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Be Ready with a Plan B, so that Your Singapore Company Setup Benefits

Last modified: October 21, 2021
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Singapore Business formation planning

Doing business is like riding a roller coaster. When the market is in full swing, the businesses benefit from the ‘feel good’ factor. Of course, it does not mean that the customers are going to line up in front of your business place. It simply means that there are more opportunities to sell your products and services.

The favourable market conditions also inspire others to incorporate a company in Singapore. It naturally increases competition in the market. Still, you can survive easily because there is demand in the market.


Out-think Your Competitors

When it is slack-time, it is important to know what has changed for your company. The recent economic slowdown in China has caught many unprepared. It has affected many who have not contributed to it.

Maybe you are also hit by it and the opportunities have dried up. If it is true you need to take some measures to keep the business afloat.

  1. Retain Customers: First of all, you have to ready a plan. It means you have to out-guess your competitors and retain your customers.
  2. Time is Money: You have to use your time as if it is money and spend it carefully to keep the business working.
  3. Financial Data: You need to keep some secrets close to your heart. Guard the information about your financial data and your dealings with the valuable customers and suppliers and other business associates carefully. Take advise from the experts of your accounting service if the need arises.
  4. Business Model: Try to come up with an improved business model that will take into account the changes in the market conditions. Striking the right cord will enable you to achieve a commanding position and get the better of your competition.
  5. Protect Resources: You must also try and protect your resources and reduce your expenditure on unnecessary costs. Pay more attention to budgeting and accounting to streamline the flow of money in and out of your business. Hire new employees only if the is of at most importance.
  6. Customer Friendly: Put more energies into making your business, services and products customer friendly. The word of mouth carries a lot of weight while gaining new customers.
  7. Network: Increasing your business network is the most important thing, a business owner can do at the time when the market is slack. That is how he or she can guarantee of hearing of lucrative opportunities.

If the market is slow that does not mean that the business owner should adopt a defensive posture. A business man must have a Plan B at the back of his mind. If the opportunity is right and the cost is just, he can also go for acquiring a business that will compliment his own products and services.

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