Connect with us

Business

Singapore Business Tips For SMEs

If you are from Singapore and you want to form a Singapore company, it will not be extremely difficult. Basically, what you will have to do is getting an approval from the Accounting and Corporate Regulatory Authority in Singapore (and this also includes paying for the S$65 registration fee).

However, if you are a foreigner, things are more complicated when it comes to business registration. First, you will have to get a visa that is suitable for starting a business in Singapore. Then, you will have to make sure that you meet all the requirement of setting up a business there. Further on, you will have to actually register your business (as a branch of a foreign company, as a representative banking and insurance office or as a representative of other industries).

Singapore Business Tips For SMEs

Setting up a business in Singapore may actually be the easiest part of the entire story. The hardest part will be maintaining yourself on the market as a SME (Small to Medium Sized Enterprise) and making profit. To make sure that you form a Singapore company that will be actually successful, try to apply the following tips.

First of all, do not be an “all-action” kind of entrepreneur. Plan ahead every detail of your business and make sure that everything is in order. Furthermore, always remind yourself to make a SWOT (Strengths-Weaknesses-Opportunities-Threats) analysis. Do it both for yourself as an entrepreneur and for your business. Moreover, do it for your competitors as well, and analyze which are the gaps they are leaving in the market and which are the points on which you can do better than them.

Secondly, accept the fact that business environments change and that the Singapore one makes no exception to the rule. It may seem difficult to comply with the changes of the Singaporean Government, but keeping yourself focused can help you achieve your goals.

Thirdly, pay a lot of attention to your cash-flow. This is one of the most important aspects of any business and it could literally make or break it in a short amount of time. Be careful with your credit policies and try to do everything to receive payments on time (and this also includes taking into consideration the fact that large enterprises need more time to process invoices, which could mean a late payment for you). Also, stick to your promises when it comes to deliveries and do not try to take in more than you could handle (since this will eventually mean that you will be late with a delivery and that could also mean that you will not receive your invoice).

Furthermore, try to stretch your own payments as much as possible, since this can actually be considered to be a form of interest-free credit. Also, make sure that your stock does not exceed your demands and bear in mind the fact that leasing is always better for SMEs (because it can help your cash-flow and it can be considered to be tax-deductible as a business expense).

Last, but definitely not least, keep your employees happy. You may not be able to give them the highest salaries possible, but compensate this with various types of benefits, with treating them respectfully and with constantly reminding them how important they are for the company.

Continue Reading

Recent Posts

Business1 week ago

The Invisible Hands: Unveiling How Food Distributors Influence the Quality of Our Foods

Ever found yourself wondering why the tomatoes in your salad taste particularly fresh or why your preferred brand of coffee...

Marketing1 week ago

Webflow CMS: A Comprehensive Guide

Webflow is a powerful tool that allows you to create and manage dynamic websites without needing to code. It’s a...

Business1 week ago

The Three Most Important Benefits You Should Offer To Your Employees

Offering your employees a range of benefits on top of regular salary increases will really help to show that you...

Business4 weeks ago

Business Tips For Protecting Your Finances During A Recession

In 2024, taking the necessary steps to protect your finances for your business is now more important than ever. The...

Green & Energy1 month ago

Air Conditioning Installation: What You Need to Know

When it comes to getting an air conditioning unit installed, can significantly improve your comfort and home environment, especially during...

Marketing1 month ago

Marketing Tips For A Gym Wear Brand

When starting a gym wear brand, there are a few things you need to do and one of them is...

General2 months ago

Social Media Marketing: What Are All The Types?

Social media marketing is a tool that is a must-have in today’s digital age. it’s very rare that businesses can...

Business2 months ago

How To Become A Property Developer

There are several reasons why an individual will want to become a property developer. One of the main reasons for...

Business3 months ago

Remote Delivery Innovations: Case Studies from Leading E-commerce Brands

People have gone through much change in the past few years when it comes to online shopping. Nowadays, when delivery...

Business3 months ago

Why are Brits turning to online-only banks?

For years, large, conventional banks held all the aces when it comes to citizens’ finances in the UK. HSBC, Lloyds...

5 Important Web Design Considerations to Make For Better SEO 5 Important Web Design Considerations to Make For Better SEO
Tech3 months ago

5 Important Web Design Considerations to Make For Better SEO

Ever since the birth of search engines, practices in optimising websites for better search rankings have changed considerably. Where it...

SEO4 months ago

The Importance of Local SEO for Small Businesses

There are many different types of businesses and all of them will require online marketing however, with a small business,...

General4 months ago

Understanding The Unsung Heroes: Cool Rooms And The Importance Of Regular Repairs

Everybody loves a breath of fresh air when entering a superstore! But have you ever wondered who’s working backstage to...

Home Improvement7 months ago

How To Add More Value To Your Home

If you have some spare cash in the bank, it is likely you would like to spend it on your...

Lifestyle8 months ago

What is a Deep Plane Facelift

Cosmetic surgery is a choice that needs a lot of research and when it comes to thinking about a facelift...

Categories

Archives

Trending