March 1

Navigate the Stormy Seas of the Global Economy

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At present, the global economy is much more fluid than we would like it to be these days.

A number of seismic shocks have rattled big business and the ripples are working their way through financial institutions all over the world:

Trump’s eccentric presidency, the United Kingdom’s overly hasty and disorganised exit from the European Union (which seems almost certain to be deleterious to the entire nation, with some tremors even expected to shake continental Europe too), the shock election of rabid right-winger Jair Bolsonaro in Brazil – these political upheavals have all affected stock exchanges all over the world, with massive losses being countered by sudden rises, followed by an ensuing plunge again.

It is best for the whole world if the finances of the world, the collective GDP of all nations, remains steady and stable. Fluctuations are often a sign of an impending collapse, which could lead to worldwide financial depression…

But, oddly enough, the people who are not seeing much difference in their trade are some of the small traders who seem sail serenely on, making their usual business, purchasing stock from their usual suppliers, and generally being unmoved by the upheavals besetting their bigger rivals despite the storm raging overhead.

A good analogy would be to compare small businesses to a small dinghy bobbing around, easily riding waves that might capsize bigger vessels…

Make Your Business Stronger

But now is not the time to be complacent at how safe, and therefore safe, your business is. Financial turmoil has a way of spreading itself around, and even small businesses will feel the pinch eventually. There are ways to ensure your survival, and one of the main ways is to get your business online where you can take advantage of the superior reach of the internet. Do not worry if you are not technically minded when it comes to IT, you can use an ecommerce platform.

These platforms are purpose-built websites, designed to help small businesses that cannot afford an IT department to get their businesses online and attracting custom with a polished and secure site that looks good and maintains the integrity of your customers information, both personal and financial.

As well as pushing your product further afield, make sure you maintain the quality and standards of your products and do not be tempted to push your profit too much. Means based charging – a new and unpleasant tendency – is unfair and will ultimately result in products being sold for far too much money to the one percent, while everyone else grubs around just trying to make it through the day.

Offering a solid quality product for a reasonable profit is an honourable way to do business – you will not only make steady sales, you will be able to sleep at night

The Fine Print

Make sure your company is compliant in every way. Register it with the Companies Registrar and receive your UEN (Unique Entity Number) – a number awarded to every company properly registered. Foreign nationality company owners will need a local partner, and there are some other pieces of paperwork that must be completed and authorised before you can incorporate your business.

Once you are set up and ready to go, you will hopefully have a thriving little business that will thrive no matter what swings the global economy is subject to!


Tags

shopify singapore, www.shopify.com.sg/


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