In Singapore, SMEs make up around two-thirds of all employment and they contribute billions of dollars to the economy. But still, they face high frequency and turnover in entering and exiting the market as they experience adaptation challenges when customer demands evolve. In fact, according to Singapore Business Review, it was found that in 2017, a little over 48,000 entities exited the market – almost one in five small and medium businesses.
Among the biggest reasons for closure was increasing competition, and failure to innovate and sustain growth. As a business, you need to understand how to stay ahead of the game and your competitors. Here are 6 important tips to help you stay ahead of your competitors.
1. Identify What Your Customers Want & Deliver It
Business is about one important thing: delivering what the customer needs, and not what you want to sell. If you aren’t sure whether your products are able to meet the customer’s needs, you may have to go back to the drawing board. Finding and figuring out what your customer needs and fulfilling it should be something your business strives towards.
Once you understand what your customer wants, your product will acquire a market share which you can proceed to grow further. Customer centrality is what drove Amazon to be the largest e-commerce platform in the world. Their vision, “to be the world’s most customer centric company. Providing a platform where you can buy anything you want online” tells it all.
2. Get Your Pricing Right
Once you’ve figured out the needs of your customers and how you can fulfil it, you should differentiate your product. Pricing is one of the best aspects to differentiate and stay ahead. But this doesn’t mean that you should opt for lower pricing. First, it is important to know who your target client is. Then, identify which of your competitors offers the best value for money and compete.
If you need help, approaching a firm offering professional accounting services in Singapore, can help you to come up with a competitive value offering and price. We can also help you to dive deep into your financial records, balancing risks and your company’s ambition to help you surpass your competitors.
3. Improve Your Customer Experiences
You can only surpass your competitors if you are able to bring in new customers and make them stay. While advertising and marketing can help you attract new customers, it is not a guarantee that these methods will continue to bring in new leads and retain them. That is until you are able to deliver satisfactory customer experiences.
By doing so, you can transform loyal customers and turn them into ambassadors for your brand. They will put in a good word for your brand, share posts and upload reviews on your products/services. Making your customers happy with great service can go a long way in growing your business and market share.
When competition is stiff, and the product differentiation is vague, innovation becomes your best chance of staying on top of your competitors. But it’s not just about creating a bestseller that will attract global attention. Start with the little details in your business.
Check your processes, business operations and customer experiences. Introduce new ways and ideas that make your company more efficient, exciting and effective, and do it consistently. Some process changes, such as outsourcing your financial management, can guarantee even better performance. We are a professional firm that offers accounting and bookkeeping services to ensure that your financial decision-making processes are guided every step of the way. Our processes involve integrating technology with traditional accounting to provide more value added services and handle your business requirements.
5. Keep An Eye On Your Competitors
You should always keep an eye on your competitors – not to copy what they do, but to understand the current strengths, weaknesses, threats and opportunities that lie ahead in front of you. In today’s business environment, information is currency. Having the flexibility to adapt to change is an asset.
Goliath firms like Nokia and BlackBerry lost market share in the smartphone market due to the lack of change and failure to keep up with growing complexity, technological advancement and rapid market change. At the same time, its competitors like Samsung and Apple are holding leading positions in the same industry. It is also wise to create change within so you can keep up with market demand.
6. Keep Your Finances Healthy
In order for your business to make the above moves, your finances need to be healthy and in the green. When you outsource to us, our accounting services ensure that you have the right financial information to stay on top of the competition. The right business solutions require healthy finances, and we can ensure that you drive your business forward while maintaining balance in your financials.