Despite the global economic slowdown that has affected our trade-dependent Singapore, the local economy averted a recession in 2019 and continues to demonstrate promising growth. Fortunately for businesses in Singapore, there are tons of support measures to increase productivity and upskill workers to prepare and strengthen our economy in the face of challenges. Thus, 2020 is the year for Small and Medium Enterprises (SMEs) in Singapore to grow and for businesses to start shifting their priorities!
There are countless ways to improve and expand your business this year. In this article, we’ll discuss 3 simple but transformative ways for your business to thrive in Singapore this year.
Start By Doing Your Checks
But before we start identifying new sources of revenue, we advise that you always carry out a thorough review of your business plan first! Ensure that your business is moving in the right direction of your vision, that your financial projections are reliable, and that your core products and services are well-defined. It’s also imperative that you understand how you match up to your competitors in the industry so that you can clearly envision how your plans in 2020 will put you ahead of the curve.
1. Increase Your Product/Service Mix
Before you can stay ahead in this competitive business scape, it’s most important to stay relevant. While there is a lot to be said about sticking to a specific product or service category and perfecting it, it’s important to see how the changes in the market affect overall demand.
Increasing your product/service inventory is one way of expanding your business without changing existing operations. For instance, think about recent trends that are happening in Singapore, and predict what kinds of products or services that people want. How much are they willing to pay for it, after accounting for your profit margin? The next step is to do your groundwork — such as testing out your products or services on a small group of people that highly resemble your target audience, and asking how much they would want to pay.
2. New Sales or Delivery Channel
Integrating digital technologies into your business’ systems and processes is an on-going and invaluable addition that can completely change the way your business works, and help you achieve a new level of efficiency!
In the aspect of business expansion, it means being able to reach out to new consumers directly via digital marketing — utilising advertising and search engine optimisation (SEO) tactics — and selling products on a digital storefront. Over time, actionable insights can be derived from data on these new consumer segments and can be gathered to guide the business strategy in the future. Supported by local legislation to help SMEs, technological integration should be practised by every company to reap the benefits of new sales and delivery channels.
3. Expand Your Market Reach
While starting small and focusing on Singapore’s market is a great stepping stone for many businesses, you can and should seek foreign market opportunities and even other niches that your business has not explored.
These new markets should exhibit strong demands for your product or service offered. However, expanding geographically and cross-industries can bring plenty of opportunities and pitfalls as well. To avoid costly blunders as much as possible, you should carry out a detailed analysis of the new market’s nuances, such as how the demographics might differ from that of Singapore’s. This is crucial as advertising techniques and how you reach out to consumers or businesses could also change.
Business Financing Considerations in Singapore
For those seeking to grow their business this year, planning ahead in advance to secure funds for your projects will save you from unnecessary headaches. Not only will you have the best terms from the lender, but also ample additional time to prevent any possible hiccups.
Especially for small businesses, gathering your finances can be one of the most challenging tasks. Thankfully, the Singapore government is very supportive of local incubators and funding schemes for SMEs. Under the Enterprise Financing Scheme (EFS) by Enterprise Singapore, we provide a range of financing schemes and loans for SMEs to purchase infrastructure, equipment, upgrades, and more.
This way, SMEs are able to obtain funds more easily when they need it during times of need — such as an increased customer demand or for Research & Development (R&D) purposes. No matter the growth stage of your business, there will always be a suitable business financing scheme to suit your needs. Find out more about our financing solutions or simply reach out to a member of our team at firstname.lastname@example.org to explore the options available to you. If you like reading more of such content, head over to our blog to learn useful tips and case studies that can help your business!