Singapore F&B and retail sales grew in March 2021
The Singapore Department of Statistics has released the latest monthly retail and food and beverage services indices revealing positive performance statistics for sales year-on-year. The results indicate businesses in Singapore are moving into a stage of economic recovery, with eased restrictions and safety and hygiene management regulations leading to an optimistic outlook.
March 2021 figures show that total retail sales have increased by 6.2% year-on-year. Food and beverage businesses were hit hard in the first half of 2020 due to significant dining restrictions, but well are on the way to recovery, with total sales increasing by 8% year-on-year.
Even as confidence increases among business owners, employers and employees around Singapore continue to tackle the flow-on effects of the pandemic and adjust to capacity restraints and safe management measures.
The following strategies have been key to helping businesses stay resilient and will play a core role in continued growth throughout 2021.
Remain agile and adapt to change
Striking a balance between what has worked in the past, and what needs to happen drive success moving forward is crucial. This means remaining agile and adapting to sudden changes in market conditions, consumer demands and employee needs.
The idea of an agile mindset originated in the software development field, and is now a benchmark for best practice project management across all industries, particularly during challenging times that demand fluidity and innovation. Roubler’s agile mindset workbook will help you empower your team and continue to embrace change.
Keep building optimism and resilience
Maintaining optimism and resilience is no easy feat, but the ability of business leaders to nurture an positive mindset among employees will drive higher staff engagement, which in turn will encourage higher productivity at work. When the wellbeing of your employees is so intrinsic to business success, it’s important to equip them with the tools they need to build resilience in the face of adversity.
Consider encouraging your team to practice mindfulness to build their capacity for ongoing change, and ensure you have robust HR processes in place to help them feel supported. Give managers access to business intelligence to help track staff performance and work closely with employees to set goals and celebrate successes moving forward.
Continue to prevent the spread
Although Covid-19 restrictions have eased, it’s important to recognise the risk of future outbreaks. Employers must continue to enforce safe management measures as per the Ministry of Manpower website to prevent any cases in the workplace.
Closely control safety and hygiene in your workplace by keeping comprehensive employee Covid-19 tracking reports, implementing staggered rosters and incorporating contactless processes wherever possible.
Adopt new technologies
Embracing technology is a crucial part of the new normal. The Government of Singapore recognises this, with their incentives to enable the digitalisation of workplaces. This year the PSG grant was introduced to help businesses in Singapore adopt technology that creates efficiencies in the workplace. With such encouragement, there’s no excuse for letting your business fall behind in the digital age.
