With the COVID-19 pandemic triggering a drop in economic growth in Singapore, analysts are predicting the worst economic recession in Singapore in years. This is sure to send jitters down the spine of many business leaders as the reality could see many companies closing down their business.
However, there are always two sides to a coin. As some companies may grind to a halt under the immense health crisis, others will adapt, change and flourish. The secret is on how business owners and leaders manage their team and their company.
Here are 6 important C’s that you can utilise to successfully manage your company through this unprecedented crisis.
1. Confidence
Watching the news helps to keep you updated, but you may also risk be exposed to false truths that may create more worry, panic and hysteria about the pandemic. When it gets overwhelming, getting caught up in hysteria is unable to help you alleviate the situation. By having a firm knowledge of the facts along confidence, you can make good decisions that will steer your company in the right direction. For more updates and facts on COVID-19, you can always reach out to the Ministry of Health’s official website.
If you are seeking to get facts on how the crisis may affect your company’s financials, then you should reach out to a firm offering corporate accounting services in Singapore, like Ackenting Group. We offer financial insights, reports and analysis to ensure that your company is able to understand its current financial status and take the right step forward. It is important for us to help you track financial and business growth, especially during a time of crisis, so that your company can continue to thrive during this difficult period.
2. Communication
Communication is extremely important, no matter if you’re receiving updates from outsourced firms, or whether you’re delivering updates to your team. It is always best to remember that all of your staff, shareholders, customers and suppliers are awaiting timely, accurate and regular updates.
If you fail to give them updates consistently, it may give room to rumours and hysteria due to poor communication.
3. Collaboration
No business can survive or thrive on its own, especially during this time of the pandemic.
You should make a call to all of your employees, service providers and business partners to ensure that they are putting their best foot forward. It is a time to harness all available resources that you have, along with the capabilities to sustain the business.
4. Community
As your business exists within a community, now is a great time to show a good example and allow your company to be relevant and helpful to people in need. You can reach out to organisations in your area and show corporate responsibility.
One of the best ways you can do so is to follow and keep up to date with the containment measures issued by the Ministry of Health. Ensure that your business is also adhering to the social distancing guidelines to show that you care for your customers’ safety. Some companies also go the extra mile to donate surgical masks and other personal protective equipment to frontline health workers and hospitals. This gesture can provide a good impression to the people in your community, and they are more likely to keep your brand in mind when they need to purchase a product or service.
5. Compassion
You should encourage staffers to show compassion to one another. Look to develop and implement robust continuity plans so that whenever a team member needs to take time off to attend to their family, they can do so without worries and return when the situation is clear.
A great way you can ease the workload of your business is to outsource certain functions, like accounting. You can reach out to firms offering professional account services in Singapore, like Ackenting Group. Our priority is to help your company financially, through updates, records, analysis and risk assessments. We also provide affordable accounting services fees so that your company can remain financially viable during this challenging time.
6. Cash
In business, cash is king. Right now, many businesses need it more than ever. However, if you do not keep a close eye on your financial records, it can be difficult to retain cash flow. If you ever need help to balance your books and prepare tax records, then you should look to outsource to a firm with tax accounting services and tax filing services.
With all of the 6 C’s above, you can have the best financial information to help guide you through this unprecedented pandemic, and come out stronger. By ensuring that you take care of your team and your expenses, you too can ensure that the future is bright for you and your business.
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
