By | Jessica Sweet
Being an entrepreneur in a globalized world requires that you are flexible in how you manage your business. Starting a business in Singapore if you do not live there can seem daunting, but it does not have to be. However, if you are prepared well, there is no reason why you cannot run your Singaporean business from anywhere in the world. Here are some tips to help you do exactly that.
Have Open and Effective Communication Channels
When running a business from abroad, your employees must be able to reach you. This may be through messaging, phone calls, or video calls. Luckily, we have the technology to do this and there is no reason why your employees should not be able to reach you at any time.
Additionally, you need to invest the time and energy to reach out to your employees. Actively seeking opportunities to communicate with them builds trust, which leads to a better work environment.
It is also important to ensure that your team can communicate effectively among themselves, especially if you have a distributed remote team. Doing this ensures they can work together no matter where they may be in the world.
Hire the Right People
Hiring the right people is very important because it not only ensures your business’ success, but it also frees you up from handling all the little details of your business. Because you are essentially running a business in two countries, you will need a partner who will handle the hiring for you and ensure they hire the candidates who will be of most help.
To ensure your business finds the right people, you can try employment solutions provided by New Horizons Global Partners. They provide Singapore PEO & EOR services, handling everything about your employees for you, including ensuring they have work permits to work for your company in Singapore. The PEO (Professional Employer Organization) or Employer of Record (EOR) will consider candidates for you, as well as take care of any related employee issues such as payroll and other HR issues.
Ideally, the candidates should be self-motivated so that they can contribute to the business without having to be micromanaged.
Delegation is very important when running an overseas business. For most businesses, especially those that have a presence in more than one country, it is almost impossible for the business owner to handle everything. Delegation gives you more freedom to focus on other aspects of the business while ensuring the team is in good hands.
Prepare the Team
Because you will not always be available, you need to prepare the team you have assembled to handle things in your absence. In doing this, you need to set expectations of what your employees should be doing at all times and how they should handle their responsibilities.
It is also important to ensure your employees know the standards they have to keep even when they are not being watched. If you hired the right team from the start, this should not be a problem.
By letting your employees know what you expect of them and leaving them to handle things by themselves, you will be helping your team relax because they know you trust them to handle things.
Take Advantage of Technology
Good technology will be the key to helping you run your business from abroad. In addition to enabling communication, it will also help your team collaborate better no matter where they are located.
Make sure you invest in quality equipment (phones, laptops, etc.) so that you are always available. This investment will pay off as it will reduce the frustration of running into technology problems at the worst time.
Additionally, make sure the equipment at your Singapore office is up to date and that any software is updated. This is a good way to secure your systems and protect your business from data breaches and losses. If you can, have someone check your equipment and software routinely to ensure it is always in the best shape possible. After all, if your equipment goes down or you cannot reach your team for any reason, it would be impossible to keep the business running.
Plan for the Unexpected
Although no one wants it to happen, things do go wrong when running a business from abroad. From employees not reporting to work, market uncertainties, or changing political and economic climates, there is a lot that can change as you run your business. Although the unexpected can be complicated and cause stress, having a plan in place helps reduce their impact and saves you from the stress they bring.
Running your Singapore business from abroad will come with its own unique set of challenges. Luckily, these challenges can be planned for and mitigated so they have as little impact on your business as possible. Your hard work will pay off, allowing you to enjoy your success as an owner of a global business.