Are you worried about 2021 right now? The answer could very much depend on who you are asking, and likely, where you stay.
In Singapore, things are looking rosy when compared to 2020. While we are still seeing COVID-19 imported cases each day, community cases in our country are currently low. We are also one of the countries that have already started our nationwide vaccination program. At the cost of more than $1 billion, the government aims to have the entire population vaccinated by 3Q2021 (or at least those who choose to be vaccinated). People are starting to go out often, some possibly, begrudgingly, if they are asked to come to the office by their bosses – despite the recent reminder that work-from-home (WFH) should remain as the default arrangement in Phase 3.
Because of how secured we are in Singapore right now, it’s easy to forget how bad the COVID-19 situation has become in other developed countries and our direct neighbors. Here’s a quick summary of the statistics as reported on 28 January 2021 (Friday).
| Number of cases on 28 January | Total number of cases | Total number of death | |
| U.S.A | 165,264 | 25.8 million | 433,000 |
| UK | 28,680 | 3.74 million | 103,000 |
| India | 18,855 | 10.7 million | 154,000 |
| Brazil | 61,811 | 9.06 million | 222,000 |
| Indonesia | 13,695 | 1.04 million | 29,331 |
| Philippines | 1,168 | 520,000 | 10,552 |
| Malaysia | 4,094 | 198,000 | 717 |
Worryingly, the number of cases from our direct neighbours (Indonesia and Malaysia) has been rising rapidly since the start of 2021. All over the world, countries are still frantically trying to slow the spread of COVID-19.
How Will Singapore Businesses Performed In 2021?
While it’s important to stay positive, it’s also crucial for business owners to be realistic. A vaccine gives us hope, but it may not be a miracle pill. The world will likely take some time to recover and we might be stuck in a recession longer than we wish. Advance estimates from MTI show that the Singapore economy contracted by 5.8% in 2020. 3 in 10 Singapore companies intend to freeze wages in 2021 and this shouldn’t come as a surprise. A recent poll by SBF also shared that 3 in 10 firms lack the confidence to sustain their business over the next 12 months. Whether you are a business owner or an employee, such pessimism cannot be good news.
One way to transform our business before it’s too late is to invest in our people. For example, schemes such as the SkillsFuture Enterprise Credit (SFEC) allow companies to enjoy a one-off $10,000 credit to cover up to 90% of out-of-pocket expenses on qualifying costs for supportable initiatives. This is on top of the support levels of existing schemes, which can be quite substantial.
For companies that are settling well into the WFH arrangement, we can also consider giving our employees a little support for their WFH environment. Since the home is now also considered an office, it’s only fair to support their work environment. This can translate to better productivity and happier employees. For less than $100, you can equip employees with simple gadgets that can resolve many of their WFH issues. Even after they return to the office, these gadgets will continue to be useful and can be put to regular use.
Stay Inspired
For business owners looking to get inspired on how we can take our companies to new heights, it’s also important to stay in touch with ideas and news. At DollarsAndSense, we keep abreast of what’s happening by following local websites such as Tech in Asia, Vulcan Post and e27. Beyond Singapore, some of our favorite business sites include Entrepreneur and Forbes. Personally, I am also a fan of CNBC Make It so do check it out if you haven’t already done so.
Regardless of what your favorite business website could be (and DollarsAndSense Business could very be on that list as well!), the important thing is to read often and to get ourselves inspired. During a period where we cannot network with other thought leaders in the space, the next best thing we can do is to stay connected with each other through content and ideas online. You can follow us on our DollarsAndSense LinkedIn page as well.
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