Oh the woes of the SME retail sector in Singapore. I’m sure you’ve read or heard about them.
Demanding consumers. Price competition. Sky high rentals. Relentless staff turnover (up to 300% a year in extreme cases). Difficulty in hiring. Competition from big chains. Rising utility costs. Increasing costs of goods. Growing transportation costs.
The list of problems faced by SME retailers is seemingly endless.
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What can small businesses, start-ups, free-lancers and other budding entrepreneurs do to build their reach? How can they compete against bigger companies with deeper pockets, greater resources and fuller teams?
In general, the clue is to look at what big conglomerates are doing, and then try to do the opposite – in a customer pleasing fashion of course. Clueless where to start? Well, here are five ideas to begin with.