News & Updates
accounting and taxation
January 27, 2023
The consistently growing Singaporean landscape is a playground for investors and a paradise for start-ups or established businesses looking into more ways than one to expand their market. This is because of Singapore’s competitive business environment, where one can generate more profit with the right strategy.
Starting a business in Singapore means having world-class infrastructure at arm’s reach. Not only that but also easy taxation policy, corruption-free government, high literacy rate, favourable geographical location, and good weather conditions all in one place.
However, behind all the goods are certain challenges a business may face while building a foundation in the business hub. Although these challenges are sometimes difficult to overcome, corporate service providers are fully equipped to help entrepreneurs make a mark through their businesses. Working hand in hand with a reliable business solutions provider will remove some of the burdens of managing a business.
While, most of the time, the significance of hiring a corporate service provider is always talked about, the possibilities brought by shifting from one provider to another have yet to be tackled. This article will highlight the reasons why some companies are switching services providers. Stay tuned and continue reading below.
Why Businesses Are Switching Service Providers
The benefits of partnering with corporate firms to businesses are non-debatable. They assist growth, promote compliance, and provide a competitive advantage to any company in Singapore. With all these advantages, it indeed becomes questionable when a specific enterprise has to make a leap of faith in changing a corporate firm partner. Here are some of the possible reasons for the big shift.
Price and Value Are Unmatched
Customers always want value for their money.
As a pro-business place, it is without a doubt that corporate firms are going above and beyond to make their way into Singapore. The more business solutions providers, the more options there are for businesses. Even if a company is already working with a service provider, the possibility of changing their minds until they reach the satisfaction is close to reality. When companies see potential corporate firms to work with, switching service providers becomes the first step because they think about their partner and their takeaway from working with them.
Moreover, the chances of businesses switching service providers are increased if they find similar services at a lower and more reasonable price. As soon as everything goes down to this phase, companies look at the new service provider as cost-effective and, if not equal, a better alternative.
Poor or Lacking Customer Service
Excellent customer service goes a long way in providing paths for new customers to engage in corporate services. It can also mean the difference between loyal clients and fair-weather ones. Besides pleasing customers, effective customer service creates a personal relationship with them. This encourages customers to return for business solutions they deem necessary for their businesses.
Preventing customers from switching service providers means setting up a chain of processes that scores as many resources as possible. Side by side with that is to employ the right group of people to decide what goes to customers without waiting for the green light.
Customers Suffer Brand Fatigue
While brand fatigue is more evident in the retail industry, business solutions can also fall victim to this phenomenon. It is not made up; overexposure can harm a service. When there is a surplus of new services competing for market share from many service providers, customers become tired of the brand. They will always find another one to have it replaced. What it means to corporate firms is to not rest on their laurels. They may be enjoying a significant market today, which can change overnight.
Not Understanding Customers Enough
Suppose a service provider does not know why customers avail of their services. In that case, they won’t also see the reason for switching service providers. Customers will always reach out to another corporate firm if their needs are not satisfied. The good thing is that this can be prevented in a couple of ways, and willingness to engage with customers directly is all it takes. Try these barometers of customer sentiment: conduct online and in-house surveys, listen and interact on social media, and always engage with customers.
Switching service providers is a real threat to corporate firms. After all, every company only wants the best for their business. It has to be done, if that means hiring another business solutions’ provider.
Call ContactOne Today for Reliable Business Solutions Services
Get the latest corporate services from ContactOne and bring your business to a different level of success. Visit our website at https://www.contactone.com.sg/ to learn more about us and what we do. You may also call us on +65 6333 0633 or +65 8666 3633.
If you need company incorporation, business formation, corporate secretarial, compliance management, accounting and taxation, payroll management, and corporate administrative services for startups and small to medium enterprises, don’t hesitate to reach out to us.