{"id":2464,"date":"2022-03-10T18:35:54","date_gmt":"2022-03-10T07:35:54","guid":{"rendered":"https:\/\/sg.whispir.wpengine.com\/?p=2464"},"modified":"2024-11-21T16:41:44","modified_gmt":"2024-11-21T05:41:44","slug":"what-the-singapore-budget-2022-means-for-small-medium-enterprise-recovery","status":"publish","type":"post","link":"https:\/\/www.whispir.com\/en-sg\/blog\/what-the-singapore-budget-2022-means-for-small-medium-enterprise-recovery","title":{"rendered":"What the Singapore Budget 2022 means for small-medium enterprise recovery"},"content":{"rendered":"<h3 class=\"ts-h3 text-primary | mt-[1.14em] first:mt-0\"><span class=\"font-bold\">How small-medium enterprises can manage rising costs with digital communications<\/span><\/h3>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\">You\u2019ve been running your business for some time now. You\u2019ve managed to keep your head above water. You might have even pivoted your business and unlocked unexpected revenue streams, despite headwinds from the global pandemic. When possible, you\u2019ve cut costs.<\/p>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\">But with the latest measures from the\u00a0<a class=\"underline font-bold text-body text-primary\" href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/singapore-announces-2022-budget-proposals-2022-02-18\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"underline\">Singapore Budget 2022<\/span><\/a>\u00a0come rising costs. The combined effects brought about by the progressive wage model (PWM), goods and services tax hike, property tax increase and the rise in minimum qualifying salaries for new Employment Pass (EP) and S Pass applicants can sink small-medium enterprises (SMEs) that are unprepared to overcome these new challenges.<\/p>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\">Businesses must find new ways to maximise their budget without sacrificing quality, but it\u2019s not an easy task. Small-medium businesses (SMBs) on a quest to maintain profits are often cornered by decisions that involve trade-offs.<\/p>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\">For instance, increasing prices can temporarily relieve your burden but puts you at the risk of losing customers. Switching to cheaper manufacturing alternatives might slow the bleed but could ultimately shortchange the customer experience, causing long-term problems.<\/p>\n<h4 class=\"ts-h4 text-primary | mt-[1.2em] first:mt-0\"><span class=\"font-bold\">Cut your losses, prioritise revenue generation<\/span><\/h4>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\">Sounds like SMEs are caught between a rock and a hard place, but we\u2019re not in uncharted territory. The pandemic has taught businesses many hard lessons \u2013 the importance of being open-minded has emerged as one of the most important lessons, helping many independent operators bounce back with creative solutions.<\/p>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\">Staying open-minded enables us to stay open to opportunities. We need to rethink and reinvent to make the most of these opportunities. Here are two points to consider:<\/p>\n<ul class=\"RichText_UnorderedList__QrZdu text-body text-primary\">\n<li>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\">First, rethink your marketing strategy: Are you still relying on outdated marketing strategies that no longer work? It\u2019s time to cut your losses. Stop wasting your money on print marketing, such as brochures, flyers and other paper marketing techniques. Print marketing is expensive, time-consuming and often ineffective.<\/p>\n<\/li>\n<li>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\">Second, reinvent digitally. For SMBs, going digital can be fast, effective and budget-friendly \u2013 executed properly, it can turn any business around from red to black. Digital marketing allows you to be more precise with whom you target, so you know you\u2019re spending your marketing dollars on the people who matter to your business.<\/p>\n<\/li>\n<\/ul>\n<h4 class=\"ts-h4 text-primary | mt-[1.2em] first:mt-0\"><span class=\"font-bold\">Score quick wins in the digital space<\/span><\/h4>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\">It pays to go digital. Companies that adopt digital strategies are almost\u00a0<a class=\"underline font-bold text-body text-primary\" href=\"https:\/\/www.mckinsey.com\/business-functions\/strategy-and-corporate-finance\/our-insights\/how-covid-19-has-pushed-companies-over-the-technology-tipping-point-and-transformed-business-forever#\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"underline\">twice as likely to experience higher organic growth rates<\/span><\/a>. The digital space is also where your customers live, work, and play today. Equipping yourself with digital communications tools makes your brand\u2019s presence felt across multiple channels and keeps it well-positioned for continued engagement, acquisition of new customers, and retention of current ones.<\/p>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\">Additionally, digital communications helps many small-medium enterprise owners with limited resources and time-poor employees to benefit from the power of automation \u2013 this immediately converts high-touch tasks into low-effort ones, which enables anyone to easily send out the right messages at the right time across various channels, including SMS, email and WhatsApp, on one efficient platform.<\/p>\n<h4 class=\"ts-h4 text-primary | mt-[1.2em] first:mt-0\"><span class=\"font-bold\">5 ways digital communications benefit your business<\/span><\/h4>\n<ul class=\"RichText_UnorderedList__QrZdu text-body text-primary\">\n<li>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\"><span class=\"font-bold\">Improve call-to-action and response rates by 88%<\/span><\/p>\n<\/li>\n<\/ul>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\">Lean times call for mean measures \u2013 you want answers that rally your customers into action. SMS can make that happen. Besides having an incredibly high open rate of an estimated 98%, call-to-action and response rates get up to as high as 88%\u00a0 when combined with rich, personalised landing pages. It\u2019s a proven and effective method for communicating personalised offers and time-sensitive promotions,\u00a0<a class=\"underline font-bold text-body text-primary\" href=\"https:\/\/www.whispir.com\/en-sg\/solutions\/appointment-reminders\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"underline\">booking appointments<\/span><\/a>, confirming payments, sending reminders and updates, and more.<\/p>\n<ul class=\"RichText_UnorderedList__QrZdu text-body text-primary\">\n<li>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\"><span class=\"font-bold\">Establish real-time structured two-way communications<\/span><\/p>\n<\/li>\n<\/ul>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\">Reach out directly to your customers with structured two-way communications. This allows you to interact with them, whether confirming a booking or completing a purchase. Easily customise your communications with ready-to-use templates, so everything you send out stays on brand. Better yet, leverage the\u00a0<a class=\"underline font-bold text-body text-primary\" href=\"https:\/\/www.whispir.com\/en-sg\/blog\/the-power-of-staff-and-customer-feedback-forms\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"underline\">power of automated feedback<\/span><\/a>\u00a0so you can gain fresh insights to fuel business growth.<\/p>\n<ul class=\"RichText_UnorderedList__QrZdu text-body text-primary\">\n<li>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\"><span class=\"font-bold\">See the big picture with a single view of everything<\/span><\/p>\n<\/li>\n<\/ul>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\">No more digging through endless spreadsheets and reports. You should be able to see all your customer interactions, regardless of the channel you use, on\u00a0<a class=\"underline font-bold text-body text-primary\" href=\"https:\/\/www.whispir.com\/en-sg\/capabilities\/reporting\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"underline\">one single dashboard<\/span><\/a>. This will save you a significant amount of time creating and sending messages, segmenting audiences according to what works best, and tracking the effectiveness of past communications.<\/p>\n<ul class=\"RichText_UnorderedList__QrZdu text-body text-primary\">\n<li>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\"><span class=\"font-bold\">Boost efficiency with easy-to-use tools<\/span><\/p>\n<\/li>\n<\/ul>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\">When you\u2019re racing against time, the last thing you need is complex communications management to bog you down. Digital communications tools with automation and ready-to-use messaging templates can be deployed in minutes. Send fewer messages, lower costs, and increase engagement and outcomes simultaneously.<\/p>\n<ul class=\"RichText_UnorderedList__QrZdu text-body text-primary\">\n<li>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\"><span class=\"font-bold\">Improve data-driven decision-making<\/span><\/p>\n<\/li>\n<\/ul>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\">Use your data to create a personalised experience for your customers and\u00a0<a class=\"underline font-bold text-body text-primary\" href=\"https:\/\/www.whispir.com\/en-sg\/capabilities\/workflows\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"underline\">automate customer journeys<\/span><\/a>\u00a0based on responses. Automation of your communications workflows ensures that your customers get what they need quickly and through their preferred medium.<\/p>\n<h4 class=\"ts-h4 text-primary | mt-[1.2em] first:mt-0\"><span class=\"font-bold\">Don\u2019t forget about long-term customer relationships<\/span><\/h4>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\">Remember, tough times don\u2019t last forever. Adaptable companies do. Many companies have made the most during these times to accelerate their digital transformation. As SMB owners, you have the advantage of agility to swiftly pivot from the traditional \u201cproduct-first\u201d marketing model to a future-forward one that puts the customer first \u2013 take the first step, starting by transforming the way you communicate with your customers.<\/p>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\">Download our eBook to learn how you can\u00a0<a class=\"underline font-bold text-body text-primary\" href=\"https:\/\/campaign.www.whispir.com\/how-to-drive-customer-engagement-through-digital-communication\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"underline\">drive customer engagement through digital communication<\/span><\/a>. Let us show you how to continue building long-term customer relationships today. Request a free demo below to see Whispir in action.<\/p>\n<p class=\"ts-body text-primary mt-[1.5em] first:mt-0\">So when good times return, you\u2019ll emerge stronger with more customers by your side.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How small-medium enterprises can manage rising costs with digital communications You\u2019ve been running your business for some time now. You\u2019ve managed to keep your head above water. You might have even pivoted your business and unlocked unexpected revenue streams, despite headwinds from the global pandemic. When possible, you\u2019ve cut costs. But with the latest measures 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