With a market capitalisation of nearly SGD400 billion, the top ten companies in Singapore influence the manufacturing, real estate, transport, food, retail, financial and communications sector in the entire ASEAN region. One can easily say that these companies epitomise successful businesses.
To an ordinary eye, these companies are unalike in the way that they are run. But there are several similarities, especially concerning how these companies use resources, handle customers and manage their teams to achieve success.
Here are three key secrets of these successful companies in Singapore to help inspire you and let your business reach the pinnacle of success.
Applying resources efficiently to execute strategy
Economics 101 reminds us that business is all about making the best use of scarce resources. The primary purpose is to generate economic gain. Successful companies in Singapore, no matter how big or small, are cognisant to the fact that resources are scarce, and must be applied effectively and efficiently when executing strategy.
It doesn’t matter how meticulous or well thought out the strategy is, it must follow this simple principle. Some of the measures successful companies take are:
- Developing operating standards for operations and accountabilities
- Outlining processes for decision making and management of resources
- Aligning the organisation structure to promote and support business objectives
- Developing and encouraging strong accountability culture in the organisation
But entrepreneurs, especially on the small and medium scale, are not always experts at taking measures that promote the effective utilisation of resources. One of the best and quickest moves that entrepreneurs are using to achieve the objective is outsourcing to an accounting firm in Singapore. Expert help is available at a fraction of the cost of hiring and maintaining in-house accounting staff. At Ackenting Group, we provide affordable accounting services with quality driven solutions to meet your business requirements. Our team of expert accountants has years of experience and the relevant skill set to get the job done competently and help you make better business decisions. This also allows you to focus on your operational and growth strategies, which are likely to bring a positive impact on your business.
Maintain a strong focus on the customer
The bottom line for any business is to meet customer needs. If a business stops fulfilling the desires of its customers (by providing solutions and excellent service), customers will turn to their competitors. Top companies in Singapore know this and align their strategies as well as resources towards meeting the customer’s needs. They do this by:
- Creating and promoting a customer-centric culture in the entire organisation
- Provide robust feedback and interaction opportunities
- Focus all products and processes towards meeting the customer’s needs
- Develop corporate social responsibility mechanisms to engage the community
Start-ups, small and medium companies often get side-tracked from this all-important aspect of running a company. Despite this, the sources of distractions may be genuine and pressing, such as finalising on tax filing and regulatory compliance. Smart entrepreneurs outsource some of the important processes, such as accounting services. This gives them the space and peace of mind to focus on the customer. Ackenting Group also provide other services such as payroll, GST, audit and company incorporation services. These non-core tasks often require regulatory compliance factors that one should have astute knowledge of, and you can feel more assured that your payroll, taxation and bookkeeping needs are in the safe hands of our financial experts who can deliver in accordance with the statutory regulations of ACRA and SFRS.
Develop their capacities
Singapore’s most talented professionals are often concentrated among the top companies. This is not a coincidence. Top companies go out of their way to attract, develop and retain the best talent and teams to serve their clients.
But the best accountants, lawyers, engineers and other professionals don’t come cheap. An alternative it to outsource to a reputable and professional firm. You can reap the benefits of tapping onto the latest expertise, innovative technology, and updated knowledge in accounting with Ackenting Group. It is a great way to meet your accounting needs and steer away from any non-compliance related issues.
If you are running a start-up, or a small or medium business in Singapore, you can borrow a leaf from the successful companies. It can help to apply resources efficiently, aid in focusing on the core aspects of business, and provide you with expert support rivalling what the big corporates boast.
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
