Why did Byondwave pivot to target local SMEs?

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Byondwave Consulting Shifted Focus to Local SMEs Due to Pandemic-Induced Project Halts

Byondwave Consulting Sdn Bhd altered its business strategy to concentrate on local small and medium enterprises (SMEs) as a direct consequence of the COVID-19 pandemic. The global health crisis led to a significant disruption, causing the company's existing projects to cease. This operational standstill necessitated cost-cutting measures, including a substantial reduction in workforce, with the company having to let go of half of its employees. To navigate this challenging period and secure new business, Byondwave Consulting began offering more affordable software solutions specifically designed to attract local SMEs as clientele.
Impact of the Pandemic on Operations

The onset of the COVID-19 pandemic brought Byondwave Consulting's operations to a standstill. Prior to this, the company had successfully built a team of 20 staff members. However, the widespread project cancellations forced a strategic re-evaluation. The company's founder, Kelvin Soo Ming Fu, stated that significant cost reductions were unavoidable. This led to the difficult decision to halve the company's workforce to manage the financial strain.
Strategy Adjustment for SME Market

In response to the economic pressures and the halt in projects, Byondwave Consulting strategically shifted its focus towards the local SME market. This pivot involved a deliberate effort to develop and offer software solutions that were financially accessible to smaller businesses. The aim was to attract a broader customer base within Malaysia by providing cost-effective options, thereby creating a new revenue stream during a period of significant uncertainty.
Post-Pivot Achievements and Future Outlook

Following its pivot, Byondwave Consulting has achieved notable success, securing several awards such as the "Emerging SME" in the Golden Bull Award and the "Asia Pacific TOP Excellence Service Award." The company has also garnered a diverse client base, predominantly consisting of mid-sized manufacturing firms across Kuala Lumpur, Sarawak, Johor, and Penang. Soo has indicated a desire for further expansion, but notes the difficulty in securing external investment, leading the company to focus on client acquisition to self-fund future growth initiatives.

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Why did Byondwave pivot to target local SMEs?

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