With the COVID-19 pandemic affecting the economy worldwide, Singapore’s GDP growth is currently at the weakest since the 2008 financial crisis.
To help Singapore curb the impact, our Government has since introduced a slew of measures such as the Job Support Scheme and property tax rebates during the announcements of the Unity, Resilience and Solidarity Budget which aims to protect businesses, workers and residents who are directly and indirectly affected by the situation.
Despite the efforts by the Government to keep jobs protected, there are reportedly many companies especially in Aviation, Tourism and F&B sectors who have resorted to retrenchments or wage-freezing. While these measures have also been of vital support to many other sectors, it is only temporary and may not be sufficient for business owners to be solely dependent.
To avoid such circumstances, enhancing Financial & Operational Resiliency of your business should always be at the top of the list even when the economy recovers as this allows you and your business to achieve:
- Financial Health & Viability
- Forward Thinking Strategies
- Crisis Management
- Business Adaptability Plan
In this guide, you will be able to identify a summary of the current measures provided by the Government that you could tap into for support and at the same time, learn the importance of Financial & Operational Resiliency and why it is crucial that you ensure viability and sustainability of your business during these trying times.
As committed advisors to our clients, we welcome the opportunity to discuss how Financial & Operational Resiliency can safeguard your business.