Because of the rapid rise in COVID-19 cases worldwide, countries have adopted lockdown policies that limit outward travel, promote social isolation, and facilitate residence-at-home and self-quarantine steps.
This had significant business impacts and resulted in many businesses needing to turn to electronic platforms and technologies such as research, video conferencing, internet distribution, remote operations and more. So, here are some important steps to deal with changes to the lockdown:
Retail companies will use this opportunity to strengthen their online presence and use mobile apps to reach out to current and new customers. Delivery and online shopping are on the rise and businesses that make full use of online marketing resources and the successful creation of mobile apps will come out on top. Meanwhile, corporations should implement effective IT policies to support homeworkers and enable effective online meetings through software for video conferencing. Employees will have access to laptops with appropriate camera and microphones for work. Laptops should also be optimized to securely connect to private servers via VPN and utilize applications such as Google Meet, Microsoft Teams, Zoom and etc.
Effective financial management is required to ensure the continuity of the company operating funds and the ability to sustain the losses suffered during the pandemic. Where applicable, businesses will prepare and distribute their financial reserves to ensure that debt rates are as small as possible. This could include restructuring the company and deleveraging assets if needed.
Businesses should also make use of government support programs that can help ease the operational financial pressures during a difficult time. The Government of Singapore has implemented various policies which can help:
Keep in touch to receive the latest listing, news updates and special offers delivered directly to your inbox.
Important Deadline for Employers: Submit Employee Income Data by March 1st to Avoid Penalties
ACRA Revokes Registration of Filing Agent and Qualified Individual Due to AML/CFT Violations