The ongoing pandemic has been tough for small businesses. Regardless, we’re amidst a revolution now that Singapore and many other countries have found ways to weather the storm and even boost consumer spending. Businesses can start looking forward to gradually opening their doors and consumers going back to a semblance of the new normal living.
Brighter future for SMBs
The advantage of small firms over corporates isboosted depth of loyalty built during the pandemic. Small businesses must endure that they have the right technology in place to capitalize on the ongoing post-pandemic spending boom. The pandemic brought ten years of innovation and tech adoption. Digital tools have proved to be game-changing, allowing firms to streamline their processes, operate online, adjust to consumer needs, and gaining the flexibility to concentrate on building relationships with customers.
How are small businesses faring?
Many local businesses have just reopened their stores. The staff is back in the rotation, and the stores are slowly gaining back consumers who are excited to visit their favorite shops again. Customers can enjoy the ambiance after months of purchasing their needs online
In-person interactions and customer experience will remain vital after the pandemic. Physical shops enhance the customer experience and make jobs more rewarding. Tech has also allowed businesses to reopenflexibly.
Here are a couple of tipsfor small businesses to make the most of the economy reopening.
Start accepting contactless payments. These days it has become even more crucial to accept contactless payments like contactless cards, Apple Pay, and Google Pay to reduce physical contact.
Offer different ways for customers to buy. Ensure that you can take payments wherever you sell. If you prefer customers to order directly on Instagram, you could utilize a quick online checkout link. Or, if you prefer customers to call in orders for pickup, you need to begin accepting credit card payments via the phone or have the technology to start accepting invoices remotely.
Enable buying in advance. Begin looking into predicting customer demand for products and how customers look to pay—plan by allowing customers to order in advance through your online store or by booking an appointment. Assess online shopping attitudes and set up an operational plan for your online business.
Keep on top of cash flow. As retail and hospitality businesses reopen, getting a clear view of cash flow and regularly forecasting is vital to make informed decisions, planning for issues,and factoring in business dynamics to support upgrades
Government-Assisted Schemes. If you’re keen on updating any facet of your business but don’t have enough to finance it, you can consider government-assisted schemes that offer multiple options depending on your needs and preferences.
- Temporary Bridging Loan
- SME Fixed Assets Financing
- Venture Debt Loan
- Project Loan
- SME Working Capital Loan
- Merger & Acquisition
- Enterprise Financing Scheme Trade Loan
You can learn more and seek assistance with a government grant for sme through banking sites.
There are other techniques you can use besides what’s listed here. However, these tips will serve as primary considerations as you trudge the pandemic and capitalize on its aftermath. You can also seek help from trusted lenders in Singapore like DBS, which offers assistance for a government grant for SME. They feature an online application that can complete within minutes.