prepare yourself that your business may not be successful. This might mean that you could lose money, time and investments.

Before you start a business, be aware of all the business risks you might face.

It’s okay if you don’t feel ready to start a business. There are other pathways you can take.

You can:

  • continue your business idea but as a hobby venture
  • think of another idea and assess your new business idea
  • reassess your situation again in the future – you might be ready then!

Guide to starting a business

This page is part of the guide to starting a business. Learn the other steps to get your business up and running.

Cambodian economy can grow by four percent this year

The Asian Development Bank (ADB) has projected that the Cambodian economy will grow by 4 percent this year and 5.5 percent next year, led by a robust recovery of its major trade partners.

In the Asian Economic Outlook 2021, announced on May 28, the lender forecast that the country’s industrial production will expand by 7.1 percent this year and 7 percent next year thanks to the recovery of apparel, footwear, and travel items as well as the growth of electronics and bicycle assembling.

Agriculture is expected to grow by 1.3 percent in 2021 and 1.2 percent in 2022, while services may recover more slowly, expanding by 3.3 percent in 2021 and 6.2 percent in 2022. Efforts to contain a local outbreak of COVID-19 that began in February are dampening service sector activities, ADB noted.

ADB Country Director for Cambodia Sunniya Durrani Jamal stressed that amid this challenging environment, fiscal policy remains crucial, as the rollout of a broad fiscal stimulus package has played a vital role in supporting the economy. 

France pledges almost $150 million to Cambodia for six years

Economy Ministry secretary of state Vongsey Vissoth meets with French Ambassador Eva Nguyen Binh, to discuss France’s promise to provide financial support to Cambodia of almost 50 million for six years from 2021 to 2026. MOEF

France will provide about $122 million to $146 million a year to support development in Cambodia in the form of a concession loan for a six-year period from 2021 to 2026, according to the Ministry of Economy.

The promise was made at the 4th Cambodia-France Consultation Meeting held via video conference yesterday between Economy Ministry secretary of state Vongsey Vissoth, French Development Agency (AFD) representative Rémi Genevey and French Ambassador Eva Nguyen Binh.

Vissoth said that France is not just a friend, but it is one of leading countries in contributing support and bringing peace to Cambodia and has been a key development partner in different fields since the Paris Peace Accords.

He said that in response to the impact of the current Covid-19 pandemic, Cambodia has set out an economic recovery strategy for 2021-2023 based on three pillars.

The first pillar is Resurrection and Survival. The focus is to control the spread of Covid-19 and maintain the flow of the economy and the survival of the people, as well as the rehabilitation and rebuilding of economic foundations.

The second pillar is Reform. Cambodia seeks to turn crisis into an opportunity by increasing diversification and economic competitiveness, especially through digitalisation.

The third pillar is Strengthen Resilience. Through strengthening and preparedness in public institutions, the economy and finance, human resources, public health systems, skills training and social security, Cambodia will be ready to respond to similar issues that may arise in the future.

Vissoth said that future planning and cooperation must be strategically designed to make Cambodia strong, prosperous and resilient, which are the basis for economic growth and competitiveness.

In this regard, Cambodia needs to promote the development of science and technology to accelerate economic growth and expand its growth base. The country also needs more innovation in both the public and private sectors through the enhancement of digital technology and promoting e-commerce for small and medium enterprises, he said.

From 2018 to 2021, France has provided Cambodia with more than $293 million through AFD for clean water, education and capacity building projects, rural infrastructure rehabilitation, agricultural development projects, climate change mitigation and tourism.

Key Outcomes Of Meeting Between Cambodian PM And U.S. Deputy Secretary Of State

AKP Phnom Penh, June 02, 2021 —

The following is the key outcomes of the meeting between Samdech Techo Prime Minister Hun Sen and U.S. Deputy Secretary of State Wendy Ruth Sherman at the Peace Palace, Phnom Penh on June 1, released this afternoon by the Cambodian Ministry of Foreign Affairs and International Cooperation.

Key Outcomes of the Meeting Between Samdech Techo Prime Minister Hun Sen and the U.S. Deputy Secretary of State Wendy Ruth Sherman

In the afternoon of 01 June 2021, Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, received a courtesy call from the U.S. Deputy Secretary of State, H.E.Mrs Wendy Ruth Sherman, at the Peace Palace in the Capital City of Phnom Penh.

At the meeting, H.E. Mrs. Sherman conveyed a letter of the U.S. President Joe Biden to Samdech Prime Minister expressing his intent to improve the relations between the two countries. She expressed satisfaction with the Cambodia-U.S. cooperation on a wide-ranging aspects, notably on Trade and Investment, the POW/MIA program, counter-terrorism and humanitarian affairs, in particular in granting permission for Westerdam cruise ship to dock at Cambodia’s port and in humanitarian demining. She informed further Samdech Techo of opportunities under various bilateral arrangements, including debt settlement and U.S. investment in the oil and gas sector, infrastructure, green energy, among others.

Samdech Techo Hun Sen noted with satisfaction the afore-mentioned topics that H.E. Mrs. Sherman raised, and truly appreciated the U.S. contributions to Cambodia in the peace process and subsequent economic development, in particular in the recent efforts to combat against the COVID-19 pandemic through WHO. Samdech Techo took the opportunity to congratulate the U.S. government for its successful containment of the spread of the COVID-19, as evidenced by the recent dramatic decline in daily infections of the COVID-19 in the U.S.

Samdech Techo, once again, clarified the situation at Ream naval base and reiterate the strong determination of the Royal Government of Cambodia to maintain and protect its independence, neutrality and sovereignty in both domestic and foreign policy.

Samdech Techo proposed to the U.S. government to consider a bilateral mechanism to work out the debt settlement by: a) Allowing a gradual repayment scheme to the debt, b) Repayment scheme to the debt with an interest rate not higher than 1%, and c) Converting 70 percent of the repayment to development aid in favor of education, culture and removal of mines and explosive remnants of war in the kingdom.

Samdech Techo informed H.E. Mrs Sherman about the commitment of the government with regards to the deportation program of Cambodian nationals from the US based on the respect of human rights, humanitarian and compassionate aspects.

H.E. Mrs. Sherman extended her appreciation to Samdech Techo Prime Minister for all areas of bilateral cooperation and pledged to convey the above-said proposals to President Biden for his consideration.

Business structures

Understand the key differences between business structures, so you can decide which structure is right for your business.

Register your business

Starting a business in Cambodia is a fairly straightforward procedure. To do business legally, you must first register with MoC business registration. Now, the service is done online. You can start reserving a name before registering your business or start registering your business right away.

Why to register?
In order to set up a business in the Kingdom of Cambodia, you need to register your business either as a sole proprietorship, partnership, private limited company, public limited company, or foreign company. It is very easy to register your business online. All you need to do is to fill in the required information and documents and to pay the required registration fee before submitting to the business registration official to be reviewed. On approval of the application, the company will be incorporated immediately and certificate of incorporation issued.

Choosing your business structure

When you start a business, you need to decide on its structure. Your business structure identifies how you operate as a trading business. Learn more about the different business structures and how to choose the right one for your business.

Step 1: General Information

  • Proposed name
  • Business activities

Step 2: Addresses and Contacts Information

Step 3: Owner Information

Step 1: General Information

  • Proposed name
  • Business activities
  • Share Par Value
  • Number of Employees

Step 2: Addresses and Contacts Information

Step 3: Directors Information

Step 4: Share & Shareholders Information

Step 1: General Information

  • Proposed name
  • Business activities
  • Number of Employees

Step 2: Addresses and Contacts Information

Step 3: Partner Information

Step 4: Manager Information

With Qbiz Solution Co.,Ltd., we can help you with the whole company registration process from scratch. Our company registration package will include the following:

  • Researching & Register Your Company Name
  • Preparation of Memorandum and Articles of Association (M&A)
  • Get approval for Company Certificate from Ministry of Commerce (MOC)
  • Get Official Stamp for Your Company
  • Register Patient for Your Company
  • Register VAT Tax for Your Company
  • Free Registration Consultancy

Guide to starting a business

Before you start your business

  • Starting a business requires a lot of effort and commitment. It’s important to know what’s involved and if you’re suited to business and self-employment.
  • We recommend you take some time to critically evaluate yourself and the challenges of owning a business. See if you’re ready to start a business.
  • It’s important to research and analyse your business idea and consider its potential.

Some questions to ask yourself are:

  • Is there a want or need for your product or service?
  • How hard will it be to develop your idea?
  • Is your idea financially viable?
  • How will you protect your idea?
  • Who are your competitors?

Researching your business idea involves gathering, analyzing and evaluating information to that will also help you write your business goals.

Work out if your activities are that of a business or a hobby. There are different tax, insurance and legal obligations depending on what you are.

If you are unsure, read our information on the difference between a business and a hobby.

The 10 Steps to start your business:

The decisions you make early on can affect many areas of your business, including the licenses you need, how much tax you pay and the volume of paperwork required.

 Decide on a business structure

You’ve analyzed your idea and yourself. Next you can plan your future and see how it all comes together.

Find resources to help you with your business, from general business advice to finance assistance and support for your mental health and wellbeing.

To make it official, you’ll need to register. This makes sure your business gets taxed at the right rate, avoids penalties and protects your brand and ideas.

It’s essential to take charge of your business finances and know how to manage your cash flow. It could make or break your business. If you need help, consider speaking to a financial adviser.

Finding out your business isn’t entirely above board can cost you time and money. Start off strong by setting up and protecting your business legally. Consider speaking to a legal professional to help you along the way.

You invest too much time and money in your business to lose it. Protect your investment by planning ahead.

Getting on top of your taxes now can make things easier in the long run. It can help you avoid penalties and make sure your business is taxed at the correct rate.

Setting up your business operations properly will save you trouble in the long run, and give you more time to focus on running your business.

Promote your business and brand to your target audience to grow your customer base.

ABOUT US

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