If you’ve ever tried to set up a new business in Singapore, then you know how difficult and overwhelming it can be. You have to ensure that you stay on top of the latest trends, maintain a solid brand image, and be mindful of new regulations related to your industry. However, despite all this effort, you may still struggle to stay afloat. But there are ways to make it easier. In this article, we’ll cover some of the most important things you need to know when opening a company in Singapore.
Pivot your resources
Pivoting your resources often means changing your business structure according to the assets you already have to help minimize costs while maximizing profits. A common example is when a business owner decides to pivot their online store into an e-commerce agency. They can then use the same website and social media presence they already have to promote other businesses’ products and services.
This not only keeps costs down but also helps them diversify their revenue streams. This strategy can be used in a variety of ways, but the key is to make sure your pivot doesn’t involve more upfront costs than it saves. For example, if you decide to transition from selling products directly to offering them through third-party merchants, you may need to pay for software development or marketing materials.
Focus on employee retention
Training new employees is a waste of both time and money, so retaining your experienced and well-trained employees is crucial to keeping your business afloat. A great way to do this is by offering some sort of incentive for them to stay with your company. This could be an improvement in their salary, access to better benefits, or even a small bonus. It all depends on what type of business you’re running and the current market conditions.
For example, incentives can also manifest as flexible work hours and telecommuting opportunities to better cater to each employee’s individual working conditions. However, suppose you’ve transitioned to working in-office out of necessity. In that case, shuttle services in partnership with companies like SMRT can significantly help keep your employee morale up by providing them with a safe mode of transportation that eliminates the daily hassles of commuting to work.
Connect with your customers
Knowing your customers’ needs and providing them with a quality product or service that caters to them is only half the battle. Customer feedback is an often undervalued resource that helps companies improve their offerings and maintain their market share in the long run. In fact, companies that actively solicit and respond to their customers’ feedback are more likely to retain those customers.
In addition, the data from customer feedback can be used to improve your company’s products or services. If you want to improve your customer service and grow your business, there are several ways that you can solicit feedback from your customers. You can send out surveys, set up an email newsletter, or create a forum where customers can post their thoughts.
Maximize profits and better your bottom line
Bottom lines have taken a hit all across the globe, but if you’re able to maximize your profits by investing in aspects that better your business. Similar to the ones mentioned above, you should be able to bounce back or even thrive. In the end, it’s all about putting your company first. When you focus on what’s best for your company by investing in customer feedback, product development, and other areas that can help your bottom line, you’ll be better able to weather any storms that come your way.
The best way to do this is by investing in your customer and their loyalty to your brand. When you listen to their feedback and act on it, you’ll be able to serve them better and improve the quality of your products. As a bonus, this will also make your company more profitable.
Wrapping Up
At the end of the day, real people are still at the heart of any business. Whether that’s your own employees or your business’ loyal customers, keeping your business alive is all about listening to what they have to say and acting on it.
Focus on improving your products by taking customer feedback into account, investing in your team’s growth and development, and learning how to serve your customers better. By following these three simple steps, you’ll be able to make sure your business stays profitable even during tough economic times. Just remember that it’s not about short-term gains; instead, it’s about ensuring everyone is happy in the long run.
