Singapore has one of the fastest growing economies, and while Hong Kong still occupies top spot, this country’s varied industries are making great strides. Entrepreneurs might find themselves attracted to the country because, for one, its tax incentives are some of the most attractive, and Singapore is also one of the safest places for business. Furthermore, as more businesses are recognising this country’s economic value, industries are primed to send this country’s profile into the stratosphere.
With all of the potential for booming business, businesses looking to stay ahead of the pack need more than motivation and excessive funding. A strategic plan that relies on researching and testing out the various markets in Singapore is the foundation of priming your business for competition. In this day and age when information is sent and received at lightning speeds, getting a good position almost guarantees your business will outshine others.
Continue reading below to learn how your business can gain the advantage over others in Singapore’s burgeoning economy.
Look For The Best Location
When looking for office space, think about your space in terms of its versatility. Spaces that place your business smack dab in the middle of opportunity can be a more wise choice than one that is prestigious. Coworking spaces, for instance, offer businesses the type of versatility needed to be competitive.
These spaces typically provide a number of functions for all types of businesses, but for SMEs and startups, they provide valuable connections to other industries. Servcorp coworking spaces, for example, place your business in centrally-located areas in and around Singapore. In essence, you get the best of both worlds, a centrally located office in prime real estate combined with the versatility of being able to meet mentors, network, and ultimately collaborate.
Master The Relationship
Winning friends and influencing people is not just a trite saying, and in Singapore’s relational culture where business friendships are a competitive advantage, navigating relationships is important. Fortunately, the coworking space can nurture even the most solitary business person by virtue of the office’s focus on community. In fact, some of the better coworking spaces place great emphasis in hosting both informal and formal networking events.
Whether hosting a networking event for professionals to meet mentors or inviting renters to a barbecue, coworking spaces encourage professionals to engage each other, and many of these engagements culminate in some of the greatest creative and innovative collaborations. While these events do not always end in the lucrative collaboration, the coworking professional might walk away with a referral, a possible contract, or a lead that can help with the everyday operation of their business. Ultimately, though, the coworking space can be the foundation from which much business is generated for the professional.
Show Don’t Tell
Use your space to show clients and the co-working community how great your product or service is. By using your coworking space to be public relational, you, in fact, set the tone for the public becoming familiar with your product. Furthermore, this is the opportunity to showcase your brand’s values and garner support from people within this same community.
After researching your target demographic, engage your public. Popular public relational activities can involve hosting events where you showcase some of the products and services of your company. However, do not ignore social media as a platform for promoting your product or service as millions of people are online at any time, and any one of these users could be your next client.
Shutting Down The Competition
Gaining the competitive advantage over others involves a multi-pronged approach that in many ways asks you to step outside of your comfort zone. Fortunately, co-working spaces today have evolved their model to incorporate activities that can help your business be more competitive. In Singapore’s rapidly developing economy, establish your business’s strategy to stay ahead of the pack, so that facing the competition is no competition.