There comes a time after every few decades when during which the economy slows down, the spending power of consumers comes down, and market competition increases. All three of these factors put a negative impact on any business and force it to shut down. If you are going through such a period, then understand that all businesses in the bad Singapore economy face such a troubling time. But only those that act wisely come out strong. Rest all disappear in a few months’ time.
If you don’t want a similar fate for your business, then make some changes in your business approach. The first change is to cut down as much fixed cost as possible. Instead of having permanent employees to execute certain tasks, you can hire freelancers or outsource your work to an agency. It will save you a lot of money in the long run. Apart from this, invest in website development, SEO, and SMM to capture dozens of leads in a short period and then turn them into paying customers. If you repeat these steps wisely, you can thrive even during an economic slowdown.