Amid the global pandemic, numerous entrepreneurs are feeling the strain COVID-19 has wrought upon the financial markets. The struggle to retain their customers and to stay innovative and grow has proven to be a herculean task for many. However, unique opportunities may present themselves during this trying time. Adapting to meet the demands of an ever-changing market is a key ingredient for any successful business. Let us share the actions your company can take to adjust and thrive during this pandemic.
1. Evaluate your business expenses
Maintaining a solid grasp on your company’s finances is paramount to your business at any given time, let alone during a pandemic. With signs pointing to an economic downturn, now is the ideal time to tighten the budget and evaluate your business expenses. Unnecessary spending will only pile on additional pressure during this challenging time. Are there any expenses I can omit? Can I find a cheaper alternative? These are the questions you need to consider to ensure you optimise your finances and be more efficient with your resources.
Proper bookkeeping is essential to ensure you stay on top of your finances. If you lack the necessary background, you may wish to engage the accounting services of a specialised audit firm. Furthermore, this decision can be a cheaper than hiring a full-time accountant to assist you with your finances while you tap on their expertise. Allow Ackenting Group to offer our corporate accounting services to ensure you receive up-to-date and detailed financial reports. A comprehensive report can help you understand your business’s performance, so you can better plan your company’s expenses.
2. Look into the current market trends and adapt accordingly
An online presence is practically mandatory for businesses to thrive in our current technology-savvy society. Even before the pandemic, many Singaporeans are moving to online retail stores to purchase their daily necessities. With the government encouraging the public to practise social distancing and minimise their time outdoors, this movement has only increased in popularity.
Creating a website to function as the central hub of your business should be critical to your current business plan if you have not done so already. It is best to pair your online retail store with a strong social media presence. Interacting and establishing a solid rapport with your current and potential customers on the various social media platforms is key to growing your business in this current digital landscape.
3. Don’t just focus on the now
It is understandable to focus on your business’s current situation in light of the pandemic. However, looking beyond the short-term aspects is pivotal to growing your company. Long-term successes help to sustain a business, not temporary gains. Therefore, you may want to consider what changes you can implement now that may bear fruits further down the road.
Most consumers are likely facing tight finances in the wake of COVID-19. As many look to reduce their expenses, you may wish to lower the prices of your services or products to entice customers. Building brand loyalty is a crucial element for any successful business. You may be getting a lower profit margin temporarily, but the increase in customers can help your business thrive in the future.
Conclusion
COVID-19 has created a seismic change in the way entrepreneurs run their companies. Those who could not adapt find themselves struggling to keep their businesses afloat during this challenging time. However, there are various businesses that have thrived during the pandemic. With a reinvention of their finances and business, your company can also flourish.
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.
