As fully-vaccination rates in Singapore increase across the entire population and safety measures ease up for work arrangements, travel and group activities, local enterprises and SMEs need to think how they can grow in the post-pandemic market.
In this post, we explore five ways that Singapore companies can thrive in a post-covid world.
Digital Transformation
According to a study by Microsoft and market research firm IDC Asia Pacific, nearly 75% of Singapore firms accelerated digitalisation due to Covid-19.
Pandemic-proof your business by building online systems to automate your marketing, customer acquisition, communication, business operations, workflow management, and administrative processes.
For example, many Singapore SMEs have been able to cut costs by adopting digital solutions such as digital marketing tools which help them grow online presence without the need for a large investment in IT infrastructure, hiring IT staff or traditional sales staff.
Digitalisation can also help businesses make decisions quickly and be more agile in their operations. Increased agility leads to increase productivity and efficiency that can help enterprises free up vital time to concentrate more on the main business operations and strategies that will help grow their company’s bottom line.
Start digitalising the most important aspect of your business first and then move on to other areas to increase productivity, efficiency and revenue.
An Agile Hybrid Workforce
77% of those who work remotely at least a few times per month show increased productivity, with 30% doing more work in less time and 24% doing more work in the same period of time according to a survey by ConnectSolutions.
A PwC’s US Remote Work Survey showed remote workers experience a 25% increase in productivity and 37% of remote employees were more satisfied with their jobs.
In Singapore, the average amount of time people spend riding public transit is 46 min. Over 47% of those riders spend more than 2 hours on public transportation every day. This is time that employees can spend working or resting.
Operating with a hybrid workforce with a combination of in-office and remote working can increase productivity, improve employee morale, and reduce office space, resulting in a direct positive impact on a business’ bottom line.
Continued Training & Learning
The pandemic uncovered the need for new digital skills and approaches to conducting business. It also showed that work roles could be performed remotely from almost any part of the world.
As the digital economy matures alongside a post-pandemic market, working professionals of all levels need to continue to up-skill themselves to remain relevant and competitive locally and globally.
Continued training & learning has always benefited a company’s bottom line through improved productivity, efficiency and producing higher-value work.
In particular, post-pandemic market skilled workers understand how their current skillset must adapt to new market needs and changes in consumer behaviour due to the pandemic. Businesses that recognise this and train their staff accordingly will be able to differentiate their organisation from competitors and increase their value in the market.
Government Grants
From the EDG, PSG, MRA grant, SGTraineeship, and many more, take advantage of different government grants & subsidies, to help fund your business growth.
There are over 100 government schemes to assist and support your business, and you can enjoy up to 80% funding support for marketing development, process redesign or overseas market expansion.
To learn more about the different grants and incentives available, visit the GoBusiness portal. From funding support to references and programs for building capabilities, skills and knowledge, GoBusiness will help you find the government assistance you need. There is also the e-Adviser for Government Assistance, a free online tool to help you select the relevant assistance schemes for your business.
As an Enterprise Singapore-recognised certified management consultant, Evolve & Adapt can assist local businesses apply for the Enterprise Development Grant (EDG) and Market Readiness Assistance (MRA) grant. Both these grants are aimed at supporting the growth and expansion of Singapore SMEs locally and internationally, respectively.
Thinking Strategically in the Post-pandemic Market
“Strategy without tactics is the slowest route to victory.
Tactics without strategy is the noise before defeat.” ~ Sun Tze, Art of War
Strategic planning is important for Singapore businesses because strategy helps them understand how to achieve their goals and meet the needs of their customers in a sustainable way.
Consumer behaviour varies across countries, cultures and demographics. Singapore is no different and local idiosyncrasies will influence customer purchasing habits, regardless of whether a business caters to a B2B or B2C audience.
Strategic planning helps businesses prepare for the future. Enterprises of all sizes must learn how to analyse and plan their business at a strategic level for long-term profitability and to guard against volatile market forces. Some of these forces include economic growth rates, legislative or regulatory changes and other externalities such as natural disasters pandemics like Covid19.
Strategy provides frameworks that help companies identify, interpret and respond to trends to make better decisions. However, businesses need a new set of strategy tools to survive and thrive in the post-pandemic market.
Evolve & Adapt has put together a free “Strategy Toolkit for the Post-Pandemic Market“. In this toolkit, we share two strategy tools that we use daily with our consulting clients as certified management consultants and digital marketers.
Whether your business is B2B or B2C, these tools will be invaluable in your strategic planning to increase brand awareness, lead generation and sales conversion during this turbulent time.
Download the toolkit today here.
