Advanced manufacturing is trending, and not without reason. It can up labour productivity by 30%, create 22,000 new jobs with salaries up to 50% higher than current ones, and add S$36 billion in manufacturing output and revenue for firms by 2024. It is hence unsurprising that advanced manufacturing have been …
How Industry Transformation Maps Can Help SMEs
Industry Transformation Maps (ITMs) were launched by the Singaporean Government in 2016 with the purpose of enabling companies, particularly SMEs, to stay ahead of the curve and navigate the evolving business environment. Budget 2019 has revealed that after the implementation of ITMs, productivity (real value-added per hour worked) has increased …
How SMEs Can Be Green And Cut Cost
Being green helps improve your brand image, and is an increasingly important point to consider given that customers are more aware of their environmental footprint. As the world aligns with one of the Sustainable Development Goals (SDG) by the United Nations (UN) to ensure sustainable consumption and production patterns, there …
How to Give A Successful Elevator Pitch
Have you ever bumped into an old acquaintance and upon being asked what you have been up to, you are suddenly tongue-tied and unable to properly express what your company does? You leave the experience feeling a pang of regret; that acquaintance could be working in a related industry and …
Should SMEs Aim For A Tall Or Flat Organisational Structure?
The more layers of management and approval processes, the taller the organisational structure. More often than not, SMEs start off with a relatively flat structure. The decision to then maintain it, or to steer the company towards a tall structure, is dependent on various competency factors such as the speed …
How To Set Prices To Profit
Price setting directly determines your profit margin, which affects how fast losses are recouped as well as how quickly the company can profit. Demystifying Cost Of Goods Sold (COGS) COGS may seem intimidating but is actually a concept that can be understood easily. COGS lets you know how much it …
Government Agencies You Need To Know In Singapore
While dreadful, documentation, as well as other logistical and administrative matters, are unavoidable when doing business. Here are some government agencies in Singapore that you should be familiar with as an SME owner to make the administrative process a breeze. Accounting and Corporate Regulatory Authority (ACRA) Given that every registered business …
Checklist for Starting Your Own Business in 2019
If you have ever wanted to start a business, Singapore is a great place to start! Ranked second in the world for ease of doing business by the World Bank, Singapore has the infrastructure and robust trade network that will help your business flourish. However, starting a business can be …
Top 5 Business Articles for SME Owners in 2018
Most of the worlds’ successful SME-owners will agree that it is essential to continuously seek and gain knowledge to spur business growth. However, we understand that time is a luxury for most SME-owners and staying up-to-date with business trends takes a lot of time and effort. That’s why we have …
6 Key Reasons Why Successful SMEs Take Business Loans
One of the greatest misconceptions about SME financing is the notion that taking on debt is always a bad thing. Many people associate loans (aka. debt financing) with financial difficulties and cash flow problems and often assume that companies will only take up loans if they are in a poor …