Most of the businesses in Singapore have been badly affected by this Corona pandemic almost four to five months ago. Though the government has offered some relief and support measures to the business owners.
On February 10, Chan Chun Sing- The Singapore Chinese Chamber of Commerce and Industry arranged a meet with few local business leaders to have a frank and closed-door discussion with them on the modern developments that have a great impact on the economy as well as society.
But there are several online companies like Timcole who are offering great support to the businesses to overcome the impact of Covid-19. Below-stated are the top 4 ways that can support the businesses to overcome COVID pandemic impact:
Think long term: In case, there is a necessary business lesson from the outbreak of SARS in 2003 then it is the time to future-proof your business by acclimating the new business models along with modern technology.
Being a business owner, you need to plan beforehand on how you can position better in the market and recover after the corona outbreak. However, it is the best time to enhance the existing business models and fortify your business’s fundamental proficiencies.
Redesignate or train workers: Following future-proofing business, firms need to enhance the skills of their workers continuously and also be smart in utilizing their manpower resources. All the skills and productivity of employees should be improved by sending workers on training from time to time.
Businesses can also reassign their workers for Research & Development to recognize new business opportunities. This type of advanced activities undertaken by the firm can expand existing business services as well as products.
As per the economic expert, the COVID-19 outbreak has disturbed travel, trade as well as supply chains around the world due to which supply disruptions are being faced by most of the businesses.
Apart from this, you need to lessen risks by relying on numerous supply sources around the globe in order to avert macro influences.
Management of cash flow to formulate the ride of the recovery wave
Businesses need to maintain a cash cushion for unanticipated expenditures. Currently, Singapore firms are facing one major problem that is cashflow. Firms should be on top of your game in handling the firm’s cash flow as well as resources.
Businesses need to prepare as well as plan outside this period and deposit their cash cushion. The amount of cash reserves your business will depend upon the available payroll need, credit as well as riskiness of the business. Therefore, three to six months’ worth of operating capital will be able to aid your business even through this tough time.
Apart from this, the government is offering required provision measures that can help firms in Singapore to think beyond the Covid-19 pandemic. You can also take the help of Timcole where professionals offer you information to gain profit in your business.