As each day passes and Singapore delves further into the circuit breaker, which has been extended until June 1, the economic future of many businesses seems uncertain. Because of the Government-issued mandate for the temporary closure of non-essential businesses, many are beginning to feel the blow on the economy. However, to help with this, Progress Singapore Party (PSP) has provided the public with 5 tips for businesses to cope with the trying circumstances.
PSP on Sunday (April 19) published the informative article on its website, making reference to the game-changing effect of the battle against Covid-19. “Life can be downright difficult at times, but this latest coronavirus epidemic is a whole new ballgame,” the article read. “Getting through this COVID-19 crisis for many may seem almost impossible, especially with the social distance restrictions enforced and the Work-From-Home order (WFM).”
However, after acknowledging the difficulty faced by many, the party shared five tips on how business owners can keep their companies alive even during a difficult period.
First, PSP said business owners must Craft a business plan, stressing that a good plan incorporates market research. ” A useful business plan analyses and evaluates customer demographics, purchasing habits and willingness to adopt new services,” the article read.
Second, businesses must Connect with current clients. “While the world may be topsy-turvy at the moment, keeping your customer close is more important than ever,” the party said. “Especially at times like this, companies continually need to show that personal and emotional connections that customers crave will always be present.” The article stressed the importance of keeping connections with customers–especially those who have been loyal for a time.
Third, is for business owners to Curate a new brand image. “A crisis is just another name for an opportunity to capture the hearts of customers,” PSP wrote. “When there’s slack, you have the opportunity for reflection, refinement, and redesign that you probably wish was available.” It highlighted that in a time when many are just at home, there is more opportunity to revamp by updating websites, disseminating surveys, and transitioning to using an online shopping platform.
Fourth, businesses must Care for employees. Drawing a connection between employee performance and positive employer-employee relations, PSP posited that “when companies have a more engaged team, they are more productive and more profitable.” Including a suggestion to engage in online activities such as Kahoot! games to boost the morale of employees as a collective, the party highlighted the importance of keeping business teams strongly connected, saying “Connecting with your team on a personal level will be an area you must focus on if you want to build and retain top talent. When you do, employees will motivate each other, and you’ll be able to boost engagement, productivity, and of course – profits!”
Fifth, businesses would do well to Conceptualise new content, as the role of social media in entrepreneurship has been elevated higher than ever. “Curating excellent content is a great way to strengthen and build your brand presence, and this will give you an edge over your competitors when business goes back to normal,” the article read.
To end its informative article, PSP reminded Singapore that “bad times don’t last forever!”
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