From Survival Mode to Profit-making Post Pandemic

The start of a new decade has not only taken the world by storm but has massively shifted the everyday routine of individuals. The world as we used to know is no more. Changes have to be made and measures for these, realigned. Learning to live, is becoming the new normal alongside the fundamental instincts of survival. However, would this then be practical for profit-generating businesses in a post COVID world? This article by the Core Collective and curated by Tropika Club would then explore a new take on how businesses can thrive in a changing economy moving forward. 

Below are four savvy business tipss for business owners braving the storm.

No Time to Read? Here’s a Snappy Summary of This Article

• Survival Mode: Businesses had to adapt to the pandemic by cutting costs, shifting online, and finding new sources of revenue.
• Recovery Mode: Businesses need to rebuild their customer base, restore their cash flow, and reevaluate their strategies and goals.
• Growth Mode: Businesses can leverage the opportunities created by the pandemic, such as new markets, new technologies, and new partnerships.
• Profit-Making Mode: Businesses can optimize their operations, enhance their value proposition, and increase their profitability and sustainability.

A Sustainable Business Model

As the gradual lifting of restrictions designed to curb the spread of coronavirus takes place globally, organizations might consider looking into formulating plans to kick-start their businesses to suit the current climate. It is vital for management to provide respective employees with the necessary tools and technology not only to ensure that they are efficiently working from home but also that the quality of productivity and output is not compromised.

Cost-cutting without compromising on brand value is key. This measure helps offset declining revenues and profits causing companies to source out different ways in which they can maximize the use of available resources. There is a rising need for the organizational structure to adapt by finding resilient solutions that are able to inversely sustain brand value. For example, primary priority should be given to equipping employees with technical and knowledge training, relevant in the contemporary. Time should be taken to learn, think and implement new ideas that will potentially place the business as a leading and trusted industry within the market. 

Tapping on Government Initiatives

Government aid is an important factor that could help expedite the process from which businesses move from a ‘post-COVID’ recovery phase into a ‘profit-making phase once again. Businesses might seek to work alongside government bodies extending initiatives through different schemes, funds, and grants extended to manage losses faced by all types of businesses.  In addition, it is vital to stay updated with new regulations and legislation issued by the government as measures to help mitigate losses faced by businesses until economic stability is achieved once again.

Being Technologically Ready

Leveraging technology to brave through the aftermath of this crisis. It is essential to reconsider the notion of what is to be the ‘new norm’ that will invigorate processes and functions set in place previously. Companies might now consider focusing on steps in which they can fully maximize technological tools to boost the rate of effective monetary returns, increase the efficiency of staff output and their daily related roles but most importantly ensure customer satisfaction by knowing what suits their changing demands. 

Ramping up cybersecurity to avoid remote access vulnerabilities. Due to the increased need to work from home, many companies are more likely to be vulnerable to cybercriminal activities due to unprotected networks and surveillance. To avoid such instances, companies must train and equip employees to access the company’s network securely, therefore, ensuring the protection of company-related – classified information from being breached by external parties. In essence, these preemptive measures save the business from having to experience further loss but instead focus on recovery and possible profit-making strategies.

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Gearing Up for a Changing Economic Climate

Engaging according to the demands of the current market. It is vital that business owners not only identify the changing interests of existing clients but also consider the interests of potential new clients within the market and engage them accordingly. Post-COVID will bring about a wave of challenges and changes that businesses might need to combat. Understanding these changes will help in their decision-making criteria, therefore being better able to cater to the present needs of customers and end-users who are key stakeholders for an influx in revenue. 

Ensuring that clients are provided with value-added services and connections. It is important to also pre-determine ways in which businesses can tweak their products and services rendered, possibly even recreating newer ones to better suit the changing market. This not only ensures a prominent place within the current market but also, the measure of delivering added value further promotes client loyalty which is key to the future success of the business, therefore, putting them way ahead of their competitors.

As businesses enter into the uncharted territories of the post-COVID world, it is vital to be well-equipped with all necessary directives to stay afloat. Maneuvering in accordance with the changing economic climate will then steer businesses from survival mode back into profit-making.

This article is curated by Tropika Club from the Core Collective Blog.

Conclusion

The pandemic has been a challenging time for many businesses, especially those in the beauty and wellness industry. With lockdowns, social distancing, and safety measures, many customers have postponed or cancelled their appointments, resulting in a significant loss of revenue and cash flow. Some businesses have even closed down permanently due to the financial strain.

However, as the situation improves and restrictions ease, there is also an opportunity for businesses to bounce back and thrive in the post-pandemic era. Customers are eager to pamper themselves and enjoy the services they have missed for so long. Businesses can leverage this pent-up demand and create loyal customers who will return regularly.

But how can businesses go from survival mode to profit-making post-pandemic? Here are some tips from Tropika Club Magazine, your one-stop destination for the best beauty and wellness deals in Singapore.

• Adapt to the new normal. The pandemic has changed the way customers interact with businesses and expert services. Businesses need to adapt to these changes and offer more convenience, flexibility, and safety to their customers. For example, businesses can use online booking platforms like Tropika Club to allow customers to book appointments anytime, anywhere, without hassle. They can also offer contactless payment options, home-based services, or mobile services to cater to different customer preferences and needs.
• Focus on customer retention. Acquiring new customers is important, but retaining existing customers is even more crucial for long-term profitability. Businesses need to build trust and loyalty with their customers by providing consistent quality, value, and satisfaction. They can also use customer relationship management (CRM) tools to collect feedback, send reminders, offer rewards, and personalize their communication. By showing appreciation and care, businesses can increase customer retention and referrals.
• Upsell and cross-sell. Businesses can increase their average revenue per customer by upselling and cross-selling their products and services. Upselling means offering a higher-priced or premium option that provides more benefits or features to the customer. Cross-selling means offering a complementary or related product or service that enhances the customer’s experience or solves a problem. For example, a hair salon can upsell a hair treatment or a scalp massage, or cross-sell a shampoo or a hair accessory. Businesses can use Tropika Club’s platform to showcase their products and services and attract customers who are looking for similar or related deals.
• Diversify your income streams. Businesses should not rely on one source of income, but explore other ways to generate revenue and reduce risk. For example, businesses can create online courses, e-books, podcasts, or webinars to share their expertise and knowledge with a wider audience. They can also collaborate with other businesses or influencers to cross-promote their products and services and reach new markets. Businesses can use Tropika Club’s network and resources to connect with potential partners and opportunities.
• Invest in your team. Your team is your most valuable asset, so you need to invest in their training, development, and well-being. By empowering your team with the right skills, tools, and motivation, you can improve their productivity, performance, and morale. You can also create a culture of innovation, collaboration, and feedback that encourages your team to share ideas, solve problems and grow together. You can use Tropika Club’s community and events to learn from other experts, mentors, and peers in the industry.

The pandemic has been tough, but it has also taught us many lessons and opened up new possibilities. By following these tips from Tropika Club Magazine, you can transform your business from survival mode to profit-making post-pandemic. You can also join Tropika Club’s platform for free and enjoy the benefits of exposure, convenience, and support. Together, we can overcome the challenges and seize opportunities in the post-pandemic world.

Frequently Asked Questions (FAQ)

Q: What are some survival strategies for SMEs in Singapore as the pandemic becomes endemic?

A: Some survival strategies for SMEs in Singapore include:

• Adapting to online food deliveries, group buys, ready-to-eat meals, and frozen products, especially for F&B businesses that rely on dine-in customers.
• Leveraging government support schemes such as rental and wage subsidies, cashflow assistance, and digital transformation grants.
• Focusing on digital transformation to enhance enterprise agility, cost management, workforce resiliency, and innovation.
• Rebuilding customer relationships and partnering opportunities that may have been neglected during the crisis.
• Exploring new ventures and business models that cater to changing consumer needs and preferences.

Q: How can digital transformation help businesses become more competitive and resilient in the post-pandemic era?

A: Digital transformation is not just about adopting new technologies, but also about changing the way businesses operate, communicate, and deliver value to their customers. Digital transformation can help businesses become more competitive and resilient by:

• Enabling faster and more informed decision-making based on data and analytics.
• Improving customer experience and loyalty through personalized and seamless interactions across channels.
• Increasing operational efficiency and productivity through automation, cloud computing, and artificial intelligence.
• Enhancing collaboration and innovation among employees, partners, and stakeholders through digital platforms and tools.
• Creating new revenue streams and opportunities through e-commerce, digital marketing, and online services.

Q: What are some post-pandemic opportunities for businesses in Singapore?

A: As Singapore moves from pandemic to endemic, businesses can seize some opportunities such as:

• Capitalizing on the recovery of domestic demand and consumption as restrictions on dining-in and social gatherings are progressively lifted.
• Expanding into regional and global markets that are also reopening and recovering from the pandemic.
• Leveraging Singapore’s reputation as a safe, stable, and trusted hub for trade, investment, and innovation.
• Adopting green and sustainable practices that can reduce costs, enhance reputation and attract customers who are more environmentally conscious.
• Investing in upskilling and reskilling of workers to equip them with the relevant skills and competencies for the future of work.

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I hope this helps. If you need any further assistance, please let me know. 😊

Meanwhile, Check Out Tropika Club’s Ecosystem of Websites

Tropika Club Magazine – Tropika Club Magazine is a Singapore-based publication that features articles on a wide range of topics with a focus on local businesses and content for the region. The magazine emphasizes supporting local businesses through its #SupportLocal initiative, which includes coverage of everything from neighborhood hawker stalls to aesthetic clinics in town. In addition to highlighting local businesses, Tropika Club Magazine also covers a variety of local content, including beauty, lifestyle, places, eats, and what’s on in Singapore and the Asia Pacific region.

Tropika Club Deals – Tropika Club Deals is a leading online deals and voucher shopping site in Singapore, offering amazing discounts on beauty, wellness, and fitness products and services. It’s the perfect platform for customers who want to discover the best deals without having to commit to a specific appointment date and time. These deals are available at major beauty stores, facial salons, hair salons, and other brands in Singapore, with no minimum spend required. Choose from guaranteed discounted deals in the categories of hairstyling, hair removal, facial & aesthetics, body slimming, brows & lashes, nails & makeup, massage & spa or fitness & wellness. Tropika Club Deals is also ideal for customers who want to buy vouchers as gifts or to use for the future. So whether you’re looking to save money on your next haircut or want to treat yourself to a relaxing massage, Tropika Club Deals has got you covered with the best voucher and coupon deals in Singapore!