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Steps in Strategic Planning for Businesses in Singapore

Singapore is a home to a bunch of international companies. Starting and running a business with lots of competition requires strategic management planning. Strategic planning plays a vital role in the success of the business since it primarily focuses on what is more important while taking various factors into consideration; these include feasibility, flexibility, situation, costs, as well as the ideas of other managers.

Steps in Strategic Planning for Businesses in Singapore

How to Do Strategic Business Management Planning

Steps in Strategic Planning for Businesses in Singapore
  • Every plan starts with a vision wherein this vision becomes the major goal of the company in the next couple of years or so. It will then become the basis for your strategic plan in accordance with your business’ mission, purpose, values, and philosophy.
  • Include your managers in brainstorming ways to achieve your goal or vision. As much as possible, do not think about the cost or feasibility of your plans first; plainly think about strategic ideas.
  • From the ideas your team has generated, list down the advantages and disadvantages of using such strategy. This is the time to think about the feasibility of the ideas. There are ideas that may sound good but are not feasible for the company. Also, strategic plans must be flexible enough since business situations can become very unpredictable. It is important to note that one should weigh the risks and benefits first before deciding on which path to take; careful planning is needed.
  • Choose at least two plans that are feasible and are actually best for the current situation of the business. Rank the chosen plans according to priority. SWOT (Strength, Weakness, Opportunity, and Threat) Analysis should be done in order for you to know which plan to take in a given situation.
  • Think about possible problems you might encounter so you can create contingency plans as these problems arise in the future.
  • Implement your strategic plan, not only to the managers but also to other employees as well. Carefully state the basis of the plan to prevent confusion among your followers. Also, tell them the guidelines on how to implement your plan.
  • Create an evaluation tool that will measure the effectiveness and efficiency of your plan. These evaluation tools can be performed monthly, quarterly, or annually, depending on the agreement of managers. This tool will serve as a guide for you to know where you are exactly in your plan and if changes are needed as well. Strategic plans may be changed as the need arises.
Steps in Strategic Planning for Businesses in Singapore

Different Types of Accommodations in Singapore

There are different types of housing offered in Singapore. These types of housing differ based on the person’s budget and wants. These housing include the following:

Different Types of Accommodations in Singapore

Condominiums

There are condominiums that are usually found in mid to high-rise buildings which are usually found as more luxurious because of the facilities they offer to their tenants. These facilities include a covered parking area, 24-hour security, a clubhouse that has swimming pools, gyms, tennis or squash courts, and others. Condominiums in Singapore usually range between S$1.2 million to S$3 million if you plan to buy one. For rental condominiums they range from S$3,000 to S$18,000 depending if the condominium is luxurious.

Apartments

Different Types of Accommodations in Singapore

They are similar in size as the condominiums; however apartments don’t have some facilities in condominiums. These facilities include the swimming pools, barbeque pits, and the tennis or squash courts. Some apartments have small swimming pools and an average equipped gym. The security for these apartments is less efficient than those in condominiums. They have various designs and sizes that can give the same comfort level as a condominium but in a lower price. Apartments in Singapore usually range from S$600,000 to S$1.5 million if you plan to buy one. Rental cost of these apartments ranges from S$2,000 to S$5,500 per month depending on the size and accessibility to the city.

Different Types of Accommodations in Singapore

Bungalows

Most of the bungalows found in Singapore dates back to before World War II and became as a significant part of Singapore’s heritage. These can also be one to three levels high and are usually found in serene wooded environments far from the city. Bungalows in Singapore usually range from S$1.5 million to S$7 million if you plan to buy one and these prices differ depending on the size and area where the property is found. For rentals, the price ranges from S$4,000 to S$35,000 per month.

Law on Land or Property Ownership in Singapore

There are many people who want to buy and own a property in Singapore. Some of these residential and commercial properties are under the property laws of Singapore. On residential properties there are things that need to also be considered like:

  1. Only Singapore citizens and some of the approved purchasers defined under the Residential Property Act (RPA) can buy a residential property including the vacant lands in Singapore.
  2. Singapore citizens can also freely get all the lands including the residential properties.
  3. Singapore companies, limited liability partnerships, and societies can only freely get all the lands after getting a guaranteed clearance from the Controller of Residential Property.
  4. Foreigners like the permanent residents and foreign companies or limited liability partnerships or societies can freely get non-restricted properties which are also defined by the RPA as :
    1. a. Any flat that is also compromised in a development is also permitted for residential purposes and not for a landed dwelling house.
      b. Any unit that’s found in approved condominium buildings.
      c. Any unit that is in a development which is also sold under the executive condominium scheme.
  5. Foreigners cannot buy all the residential units in a building or an approved condominium building without the Minister of Law’s prior approval.
  6. Foreigners cannot buy or get any restricted residential property except through mortgage, re-conveyance, or charge.
  7. Law on Land or Property Ownership in Singapore
  8. Making a property as a gift to another foreigner is also not allowed in Singapore.
  9. Foreigners also need to get an approval from the Minister of Law before buying any restricted residential properties.
  10. A foreigner can also be considered to buy a restricted residential property if he or she is a permanent resident, able to contribute to the local economy, and a professional or any relevant qualification.