Singapore ranks second in the world for being one of the most accessible places to set up a business for entrepreneurs. Although Singapore has surpassed nations like China and Korea in terms of cost-efficiency and ease of starting a business, it is still an expensive city to start businesses.
As the cost of running a successful business rises, small to medium enterprises are easily affected by this situation more than ever. Still, this does not mean that there is no hope for SMEs to survive in a tough environment. If you are running an SME, follow these five simple tips to increase your success rate in the competitive business world.
When businesses embrace change and act fast, they can become a force to be reckoned with in their respective industry. However, if they remain immovable and refuse to change and adapt to the situation, they are prone to failure.
Companies with up-to-date software and a digitalised system have a better chance of surviving in the business world as they are more productive and efficient, and appeal more to prospective clients.
Have a Clear, Long-term Strategy
After getting into the mindset of accepting changes, SMEs should have a clear plan in place even before incorporating a company in Singapore. They should always keep the business goal in mind and focus on producing results that can lead them to success.
If the SMEs have been running for some time, they can brainstorm for the SWOT analysis. SWOT means Strengths, Weaknesses, Opportunities, and Threats.
This approach generally aims to assess the company’s current standing and determine what is working well or underperform. By concentrating their business blueprint on these four core areas, companies can cut through the noise and focus on what matters when it comes to expanding their business and gain a solid footing within their industry for years to come. It also provides a powerful yet simple strategy for SMEs to improve the management and direction of their business; they would be able to enhance their weak points, build on their strengths, prevent any threat, and exploit each opportunity.
Take Control of the Day-to-day Trivia
When it comes to daily minutiae, companies must develop SOP or standard operating procedures. SOPs are the documented procedures which a company has created to make sure that the delivery of their services or products is consistent every single time. Instead of working in an ad hoc manner, employees should understand their roles in the company ecosystem and execute their duties according to the company’s expectations.
Moreover, an appropriately crafted SOP ensures an uninterrupted workflow within the organisation. Hence, even when an employee is absent, other employees can take over and complete any urgent pending tasks within a given deadline. As the business expands, having a proper protocol in place to guide each department can help resolve any confusion amongst the staff, especially when it comes to performing their fundamental functions.
Stay on Top of your Market
To stay on top of the competition, SMEs make efforts to study their competitors. At the same time, they should understand their place in the market to help them better recognise their shortcomings and learn from their competitors on the things the competitors may have done right.
Create a Great Working Environment
Employees are the backbone of a company. Happy employees are inspired to work better and be more productive. Content, positive employees are also more willing to support their colleagues, creating a supportive working environment that motivates each employee towards loyalty, efficiency and success.
The constructive working condition also stimulates creativity and encourages employees to think outside the box. Thus, happy employees are likely to produce new and innovative solutions that allow the company to grow at the right opportunity.
Running a sustainable SMEs business in Singapore may be hard, but not impossible. To increase the success rate of your business, you need to embrace changes within your industry, devise a clear and long-term strategy, implement a standard protocol, stay on top of your game, and keep your employees happy.
If you are a startup wanting to open SME in Singapore but having difficulties in setting them up, you can always seek guidance from reputable registration companies in Singapore which can help you establish your company with the best strategy for success.