Guide For Small Business To Survive
- Posted by admin
- 30 July 2013
A Guide for Small Businesses to Survive and Thrive
The global economic situation looks grim at best with an upturn in fortunes nowhere near sight. Although some Asian economies are reporting comebacks, this is not the case in Singapore. Economic restructuring is hampering economic growth and it remains moderate at best. This may not be good news for Singaporean entrepreneurs looking to incorporate their small and medium businesses in the country. However, here are some excellent tips to not only help you survive in the lukewarm economy but also thrive in it.
Develop a marketing strategy and get feedback
The biggest mistake you can make is drive straight into your business without having a clear plan how to market your company and its products. Creating a marketing strategy should be one of the first things you do. It does not have to be elaborate but should at least describe the marketing methods that your company will be using. Keep in mind that the marketing plan can always be tweaked and improved.
Also, even before the registration of your company in Singapore, you need to get feedback from your market base. This will help you understand what people are looking for and what they need. From before registration of company up to post launch, you need to constantly ask for customer feedback to understand what your company needs to focus on.
Stick to the budget
Small and medium businesses can easily go over budget. However, if you want to succeed, you need to keep a tight rein on expenses and prevent the company from going over budget. Operation costs must be managed properly, especially during the first few months or even years, before your company has broken even.
In these uncertain times, you need to be prepared for anything. Adaptability is the key to survival. Keep an eye out for emerging trends so that you are always ahead of your competitors. For example, you may have to compete with a growing competitor and you can do so by lowering the price of your products. You may also have to explore other revenue streams. Similarly, you need to be ready to deal with growth and drop in demands, changing consumer tastes, etc.
Register intellectual property
Register your company’s trademark and intellectual property as soon as you can. Doing so offers a lot of benefits such as tax concessions under the PIC scheme. Take advantage of the opportunities that IPR or Intellectual Property Registration in Singapore offers as it also allows you to get funding from both the private and public sectors.
The most important tip is that you need to believe in your business and yourself. Even the brightest ideas can wither without passion. You need to commit to your business and tough it out during the hard times. Have patience and know that many businesses take years to flourish.