Riding the Waves of Opportunity in Singapore’s Transforming Business Landscape
The business landscape in Singapore is ever-evolving. With each new wave of change comes a myriad of opportunities for entrepreneurs and established companies alike.
With almost a decade of experience providing professional services to new and growing businesses in Singapore, Accela Group is at the forefront of empowering Singapore’s entrepreneurs to capitalise on these trends.
Here are three key trends reshaping the current economy and ways to make them work for your business.
1. Growing Family Office Presence
Singapore is becoming a magnet for family offices, particularly those from the US and China, seeking to establish more strategically beneficial overseas operations. The allure lies in Singapore's favourable tax structure and incentives, thoughtfully designed by the Monetary Authority of Singapore (MAS) to combat the global economic slowdown.
This trend opens up new avenues for professional services companies, like Accela Group, offering comprehensive support services such as finance and bookkeeping, talent recruitment, and HR outsourcing. The growing family office ecosystem creates a surge in job opportunities, with official MAS statistics revealing that single-family offices have already generated over 1,400 jobs for local citizens and permanent residents.
A staggering 900 of these jobs were created in the past three years alone, and they offer remuneration well above the market average.
2. Culinary Tourism on the Rise
Food and beverage-focused travel has been a niche attraction for years, and there is certainly no shortage of niche trends emerging within this sector each year. But one aspect has prevailed and continues to impact businesses with the ascent of social media usage: visual appeal. Modern travellers are curating their journeys based on Instagrammable dishes, cocktails, restaurant venues and immersive reel-worthy experiences around the globe.
In Singapore, hospitality businesses have an extraordinary opportunity to tap into this culinary tourism trend. Iconic establishments like Cé La Vie at Marina Bay Sands, ATLAS bar with its 1920s old-world decor, and 28 Hong Kong Street with creative cocktails crafted by top bartending talent exemplify the trend's potential.
By encouraging their teams to unleash creativity and innovate, restaurants, bars, and hotels can attract trendsetters seeking unique experiences.
3. More Investment in Talent Development as Talent Acquisition Slows
Following the wake of the Great Resignation, the job market in Singapore has experienced a noticeable slowdown in hiring for new roles. Employers are now prioritising filling vacant positions, decreasing newly created job vacancies from 44% in 2021 to 39% in 2022. In response to this shift, businesses have turned to selective hiring and focused on strengthening their leadership and sustainability expertise.
This shift presents an opportunity for companies to invest in talent development and wellness initiatives, fostering employee engagement and loyalty. Forward-thinking businesses should adopt learning platforms and experiences that connect and motivate their workforce, solidifying their position as preferred employers.
Entrepreneurs and companies must remain agile and innovative to seize the opportunities presented by these trends. Accela Group stands ready to support Singapore's business community with professional advisory and process outsourcing services.
Whether it's navigating the complexities of finance and bookkeeping, developing top talent, or crafting impactful marketing communications, Accela Group has the expertise to steer businesses towards success during these transformative times. Reach out to us at hello@accela.asia and empower your venture to thrive.
