With the COVID-19 situation still lingering, government-imposed restrictions have continued to ramp up and down in response since March 2020. Many businesses were forced to close down or operate remotely at a certain point in time. Hence, it is vital for all businesses regardless of size to be more sustainable and more resilient. Below are the 3 critical areas to focus on to help businesses become more resilient.
COVID-19 has made a real distinction between SMEs who have digitalised their businesses vs. the ones that have not. More digitally advanced firms have been better placed to adjust and emerge stronger from the crisis. This includes the ability to work remotely, which means:
- Data is stored and retrieved digitally.
- Ability to communicate with colleagues and customers whilst outside of office premises.
- Ability to complete tasks remotely without being in the office.
- Ability to serve customers without being in the workplace.
Many retail businesses were forced to
However, digitalisation has not been an easy task for SMEs. In Germany, studies have found that 67% of SMEs cite a shortage of IT skills among employees as an obstacle to digital technology adoption, while 32% blame a lack of adequate financing sources. Luckily, the Singapore government offers several grants to help businesses digitalise their businesses. Check out SMEs Go Digital and Digital Acceleration Grant.
Ease of Financial Accessibility
99% of businesses in Singapore are SMEs, supporting 72% of the total employment. However, SMEs are the most vulnerable to deterioration in business conditions given their limited financial resources and weaker access to financing. With economic uncertainties caused by COVID-19, it is more important than ever that SMEs have access to external financing support, whether it is through access to government schemes or a third-party funding facility.
At InvoiceInterchange, we help support SMEs by bringing forward future cash flow from invoices instead of waiting for 30, 60, or even 90 days for your customer to pay. This is done by selling your outstanding customer invoices for a small fee. It is not a loan where you are burdened with monthly repayments. On the contrary, invoice finance simply converts your existing asset (receivables) into cash. Funds can be in your bank account within 24 hours upon verification. It is that simple.TALK TO ONE OF OUR TEAM
Strong and Agile Leadership Team
Being resilient requires a strong leadership team who is able to:
- Understand the situation and impact on the business due to external changes.
- Ability to identify and assess options in a critical manner.
- Ability to make (sometimes tough) decisions and adapt to changes in a prompt manner.
- Ability to provide clear direction on how the business will maneuver in times of crisis with the team.
Resilience is a team sport and it must come from the top. It will allow businesses to survive the hardship as well as to strengthen the team culture and spirit to support the business growth.