It is no secret that Singapore is currently a haven for start-up companies and ambitious entrepreneurs. Thanks to a rich combination of tech savvy shoppers, easy access to funding, and very appealing tax rates, it is considered one of the best places in the world to set up a business. Nevertheless, companies in Singapore face the same challenges as everybody else when trying to go global.
Having a brand which can compete on an international scale is very different to achieving local success. You need strong connections with vendors, distributors, and suppliers, as well as a keen interest in trying new technologies and software. All of this requires secure capital, of course, so first; you have to streamline your expenses. With access to high-end corporate tools, a great office, and robust back-end support, you will be unshakable.
Keep reading for some tips on the best ways to support international expansion and how you can take your company global.
The thing to remember is that mistakes are inevitable. While this might sound a little scary, it is a good lesson. Instead of desperately trying to avoid bad decisions (something which stifles creativity), just make sure that your company is flexible enough to weather them. At Servcorp, we believe that this starts with your choice of office.
Conventional lock in leases is the death of flexibility because they make it nearly impossible (or very costly) to adapt to change. Our serviced offices, on the other hand, are shaped to fit you. We do not tell our tenants where they will be in a year or three years. We let them decide and always leave the door open for changes to the lease. This means no penalty charges.
The right way to make international investors sit up and take notice is by building a strong local reputation. This is especially important if you are a foreign business owner. Don’t try to fight against the culture just because it is not familiar. For example, Singaporeans tend to be quite reserved and rarely show their emotions in public.
This can make it tough to spot problems with employees. Instead of getting frustrated or limiting your staff to foreign workers, build a workplace culture which fits their needs. Ask questions, be directly involved in departmental affairs, and try to engage on a personal level. In Singapore, food is an excellent way to connect, and colleagues regularly enjoy dinner together.
If you are content to make money at a local level, a little bit of sluggishness when it comes to technology is not a deal breaker. As soon as you set your sights on a global brand, however, you have got to be prepared to invest in the fastest, strongest tools available. Yes, it is an expensive game to play, but customers do not make big demands of small businesses.
They do not much care if your budget is tiny compared to the market giants. They want secure shopping portals, super-fast delivery times, excellent communication, and easy ways to pay. For this, businesses require cloud storage, automated invoicing tools, email marketing software, speedy websites, mobile optimisation, and more.
A common theme across almost all businesses is the reliance on technology and the support required to ensure a smooth operation. Whether it be a local or global company, having confidence in your business’ technological capabilities and its scalability using this technology is paramount to growth. At Servcorp, we offer market leading technologies and in-house IT support to address any problems or queries Infrastructure to support businesses of all sizes. With fibre based Tier-1 managed internet service to every location, 99.99% uptime and the ability to configure your internet to your preferred and optimal configuration, Servcorp are positioned to take your business to the next level.