6 important tasks Singaporean SMEs should do monthly
With how much it takes to run a business in Singapore, it can be easy to miss important tasks that are vital to the health of your operations. This is more evident if you’re managing a small and medium enterprise (SME), where resources and manpower are often stretched thin.
For such businesses, staying on top of essential tasks is not just beneficial but crucial. This article aims to assist SME owners and managers in cultivating a habit of meticulous oversight by outlining a set of crucial tasks that must be accomplished regularly to sustain a successful enterprise. By adopting a proactive approach to these tasks, SMEs can strengthen their foundations and navigate business complexities with confidence.
1. Conduct a financial check-up
Finances are a crucial part of keeping your business afloat. This doesn’t only mean your profits but also pertains to expenses as well. After all, undocumented or unreasonable expenses can spell huge trouble for your day-to-day operations. Hence, make sure to keep track of your cash flow by checking pertinent metrics or documents monthly.
This should also include checking to see if your taxes are in order. Not fulfilling your tax obligations puts your business at legal risk. Fortunately, if you’re doing business in Singapore, Corppass can help streamline the tax filing process for you. A one-stop authentication and authorisation service provided by the Singapore government for businesses and other entities that need to access various government e-services, Corppass allows organisations with a Unique Entity Number (UEN) to conduct their government transactions online safely.
2. Check your inventory and suppliers
This is especially important for retail businesses as their entire operations rely on providing products to their customers. Match inventory with your sales forecast so you won’t be short when orders arrive. See to it that they’re properly stored as well to avoid chances of damaged or lost goods. This goes double for perishable goods, which may need special handling and storage.
In the same vein, find time to review contracts and agreements with your current suppliers. Are they still meeting your business requirements in terms of quality and quantity? Check as well if their prices are still reasonable for you or if it might be time to scout for a new supplier instead.
3. Review business goals and progress
A monthly check-up of your goals as well as the progress being made to attain them will clue you in on what adjustments are needed for your operations. Say you didn’t meet this month’s sales quota. Perhaps it’s time to revisit current sales tactics being employed and see what can be improved upon.
Doing this also clues you in on the stability of your operations. If you’re consistently meeting your goals, then it means you’re on the right track. If not, major changes may have to be made to prevent further losses.
4. See if there’s any room for innovation
Nowadays, digital is king. If your business is lagging behind, it’s well worth it to look into new technologies you can use to make your and your customers’ lives easier. One simple change you can make would be to apply for a Singapore Quick Response Code (SGQR) that you can use in your storefronts so you can start accepting digital payments through platforms such as PayNow.
Innovation can also mean reinventing old ways. Review your offerings and see if some products may not be performing as well anymore. It might serve you well to introduce new ones instead. A monthly offering of, say, a new promo or product variation will keep customers interested and may even bring in new patronage.
5. Brush up on what’s new in your industry
With the wealth of information available right at your fingertips, it’s now easier, more than ever, to stay updated on what’s new in your industry. What trends are picking up and how can you apply them to your business’s advantage? Simply knowing what to watch out for will allow you to attune your business to the ever-changing needs and wants of your customer base.
Another way to stay informed about industry trends is to attend summits or conferences. For example, there’s the yearly SMESummit organised by the Association of Trade and Commerce. It provides a venue for SMEs to talk about the challenges of their industries, exchange business strategies, and network with fellow entrepreneurs as well as industry experts.
6. Boost your marketing strategy
It’s always a challenge to sustain customer patronage and capture the interest of new ones, especially for SMEs which may not have the same pull as bigger names in the business. That’s why it’s a must to regularly review your marketing strategies and see if they’re still effective or need overhaul.
Consider brainstorming with business partners and employees, and put out monthly surveys to get a better picture of what your customers are looking for. Check your business social media accounts to see how you can create a buzz online. Breathing new life into your marketing strategy might just give your business the boost it needs.
Don’t lose track of what’s important when it comes to your business. Keep these points in mind when doing your monthly business check-ups to ensure that you’ll always have seamless and effective operations.
