How to build your small business

Small business owners face a variety of challenges, including but not limited to managing overheads, the manpower crunch and struggling to expand. Here are some of the common obstacles small business owners may encounter, and the programmes that can help you overcome.

Building a stable client base

One way to build your client base is to reach out to your network and rely on word of mouth for referrals. But it is also important to have an active marketing plan to promote your business.

Understandably, focusing on marketing and branding can seem like a secondary priority, especially if your business is in its early stages and you have a lot of operating fires to fight. But investing in this area pays off in the long run.

Try courses like Growing Your Small Business to learn to identify the unique selling point of your product or service, as well as to discover the critical success factors. You can complement this with Marketing for Small Online Business , a course with a workshop-styled learning approach that teaches participants how to execute marketing initiatives for their online business.

Haven’t brought your business online yet? Well that brings us to the next point…

The digitalisation journey

The COVID-19 pandemic showed us just how important it is for businesses to go online in order to stay in touch with customers and to keep operations running. But simply setting up an e-commerce sites, or moving onto social media platforms just for the sake of it may end up backfiring if you don’t understand how to maximise the benefits. Some of you may also wonder which platform to choose, and even question the safety and privacy of these online platforms.

This makes it worthwhile to take courses on cybersecurity or to learn about the cloud. This will help you understand the risks that come with going digital, and the measures you can take to protect your business.

There are also courses like Digital Branding & Engagement Strategy for Small Business and Entrepreneurs, to help address questions about how to build your brand in both the online and offline worlds, and provide information about the pros and cons of different digital platforms available.

Managing cash flow

Another big challenge small businesses face is how to keep their company out of the red. No doubt, a solid marketing plan and good digital presence can help increase business revenue – but it is also important to learn about Pricing, to help you understand what different prices can mean and how to set the right price, or to improve your knowledge about Managing Profitability, so you can select the best combination of goods and services to meet your customer’s needs.

Don’t base these decisions on instinct alone, though! Collect and refer to the data to make informed decisions. Not sure how to interpret your data? Take courses like Visualisation for Decision-making to equip yourself!

Fighting the talent wars

Another challenge small businesses face is in hiring the right talent. Widen your pool of applicants by tapping on Workforce Singapore (WSG) initiatives like the Career Support Programme or Professional Conversion Programme.

To attract and retain talent, consider how you can make your workplace a progressive one with age-friendly practices and opportunities for career development and growth. Check out the SkillsFuture courses that you can send your employees for to help them upgrade and up-skill so they feel valued and are equipped to contribute to your business.

Finding avenues for growth

Finally, small businesses struggle with expansion, whether it’s opening up a new outlet, or expanding into a whole new country or market. Proper research on market trends needs to be done, the company must have sufficient funds, and the right talent to lead the way.

If this is something on your cards, consider the Enterprise Leadership for Transformation programme. This is a 10-month programme which provides opportunities for networking, chances for overseas immersions, access to talent, and most importantly, mentorship from industry experts throughout the duration of the programme, and for up to six months after.

The Singapore University of Social Sciences Centre for Continuing and Professional Education (CCPE) offers a wide range of courses and programmes that support small businesses. Many of these are SkillsFuture funded, so what are you waiting for? Check out what’s available – upgrade, upskill, and bring your business to new heights!