The New Normal for Businesses in Singapore After COVID-19

Posted by Maria Katrina dela Cruz

May 29, 2020 1:51:42 PM

With the Circuit Breaker ending on June 1, Singapore is preparing for its transition to the post-pandemic period. However, the new normal for businesses after the Coronavirus disease (COVID-19) still lies around the normalcy the country achieves under the initial phase.

the new normal for business after COVID-19

Related: 4 Tips Small Businesses Should Include in their Post-Coronavirus Plans 

The Singaporean government is about to deploy a three-phase approach to ease in the resumption of workplace operations and reopening of schools for in-class learning. Restrictions are to be observed for outside activities and gatherings will still be kept at a minimum to avoid the transmission of the disease. 

What to Expect: Businesses’ New Normal after COVID-19 

 

Phase 1: The ‘Safe Reopening’

Starting June 2, Singapore will embark on a ‘safe reopening’ journey while the circuit breaker measures are still practiced, such as social distancing and wearing of masks. 

Resuming key business activities aim to jumpstart the economic growth and stabilize it for the long haul. Companies under the manufacturing and production and service sectors are among the first ones to reopen, provided that they have safety measures in place for their employees who will report on-site. Minimal interaction is also required in the workplace. 

Routine checks will be conducted to operational businesses to ensure they follow the guidelines set by the government. In the event that the employers do not provide a safe workplace for its employees or the employees are not adhering to the management’s health guidelines, the workplace will be mandated to stop operating. 

The Ministry of Trade and Industry released the official list of businesses allowed to gradually resume their operations starting June 2 after securing safe management measures for their employees. 

 

Phase 2:  The ‘Safe Transition’ 

The success of the first phase lies on the transmission rates after four weeks (approximately). If the curve flattens and remains stable, the shift towards phase 2 will commence. 

The second stage of the post-crisis stage allows more businesses to operate given they adhere to the safety practices for the employees. However, employers with work-from-home employees are encouraged to continue the remote work scheme, unless they deem it necessary to report on-site.

Businesses not allowed in the reopening of operations are asked to actively prepare for their subsequent resumption. The new normal business ideas challenge firms to reimagine their workflow models since their pre-COVID-19 operations do not meet the current safety standards.

 

Phase 3:  The ‘Safe Nation’ 

Reverting to the status quo is the final stage of the new normal for business after COVID-19. The phase 3 resumes all social gatherings while still limiting them from forming large groups. Cultural and religious affairs are allowed by this time with strict safety measures being observed. 

Until a vaccine is developed to prevent the spread of the disease, phase 3 will take effect to sustain the new normal in Singapore. This is where our regular activities slowly ease into rhythm and hopefully continue without threats of resurgence. 

 

Coping with the New Normal

While many employees are still working from home, businesses are finding a way to stay afloat during the crisis. The delivery of financial services may be challenging for small and medium-sized enterprises (SME) at this time, especially the current circumstances don't allow much banking operations.

However, through modern technology, it is now possible to transact with your suppliers and partners without physical interaction. Fintech for SMEs delivers essential banking needs from one end of the supply chain to the other safely and efficiently. 

 

A diminishing curve is a risk Singapore is willing to take, as long as everyone plays their part and stays united. The new normal for businesses after COVID-19 is a road they need to tread carefully and sustain it until a cure is found. 

The global pandemic calls for a stronger back-office to support your operations. This is where we can help. D&V Philippines provides a premium suite of finance and accounting services with BCP to make sure we remain uninterrupted in times of crisis. You can download our guide Outsourcing: How to Make it Work to learn how we can be your reliable partner here in the Philippines. 

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Topics: Accounting for Small Business, Finance and Accounting during COVID-19

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