Introduction
Business growth of Singapore companies is the key driver of the country’s economic growth. Companies should foster growth through business strategies focusing on productivity, innovation, transformation and globalization.
Business strategy development should take into account individual stages of growth, resource constraints, capabilities, opportunities, capacities and challenges faced by companies. There are over 200,000 registered enterprises in Singapore from large scale to SMEs, startups and micro enterprises operating in diverse industries. Responding to the rapid and ever-changing global landscape is crucial for organizations of all nature. Taking into account factors such as productivity, innovation, transformation and globalization, Singaporean businesses can adopt one or few of the below strategies.
Growth Strategy
Businesses targeting new geographic locations or those introducing new products and services in the domestic market can choose a growth strategy. The focus is on gaining a competitive advantage. Growth strategy offers easy market penetration in international markets especially for pre-existing businesses. This being an advantage, it also has the tag of difficulty in market establishment for enterprises. Unconventional businesses such as those in ICT are encouraged to adopt growth strategies when thinking of expanding overseas.
The Enterprise Development Grant (EDG) can be utilized by growth-focused Singapore companies for overseas expansion. Startups can avail the benefits to grow as part of an innovation alliance in the region. Foreign-owned enterprises can use the grants as well for diving further into Singapore’s business ecosystem.
Differentiation Strategy
Companies with unique products or services targeting a specific customer base can adopt differentiation strategies to stand out in the market. Regardless of the nature of business, this strategy works best for all sectors. The rule of thumb is to study the market requirements and offer ‘out of the box’ products that cater to the needs of those that can invoke these requirements in the minds of potential customers. However, a major setback is the continuity that may be expected by the market for unique features. Companies with sufficient resources can use this strategy best.
Focus Strategy
A focus business strategy is secondary to other strategy adoptions. For instance, a company with a growth strategy on expanding to an international market, can choose demographic-specific focused markets for their offerings. If there is sufficient evidence from market surveys which shows credible opportunities in a given market, then narrow down to that market, channel your resources optimally and capture it.
For microenterprises as well as SMEs, Productivity Solutions Grants (PSG) are available. They help businesses strategize their activities for more impact, ready-to-adopt information technology as well as equipment solutions. The Market Readiness Assistance (MRA) grant can be availed for overseas ventures.
Singapore Certified Management Consultants
Consultants can accelerate growth through intervention in business strategies. They help identify internal gaps. Organizational strengths, weaknesses and competition can be assessed. Furthermore a strategic roadmap, business frameworks, processes, policies, recommendations and implementation plans can be developed.
Expert consultation helps in formulating the above strategies for capitalizing on market potentials and transforming businesses. With the ongoing trends in digitalization, they can aid in the development of intellectual property strategies too. Additionally, advice from certified management consultants can help manage and commercialize an organization’s intangible assets for enhancing business value and competitive advantage.
Conclusion
Singapore certified management consultants are pioneers in providing assistance for enterprises to compete in domestic and international markets. Businesses having significant long-term plans, capacities and willingness can make use of expert consultation for adopting the right business strategies at the right time. Catalyze your business transformation and growth in a highly competitive global environment.
