A business owner shared his views on the current market and stated that it is a no go to venture into a new business now and espcially in the retail sector.
With the uncertainty of the current pandemic, it is unclear how the market could be affected. Everytime when there is a lockdown the market crashes, marketing expenditure decreases, job security decreases and lowering cost is the utmost importanance for most businesses now.
Many businesses who are afraid of the high risk during this period dare not venture further into their business, in another words reduce or no expansion. Meaning this would affect he whole market, if everyone stop spending money it will set a chain of events which ultimately affects the economy of Singapore,
Mr Tan who is the owner of 11 companies in Singapore said that with the current situation the best option is to prepare for the worse and always be passive. The reason for doing so is to mitigate risk, with every new expansion decesion made it stretches the company’s wallet which increases risk as cash flow is lowered.
He said that even though he have ideas of expanding he must also be responsible to his employees. He might end up stretching his wallet too much that he have to let go some of his employees.
He adviced the younger generations to save more money during this rainy weather and continue to upgrade themselves and not wait for opportunity to come and then upgrade.
In his words he said: “When disaters strikes, new opporunity arises”
He added it is best to observes first and understand every variable before starting your own business and wait for the time to come.