Although many small enterprises (SMEs) are struggling, some are seizing opportunities as new demands emerge due to the coronavirus pandemic.
These associations and firms say they are adapting to meet rapidly changing needs such as the surge in demand for logistics services.
Association of Small and Medium Enterprises President Kurt Wee said: “Businesses have to rethink their model and rebuild themselves… (move) in a new direction.”
Logistics firm Park N Parcel is one that has taken up the challenge.
Its original business model provides deliveries between drop-off and pick-up points but the closures of malls and other public areas made that largely redundant, said co-founder Erik Cheong.
It decided to adapt its warehouse and reconfigure technology to manage last-mile delivery instead of just fixed location points so it now delivers to a customer’s doorstep.
It is also making deliveries for other brands like Charles & Keith and Nature’s Farm due to their sheer volume of orders.
Another company that has risen to the challenge is Glints, a technology-enabled recruitment platform.
Glints launched an initiative to provide free outplacement solutions for companies, helping to match affected employees with new career opportunities. The initiative has already led to more than 2,000 applications, with over 1,000 job interviews.
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Source: The Straits Times, 26 May 2020