After all, they constantly have to purchase goods and services for their operational needs and to keep the country running. Most of the time, these involve long-term or large-scale contracts that can boost business profits.
Running a business has never been easy, but in today’s competitive environment filled with uncertainty, maintaining profitability is increasingly important.
While it is very simple to go down the route of ‘just bring in more revenue’ as a solution, there are instances where that isn’t always feasible.
Running your own business as an entrepreneur and becoming your own boss is something that many of us want to achieve. Fortunately, this isn’t such a far-fetched reality and can be easily attained in this day and age.
Since the pandemic unfolded this time last year, we’ve seen a surge in home-based small businesses popping up at every corner as many people were made to adapt to remote setups.
It can be challenging to run a business amid the current pandemic. With all the ongoing uncertainty and obstacles, people are less willing to spend money and companies have no choice but to resort to cost-cutting measures to survive.
When the COVID-19 pandemic hit, business owners had to think fast and adapt to the new “normal” – whether it’s becoming more tech-savvy and moving into the digital space or coming up with new innovative ways of offering products and services.
Unfortunately, many businesses in the F&B and events industries got hit the hardest and had to close their doors. However, despite how bleak things seem, this isn’t the time to throw in the towel if you own a small business that’s still in operation.
Flip on a switch and light fills our home, press a button and the television turns on, but how many of us actually think about how the energy that powers our life, electricity, is being generated?
Let’s take you on a journey on how electricity is generated, where it comes from and how it is transported to our homes!
Did you know? Local businesses and Small Medium Enterprises (SMEs) form the backbone of the economy and contribute to around 66% of all employment in Singapore. While we are enduring and doing our best to get through the COVID-19 pandemic crisis, many small businesses that we know are struggling to survive – many owners and employees jobs might be on the line!
Over 4 out of 10 Singapore households have switched to an electricity retailer since the launch of the Open Electricity Market – that means incredible savings off their monthly electric bill!
If you are running a small or medium enterprise (SME) business, you can also capitalise on these savings to help your operational cost as well when you switch from SP Services to an electricity retailer like iSwitch!
Climate change is real and not only do we as individuals have a part to play in reducing our carbon footprint but businesses big and small also have an opportunity to lead the charge.
If you have been working in a job and desire to start your own business, you are not alone!
Whether you are 25 or 55, starting your own small business is something many working professionals aspire to accomplish – after all, you will get to set your own work schedule, explore your passion in life and gain the potential to earn substantial amounts of money!
But before you quit your job, name your business and go order your name cards, there are 7 vital things you will need to do to ensure you aren’t taking the plunge blind!
Here are 7 tips to take to maximise the chances of launching a successful small business in Singapore.