3 ways for businesses to weather financial woes

Yet again, the dark clouds of recession loom over the global economy. Growth forecasts are being cautiously rolled back and businesses worldwide are holding their collective breath in wary anticipation of another difficult economic period.

Naturally, cutbacks and cost reductions are at the forefront of most contingency plans for these tough times - but should they be?

From my company's 25 years in Singapore, riding the waves of boom and bust in the most resilient of the original Asian Tigers, we believe that businesses can manage costs and stay competitive without taking the axe to their services, their facilities and most importantly, their corporate image.

Take Advantage of premium real-estate and facilities, and get more for less

A substantial cost on the company balance sheet is the office. Everything from rent, office equipment and administrative staff adds up.

When times get tough, many companies believe that the obvious choice is a move to a smaller office, with less well-equipped facilities and a smaller administrative team.

This, does not need to be the case. By switching to a serviced office concept, for example, businesses can benefit from premium, corporate location complete with five-star finishes and professional secretarial team, without the astronomical costs.

In fact, businesses using serviced offices at prime locations in Singapore like Marina Bay Financial Centre pay just a third of the monthly overheads as their neighbours – proving that quality doesn't need to be compromised with cost.

Enter new markets with increased global mobility

During a recession, new markets begin to emerge with greater potential than existing, stagnating economies and in these early stages, competitiveness and image is key to securing new business.

For instance, by tapping into a global network of premium locations with serviced and virtual offices, you can access premium office facilities around the world at minimal cost.

New client meetings can be held in five-star boardrooms at Guangzhou's IFC, Mumbai's Vibgyor Towers or multiple prime offices in central Bangkok rather than a hotel lobby or nearby cafe. These facilities also add weight and credibility to a business' intentions by showing a level of investment that suggests long-term plans, rather than fleeting interest in a new market.

Technological edge to better serve your clients

Businesses during challenging economic times look out for the best technical solutions, which will give their business an edge but at competitive prices. It has been proven that better technology can save you money.

To help businesses deliver the best service, we have found that the investment and development of smart solutions is imperative to stay ahead of the curve.

Whether it’s using sophisticated call-routing systems to ensure your clients can reach you anywhere, VoIP phones to keep roaming costs down or a well-maintained IT infrastructure to avoid costly downtime, investing in your workplace technology can very quickly pay dividends.

The forecast is far from rosy, but the future can still be bright. Surviving and even thriving in a recession means being smart about your business, and about your office, without cutting back on your facilities, your services or your reputation.