How Singapore Small Business can Sustain & Thrive in an Uncertain Economy
The ill-effects of the global economic slowdown has touched the economy of Singapore as well. As a result, the Republic has witnessed a sluggish GDP growth in the last couple of years. While growing a business in an uncertain economy puts an extra burden on the entrepreneurs, the prospects of survival of a Singapore small business remain unaffected regardless of economic condition, if they use some tactics to overcome the situation. Considering the strength of Singapore ecosystem, more and more entrepreneurs are taking the plunge into company incorporation Singapore.
Steps to be Considered by Small Business Owners in Singapore during an Uncertain Economy
On a positive note, small businesses have an advantage over the large businesses when it comes to shifting business strategies at the time of financial turmoil. And this is exactly what small business owners must leverage to keep their business afloat. Let us leaf through the steps to be taken by the small business in Singapore so that they could survive and thrive in a sluggish economy.
Redefine Your Business:
You do not necessarily have to be a business giant to redefine your business plan, strategies, and actions. The more your business is smaller or leaner, the easier it will be to change the plan of actions. Review the business plan that you had drafted during the initial phase of your start-up i.e. Singapore company registration. And, improve the areas where your business is lagging behind.
Take a look and reconsider the strength, weakness and potential market of your business and figure out the fact whether your customers are still interested in your business offerings. Also, make changes to your business plan and strategies as per the market conditions.
Focus on Cash Flow:
As they say “Cash-flow is the king for businesses,” small business owners must keep a tab on the cash flow of their businesses. Being an entrepreneur, you must record how your cash flows. You make sure that every expense is incurred due to immediate benefit or need.
Hire a professional accounting and bookkeeping service to keep the record of the cash flow of your business. Most of Singapore company incorporation firms offering accounting services come out with cost-effective packages. So, you can consider one of these services.
Grow and Diversify the Customer-base:
Think out-of-the-box and implement it into your service offerings. This strategy will certainly help you attract and retain customers in the long term. Product or service alone would not sell your small business, so harness the technology to improve customer care service and pay attention to your clients to build trust and nurture long lasting relation with them. If your business depends on a particular group of customers, your business will be at stake. Try to reach to the new customers in diverse areas and keep them satisfied.
Keep Your Marketing Strategy Alive:
It has been noticed on many occasion that many businesses cut down the advertising and marketing expenditure during the recession. On the flip side, studies have shown that the businesses that are maintaining or increasing advertisement budget even during slow economy end-up taking the share of the rival who cut back on marketing.
Savvy business owners can boost their sale, even if the market they are targeting is down, by focusing on direct-response advertising techniques such as coupons and rebates. Make sure to stay way from the gimmicky and clever advertising.
Go Online and Sell on the Internet:
Online presence is crucial for the survival of your business in Singapore. Does your business own an impressive website yet? If not, you must consider going online. It would not cost you more. Spending a few bucks can get you one good website.
Start selling your products and services online. Singapore has a record number of internet users, and the rate of online shopping is amazing. Remember, when a buyer buys a product or service in person, he/she is likely to do a research over the internet to get the reviews before making the final decision.
Turn to Social Media Marketing:
In today’s marketing world, the role of social media is immense. Along with the word-of-mouth publicity and social media advertising is also necessary to reach to your target audience and build your brand image. Take the advantage of social media which has revolutionized the concept of business marketing.
Leverage the social sites such as Facebook, Twitter, LinkedIn and other influential networks and post comments, start discussions, and quiz related to your business. Exciting offers, discounts, and prize competitions are the essential tools to attract customers from social media. Also, consider advertising on social media sites. It is a cost-effective option, and the rate of conversion is also good.
Also, foster a positive attitude in your staff. Exchange ideas with them on boosting business productivity. They are the lifeblood of your small business. Since running a business is like riding a roller coaster entrepreneurs should be ready to face every unforeseeable condition. You just focus on the right thing, and you will get over it. Smart small business owners grab the available opportunities even in a sluggish market situation and lay the foundation for tomorrow’s good fortune.