5 Business Improvement Tips that Guarantee Success in Singapore

business improvement

5 Business Improvement Tips that Guarantee Success in Singapore

Singapore is the heart of booming business in Asia combined with an ambitious workforce. As a Singaporean businessperson, you should acknowledge that the business-friendly environment is complemented with a low-tax regime and a renowned least-corrupt State in the world. As such, if your business is not flourishing, don’t shift the blame on the location but on your strategies.

Change is inevitable for every business entity, and as an entrepreneur, you must do things differently in order to survive the harsh competition, which eventually helps you to achieve your business objectives. Irrespective of the industry your operations are based, the success of your business is easy to achieve if you live by these very simple ideologies.

If you are determined to invest in the future, you can increase your odds of success by implementing the following five business improvement tips into your modus operandi as you come up effective ways of maneuvering with minimal challenges.

Build Your Business Relationships Early

Ever heard of the phrase, “The Early Bird Catches the Worm?”

Developing great relationships once you incorporate your business creates a solid foundation to attract prospective customers, long-term investors and strategic partnerships with companies in the future. Brooding such relationships early enough expands both your personal connections and your business networks within and outside the organization. Business owners who are slow to create such connections always find themselves on the periphery of many natural networks, which leads to their early demise.

Exploit opportunities to expand your network not only through your employees, but also by meeting new people outside your company. Start by attending various events associated with your sector, and always be at the front line to introduce yourself. Your business can benefit greatly because when people like you, they will want to know what you do, and that’s when you can introduce your company’s products and services. The more people you get to meet, the higher the chances of increasing the positioning your company in the industry.

Building relationships rather than transactions will greatly improve your business improvement plans.

Implement Advanced Technology

The city-state of Singapore is a world-class technology hub in Asia, with many companies establishing their operations in the destination as a launching pad into nearby markets. According to Singapore’s Economic Development Board (EDB), 80 out of the world’s top 100 tech firms currently operate in the city and the Infocomm and Communication Technology (ICT) sector has heightened Singapore’s competitiveness by raising productivity in industries, such as finance, services and manufacturing.

With such rapid advancement of technology in Singapore, your business can only be successful if you adopt digital innovations. This will help you achieve competitive advantage in your industry and eventually accomplish your objectives in a timely manner by enhancing efficiency and productivity as well as lowering production cost. If you want to stay ahead of the pack, you must embrace technology to increase the growth of your business because digital innovations come with innumerable opportunities.

In a few decades, digital innovations will become the norm. Hence you will have to plan it in your business improvement plan.

Solicit Feedback from All Relevant Sources  

No business in this world has ever been perfect. As a business owner, you have to make sound decisions every day, especially through feedback with the aim of implementing small and big changes. Soliciting feedback also means that you closely observe your customers’ reactions by focusing on the factors that caused their eyes to either light up or glaze over. When you receive that initial feedback, you can make necessary changes for the long-term benefit of your business.   

Whether the feedback you get is good or bad, it is relevant for your business because it improves productivity and various operation processes. Feedback from your customers, suppliers, investors, and even family members helps your business to:

  • Increase sales
  • Improve products and services
  • Increase brand reputation
  • Measure customer satisfaction
  • Create the best customer experience
  • Improve the website

Prioritize Tasks to Manage Your Time

You have probably heard of the old saying, “Time is money.” At Tianlong, we believe that money is a terrible master if you don’t manage your time, but an excellent servant if you value your time and start charging for it. As a business owner, running a business obliges you to treat time as a valuable commodity because once wasted, it translates into financial losses. Therefore, you should simplify your products/services to manage your projects in a timely manner and to clarify to customers about what you will deliver to them.

Even with many entrepreneurs constantly lamenting that they never have enough time, prioritization is a vital skill towards the success of any business. At Tianlong Services, we prioritize our tasks by spending our time and energy on projects that will best allow us to achieve our objectives while postponing matters that are tangential. When setting up a meeting, or selecting a lead to pursue, always consider the opportunity cost.

Encourage Teamwork through Holistic Hiring

Increasing the number of employees in your business does not necessarily result in an increase in productivity or growth. To attract talent and make the prospect of working with exciting employees that exude teamwork, a holistic hiring strategy is essential because it aligns your goals with customer experience. To attract the right people with the right skills, focused on the right problems and opportunities, consider these four key elements when creating a holistic recruitment strategy:

  • Plan: You need to plan and align expectations with hiring managers;
  • Search: You need ONE place to search your candidate data;
  • Match: You need to match the right candidates to the right jobs; and
  • Engage: You need to engage candidates who would be most likely to respond.

At Tianlong Services, our employees are highly productive when every team works in unison. We hire an adequate number of employees by implementing the holistic recruitment strategy to scale our business development team. We also meticulously examine all potential hires to understand their holistic suitability to ensure they are aligned with our business philosophy and culture.

We offer consultancy for business improvement plans.

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