While running a successful and profitable business is never easy, the impact of Covid cannot be understated. 2020 showered entrepreneurs with a series of unprecedented challenges and several of them remain as ongoing concerns.
So, what differentiates businesses that have weathered the storm from those that failed? We consider five of the most important characteristics of resilient companies and how you can adopt them to transform your own business.
Integration of Remote Work
Perhaps the most far-reaching impact of the pandemic has been the integration of remote work into everyday business operations. It has been a game-changer for many employees who would otherwise have been unemployed. Ongoing employment, along with payday loans online, has helped many wage earners keep their heads above water in these trying times.
As a business, you have an obligation to keep your employees safe by conforming to the government’s social distancing guidelines. This change may be a blessing in disguise for some. There have been reports of employers cutting back on office space and, consequently, office rent during the pandemic.
Others have been able to get by with fast cash loans from authorised money lenders in Singapore.
Value of Digital Tools
Whether your business operations have continued as normal or you have had to modify them, the odds are that your employees rely heavily on digital tools today. This could be something as simple as online collaboration apps such as Slack, Trello, and Zoom, or more complex software. The value of these tools to your business will only increase in the future.
Most of these apps are available to use at no charge while others follow the ‘freemium’ model, which adds advanced capabilities for a fee. You will need to assess whether those additional features will help you elevate productivity and work quality. If yes, it may well be a good idea to sign up for at least the free trial period that almost all of them offer.
An urgent cash loan in Singapore from a WhatsApp money lender could help you cover the expenses immediately.
Delivery and Pickup
A by-product of the panic surrounding the lockdowns is that many Singaporeans have become averse to crowds. Far fewer are travelling to shops and restaurants when it can be avoided. This has led to an exponential increase in the demand for home delivery of goods, including groceries and meals.
This development has been a boon for agile entrepreneurs. Money lenders in Singapore for foreigners as well as locals have reported an increase in requests for quick loans from such individuals. These monthly instalment loans let anyone with foresight and a can-do attitude prosper even in these tough times.
If your business has been struggling, a credit loan from a certified Singapore loan company may not just help you survive but even expand during this crisis.
In the previous section, we alluded to the shift towards the home delivery of products. Currently, many businesses are content to handle such orders the traditional way via phone calls. However, you can leapfrog the competition by providing your customers with the convenience of online shopping through your webpage.
Integrating a sales portal on your webpage is fairly simple and it is a service many domains and hosting providers offer as an option. Naturally, this comes at a price, which usually consists of a one-time registration fee and ongoing monthly costs. Most businesses that do employ this approach find that the increase in sales easily covers their setup costs.
If you do not have the cash handy, why not consider private money lenders that offer fast loan approval? These easy loans will pay for themselves as your online sales increase.
The Bottom Line
We are heading ever so slowly but certainly towards a reimagined normal. What that scenario will look like exactly is still being debated by the government, business leaders, and infectious diseases specialists.
As a business owner, you don’t have the luxury of time to wait for them to decide. Seize the moment right now. Employ these five strategies and transform your business.
If you need temporary financial assistance, consider a business loan or a bridging loan from 96 Credit, the best licensed money lender in Singapore.