Tips for Successful Formation of Company (SME)

Due to its low corporate taxes and competitive economy, Singapore is one of the most popular cities for formation of company. However, the cost of living in Singapore is among the highest in the world, and costs are expected to increase even further. These high costs, coupled with the current COVID-19 pandemic, are likely to affect small and medium-sized enterprises more than other companies, due to their fewer resources. However, here are some ways that your firm can cushion these effects, enabling a successful formation of company.  

Be Flexible
In this VUCA world, where everything is constantly evolving, it is essential to be flexible and adaptive to any changes in the industry. Failure to keep up with the times could leave your firm behind other firms, giving them an edge over yours. It is also important that your firm stays abreast of and adopt new software and equipment being used in the industry for improved performance and cost-efficiency. This also ensures that your firm does not pale in comparison to other firms that have adopted these technologies. 

Know Your Goals
Even before incorporation of a company, your firm should have a clear grasp of its macroenvironment, including competitors and customers. Knowledge of your competitors’ strategies and operations will allow you to create better strategies while understanding your customers will help to shape your strategies according to their needs. You should also understand your target audience, know what your firm hopes to achieve, and strive towards these goals. It is also crucial for your firm to have a long term growth plan so that everyone’s mindsets and goals are aligned, creating a more efficient and meaningful work environment. 

Adopt Standard Practices
It is important for your firm to have a clear structure, line of command, and standard operating practices in place. This helps to organize the firm, and employees will be able to perform their tasks more systematically with a clear procedure, allowing for better efficiency and consistency in the firm’s performance. A clear structure and standard operating practices will also prevent any confusion amongst employees in the absence of instructions and supervisors. 

Focus on Your Employees
Your employees form the bedrock of your firm. An employee who does not enjoy his work environment and does not find meaning in his work will feel unmotivated to work. Thus, it is crucial to ensure that your employees are well taken care of, especially during the ongoing COVID-19 pandemic. 

Flexible working arrangements can be adopted in adherence to safe distancing measures, creating a safe and healthy work environment that your employees will feel comfortable working in. In this current uncertain and daunting situation, your firm can go the extra mile to ensure the well-being of your employees by conducting regular one-on-one talks with them and listen to any concerns or worries they may have. Employees that felt satisfied with their work environment and fulfilled by their work will feel more motivated to work, contributing towards the firm’s productivity and efficiency.

Originally published by onestop-ca.com