- Creating a plan for your goals, assessing financial losses, and strategizing for the future are crucial to business recovery.
- Businesses should adapt their business model, use online marketing tools, and stay on top of industry trends to survive.
- Manage cash flow with budgeting software, debt tracking, forecasting tools, invoice automation platforms, and payment processing systems.
- Seek grants and assistance from Singaporean government agencies or establish a “hardship program” for financially struggling customers.
The pandemic has had devastating effects on businesses around the world, and Singapore is no exception. Even though the Circuit Breaker measures were critical to preventing the community spread of the virus, they had a disastrous effect on the economy. The mandated closure of many physical workplaces from April 7th to June 1st was estimated to have caused an alarming 2.2 percent decrease in Singapore’s annual real GDP.
But as the country enters a new normal, business owners ask what they should do to recover from the crisis. Here are some essential steps and measures to take as you begin reopening your business.
Create a Plan
The first step in any business recovery process is creating a plan. This plan should include short and long-term goals for your business. You should also assess any financial losses incurred due to the pandemic and develop strategies for how you will move forward. It’s also important to factor in any potential obstacles or risks that may arise as you reopen your doors. Once you have a plan in place, it’s important to make sure everyone involved is aware of the plan and understands its importance.
Adjust When Necessary
It’s also essential to make adjustments to the plan whenever necessary. As the current crisis continues to evolve, it might be necessary to make changes to your recovery plan as you move forward. This could mean anything from changing policies that have become outdated due to new regulations or finding ways to increase efficiency and effectiveness for your business to operate successfully. Keeping track of these changes with a project management system will help ensure everyone is on the same page.
FairPrice Group Supply Chain Experience
The importance of a plan is highlighted by the resiliency demonstrated by the FairPrice Group Supply Chain (FPGSC) at the start of the pandemic. The company strengthened its supply chain using operations monitoring and data analytics. The move came after supply chain issues emerged following the blockage of the Suez Canal by the container ship Ever Given. The export ban by Malaysia also affected Singapore’s chicken supply. But the company made the necessary changes to its plan to allow it to obtain products from different sources. The company implemented these changes under its former CEO, Mr. Ngien Hoon Ping. The adjustments enabled the company to ensure a suitable inventory for its Singaporean customers.
Adapt Your Business Model
To survive and thrive post-pandemic, you will likely need to change your existing business model. For example, you may need to devise ways to create social distancing protocols or shift operations online if you operate in a physical space. It would help if you also considered how digital technology can help streamline processes, such as customer service or payment processing.
Additionally, look into how you can use online marketing and analytics tools to better understand your customer base and the most effective strategies for reaching them. Finally, research emerging trends in your industry and consider ways that you can capitalize on them. By adapting your business model, you can ensure that your company is prepared to face whatever the future holds.
By embracing technology and staying on top of industry trends, you can ensure that your business remains competitive in the post-pandemic world. With the right strategies and tools, you can stay ahead of the competition, increase customer satisfaction, and remain financially successful.
Focus on Cash Flow
Cash flow management is essential during times of crisis. Businesses must stay vigilant about tracking their income and expenses, so they don’t fall behind on payments or become overwhelmed by debt. Several tools available can help manage cash flow more efficiently, including budgeting software and invoice automation tools. The tools you can use include but are not limited to, cloud accounting software, debt tracking and forecasting tools, invoicing, and payment processing platforms.
Grants and Assistance
Additionally, many Singaporean government agencies offer grants and assistance programs for businesses affected by the pandemic. It’s worth exploring these options if you find yourself struggling financially.
Finally, being proactive about requesting payment from clients or customers is crucial. Having a clear policy can help ensure that payments come in on time. You should also consider putting together a “hardship program” for clients facing financial difficulty due to the pandemic. This could include flexible payment plans or discounts.
The road back from the pandemic will be challenging for Singaporean businesses. But with careful planning and adaptation, it is possible to recover from this crisis. By following the tips in the article, you can ensure that your company has the best chance at success in this new normal.