grants

After Incorporation What Next – Cloud Financing in Singapore’s top 3 industries

After your incorporation, what is next: How Cloud Computing propels Singapore’s top 3 industries “Success is a decision. Dare to choose it.” – Jill Konrath Cloud Computing in Singapore’s top 3 industries Cloud computing has become a popular technology in the last few years. As digitalisation continues to grow and evolve, cloud computing continues in its evolution as a viable and cost-effective business strategy. It is clear that technology in current markets and industries is showing no signs of slowing down, and with the right processes and tools at hand, going digital with Cloud Accounting software can save your business significant time and money. This will in fact provide you with the avenue and momentum to push towards business development and growth. Cloud computing initiations include eliminating complex implementation and maintenance costs, improving performance through real-time reporting and the automation of manual and mundane tasks to give back time to the different members and teams across your business to focus on value-adding projects. Adopting a Cloud Accounting software may pose certain challenges or change of business structures during the implementing of new systems. However, such short-term challenges will reap you and your business long term gains. It has enabled a stronger understanding of cash flow, a clearer overview of business activity, opportunity for real-time reporting and the automation of low-value tasks that previously held finance teams back. Furthermore, fear not as there are professionals who will also be able to help you with the integration and initiation of your cloud accounting software with your current software and documents. Businesses in the Food and Beverage Industry. Why are you that busy? As F&B businesses grow, there will be more paperwork and administrative matters. Many F&B businesses saw cloud computing as a tool that could provide deeper interaction with consumers and increase business opportunities. This is, of course, beneficial only if the businesses effectively deploy the technology and efficiently use it. Because of such benefits, many businesses in food supply chain management have also begun to adopt cloud computing, big data and analytics. Big data and analytics allow your businesses to gain insight and knowledge on your customers while sifting through large amounts of data. Say goodbye to mountains of paperwork and time-consuming administrative work. Effective use of cloud accounting and technologies can analyze data to size markets, understand consumer habits, develop new product strategies, target specific categories of consumers, and support marketing campaigns. Cloud computing and big data are driving the food industry as a whole, with the cloud infrastructure providing the backbone to gather and analyze data through the food supply chain from start to end. Starting from the field where the crop grows, to the warehouses that store it; the containers that ship the crops, to the consumer that buys it. This is an important viable alternative to previous costly investments in hardware and software, allowing the industry to react faster to shifting environments in the marketplace and gain a competitive advantage. You will be able to have full view of your operations, while also being able to zoom in to the smallest of details to gain clarity and insights. Businesses in the Education Industry. Unable to decide your next step? In the Education sector, it is tedious work when you mark papers, record grades and send invoices to parents and students. Over recent years, technology and the importance of cloud computing have caused significant shifts in education and how students learn. Just a few years ago, teachers could predict careers that students would have in the future and thereafter the work to prepare them for it. However, educators in current times no longer have that luxury. By incorporating meaningful technology into the classroom, both students and teachers will be able to see improved outcomes and increased engagement. Cloud computing fosters opportunities for many businesses in the educational sector. Teachers can connect their students to multiple programs and applications, allowing students to be innovative in their presentation and efficiency of their work and submissions. For example, a student could respond to an assignment by uploading a video recording, a presentation deck, a word document or even a picture of a piece of artwork they made individually or with their peers. Cloud computing also helps education businesses to meet data protection obligations to ensure student and employee information is kept safe. If your business adopts cloud computing in your business structures, investing in cloud security measures that provide a base level of security on your cloud infrastructure. One of the biggest obstacles for teachers is time. The cloud offers various solutions that give teachers more time to focus on instruction. Since students and teachers can access materials from anywhere at any moment of time, teachers can spend less time making copies and more time on quality education. The ability to collaborate effectively with others is imperative for students to master. The cloud allows all users to have easy access to resources across multiple platforms and with one another, creating a strong foundation for developing collaboration skills. Businesses in the Retail Industry. What are current trends? Retailers integrate their e-commerce platforms with cloud accounting software to save the daily hassle of reconciliation and tracking. Cloud computing help the retail industry in many aspects. From reducing infrastructure, storage, and computing costs to enabling real-time access to operational and inventory data. Cloud computing has transformed the retail sector in multiple ways, including efficient inventory management, data security, better user experience, enhanced profitability, and disaster management. Being able to keep up with rising trends and competitions is necessary for your retail business to stay at the top. Efficient inventory management is one of the common challenges faced by retail businesses. Big retail companies that manage multiple stores at different locations are unable to check or manage their stock in real-time. By adopting cloud computing, retailers are able to have a broad view of their stocks. Cloud computing is often hard to implement, especially with the huge magnitude of numbers a retail business would have to handle, access and forecast on a daily basis. However, it saves its users a

After Incorporation What Next – 3 Ways to grow your numbers after incorporation

After your incorporation, what is next: 3 Ways to grow your numbers after incorporation “A big business starts small.” – Richard Branson 3 ways to grow your numbers after incorporation Now you have your company up and running, you can look forward to raising your financial capital of your business in different ways. Do not forget your shareholders! You can work your business towards early-stage investors and reinvesting your profits; to borrowing through banks or bonds and selling stocks. Always keep your finances in check, your business margins, debt and equity finances are crucial in measuring whether your business is working with its numbers. Understand your numbers and forecast as well, give you and your business an advantage on future trends and opportunities. Here are the 3 ways (1) ForecastFinance Estimates: Entrepreneurs may be required to provide banks, lenders or investors with financial forecasts to their new small business ventures. Such information is essential for obtaining outside financing for business startup costs. To ensure accurate financial forecasting, you need to write a business plan. Your business plan should include an economic forecast, expected startup and monthly expenditures, and pro forma financial statements. This accounting information is heavily relied upon by lenders or investors to ensure that you have an accurate and reliable picture of financial expectations. (2) Knowing your budgets and profitability: The next crucial accounting method to grow your numbers after incorporation is the creation of a budget for your business. Budgets outline the various expenditures required for different aspects of your business. Entrepreneurs may budget capital for hiring employees, advertising methods, inventoried purchases and other adhoc types of business expenditures. By sticking to a budget, it will help you avoid wasting capital on non-essential business items. With proper budgeting, you can also create a historical record of how your business spends your capital for producing consumer goods or services. With that, you will also be able to engage in proper budget forecasting depending on the different milestones and timelines of your company’s progression. Accounting is the predominant way a company determines its profitability, in both short and long runs. Although a small business may be able to generate high amounts of sales revenue, failing to generate sufficient profits may lead the business to failure. You have to understand whether you are maximising the usage of your assets to generate services and costs of inventory as compared to your company’s profit margin. Banks, lenders and investors might also require your business to release financial information to ensure that their payments are secured. This will help you build long-lasting relationships with your stakeholders. (3) Getting expert nsights: Being a business owner of your incorporated business, you may find yourself seeking advice from public accounting or an individual public accountant (CPA). Professional accounts usually offer generous amounts of education, experience and expertise when helping you set up your small business accounting operations. At times, outsourcing your business to experts in the fields will be beneficial in the long run. Expert insights from external companies and individuals will help you and your company in the filing of business tax returns and ensuring that all business issues are accounted for at any point of time and at year end. Plan, plan and plan again! Before you embark on a project, plan, budget, and decide on a clear objective and vision first. Be as superstitious as you want (I know I am) but be conservative and realistic, do not rely on hope alone to pull you through. Edward Fearn Ultimate Entertainments Group After your incorporation, what is next: 3 Ways to grow your numbers after incorporation “A big business starts small.” – Richard Branson 3 ways to grow your numbers after incorporation Now you have your company up and running, you can look forward to raising your financial capital of your business in different ways. Do not forget your shareholders! You can work your business towards early-stage investors and reinvesting your profits; to borrowing through banks or bonds and selling stocks. Always keep your finances in check, your business margins, debt and equity finances are crucial in measuring whether your business is working with its numbers. Understand your numbers and forecast as well, give you and your business an advantage on future trends and opportunities. Here are the 3 ways (1) ForecastFinance Estimates: Entrepreneurs may be required to provide banks, lenders or investors with financial forecasts to their new small business ventures. Such information is essential for obtaining outside financing for business startup costs. To ensure accurate financial forecasting, you need to write a business plan. Your business plan should include an economic forecast, expected startup and monthly expenditures, and pro forma financial statements. This accounting information is heavily relied upon by lenders or investors to ensure that you have an accurate and reliable picture of financial expectations. (2) Knowing your budgets and profitability: The next crucial accounting method to grow your numbers after incorporation is the creation of a budget for your business. Budgets outline the various expenditures required for different aspects of your business. Entrepreneurs may budget capital for hiring employees, advertising methods, inventoried purchases and other adhoc types of business expenditures. By sticking to a budget, it will help you avoid wasting capital on non-essential business items. With proper budgeting, you can also create a historical record of how your business spends your capital for producing consumer goods or services. With that, you will also be able to engage in proper budget forecasting depending on the different milestones and timelines of your company’s progression. Accounting is the predominant way a company determines its profitability, in both short and long runs. Although a small business may be able to generate high amounts of sales revenue, failing to generate sufficient profits may lead the business to failure. You have to understand whether you are maximising the usage of your assets to generate services and costs of inventory as compared to your company’s profit margin. Banks, lenders and investors might also require your business to release

After Incorporation What Next – Get a Corporate Secretary, know their 3 Main Areas of Responsibilities

After your incorporation, what is next: Get a Corporate Secretary, know their 3 Main Areas of Responsibilities “The best way to predict the future is to create it.” – Peter Drucker Get a Corporate Secretary. Know their 3 main responsibilities. There is an increasing number of entrepreneurs, ventures and corporations of all varieties and sizes across the globe using Singapore as the incorporation jurisdiction for their business. Being an entrepreneur, having a world-changing creative idea is sensational. The next step is incorporating it into a company. Now that your business is incorporated, you will need to appoint a corporate secretary for your company. A corporate secretary will be able to help you with essential compliance matters like completing annual meeting minutes, annual report filing, keeping corporate records in order and many more. The Accounting and Corporate Regulatory Authority (ACRA), which is the national regulator of business entities and public accountants, mandates that every company is required to appoint a corporate secretary within six months of the date of its incorporation. Importantly, the appointee must be residing locally in Singapore and the individual must not be the sole director of the company. However, if the company has more than one director, one of the directors can act as the appointed corporate secretary. Nevertheless, if you wish to free up time to focus on your business, you can also appoint an outsourced corporate secretary. A corporate secretary holds different roles and benefits to the 3 core bodies of a business (1) To the company, a corporate secretary: Ensures all relevant statutory obligations are met Ensures business interest of the company is always protected Ensures good corporate governance is practiced Is present regularly at the company’s registered office address (2) To company directors, a corporate secretary: Serves as an advisor to the directors Provides any practical support that is needed Shares timely information with all the directors so that they can contribute fully during the board meetings (3) To company shareholders, a corporate secretary: Regularly communicates with the shareholders and ensure their interests are protected Timely disseminates financial statements so that shareholders are prepared to take part in decision making at the company’s Annual General Meeting. A Corporate Secretary holds great responsibility In Singapore, a corporate secretary is vested with the power to authenticate documents or formal proceedings of the company. He or she may be required to execute official documents with a company director under the common seal. In general, a company secretary can issue certified copies of company resolutions along with any one of directors, which is considered proof of passing of the resolution. The corporate secretary of a company in Singapore has various core responsibilities as aforementioned and other adhoc duties ranging from ACRA compliance and regulatory, to corporate governance, acquisitions and disposals. In general, a corporate secretary will be able to take on such responsibilities in accordance to their level of professional qualifications and work experiences. Nevertheless, if you do not feel confident in managing such responsibilities, focus on your business and outsource such necessities. Find yourself partners who can identify with the same mission as you, commit their time to the cause, cover your weaknesses, and most importantly, be able to motivate you. A team with diversified skill sets, commitment, and a clear goal is a formula for success. Roger Yip Mixes From Mars After your incorporation, what is next: Get a Corporate Secretary, know their 3 Main Areas of Responsibilities “The best way to predict the future is to create it.” – Peter Drucker Get a Corporate Secretary. Know their 3 main responsibilities. There is an increasing number of entrepreneurs, ventures and corporations of all varieties and sizes across the globe using Singapore as the incorporation jurisdiction for their business. Being an entrepreneur, having a world-changing creative idea is sensational. The next step is incorporating it into a company. Now that your business is incorporated, you will need to appoint a corporate secretary for your company. A corporate secretary will be able to help you with essential compliance matters like completing annual meeting minutes, annual report filing, keeping corporate records in order and many more. The Accounting and Corporate Regulatory Authority (ACRA), which is the national regulator of business entities and public accountants, mandates that every company is required to appoint a corporate secretary within six months of the date of its incorporation. Importantly, the appointee must be residing locally in Singapore and the individual must not be the sole director of the company. However, if the company has more than one director, one of the directors can act as the appointed corporate secretary. Nevertheless, if you wish to free up time to focus on your business, you can also appoint an outsourced corporate secretary. A corporate secretary holds different roles and benefits to the 3 core bodies of a business (1) To the company, a corporate secretary: Ensures all relevant statutory obligations are met Ensures business interest of the company is always protected Ensures good corporate governance is practiced Is present regularly at the company’s registered office address (2) To company directors, a corporate secretary: Serves as an advisor to the directors Provides any practical support that is needed Shares timely information with all the directors so that they can contribute fully during the board meetings (3) To company shareholders, a corporate secretary: Regularly communicates with the shareholders and ensure their interests are protected Timely disseminates financial statements so that shareholders are prepared to take part in decision making at the company’s Annual General Meeting. A Corporate Secretary holds great responsibility In Singapore, a corporate secretary is vested with the power to authenticate documents or formal proceedings of the company. He or she may be required to execute official documents with a company director under the common seal. In general, a company secretary can issue certified copies of company resolutions along with any one of directors, which is considered proof of passing of the resolution. The corporate secretary of a company in Singapore has various core responsibilities as aforementioned and other adhoc duties

Starting Your Business Right – 3 Business Ideas to consider as a first time Entrepreneur

Starting your business right in Singapore: 3 business ideas to consider as a first time entrepreneur “Business opportunities are like buses, there’s always another one coming.” – Richard Branson Choosing the right industry From the onset, you need to identify the products and services that you need to offer. There is an abundance of options in the entrepreneurship scene. It can be an F&B, Software, or healthcare solutions business. However, you’ll need to be clear about what you offer and why it’s essential to provide the said product and service. The Food and Beverage Industry Singapore is a well-known food capital in Asia. The F&B industry plays a huge role in our economy, contributing 0.8% of Singapore’s GDP and employed nearly 180,000 workers in 2016. Aspiring F&B entrepreneurs with atypical food concepts strive to turn ideas into a profit-making endeavour. Nevertheless, the F&B sector has evolved over the years, with small and medium-sized enterprises (SMEs) adapting newfound business trends of today. Currently, many analysts have voiced the importance of digitalisation and investments in technology as the future for the F&B business. This is evident from the countless F&B businesses being incorporated in recent years with innovative technologies coupled with never-ending food ideas. Singapore government leaders joined in to urge F&B business owners to accelerate their digitalisation efforts, while providing grants for business owners to gain advantage in the ever-competitive and changing industry. Young entrepreneurs of today have come into the industry, seizing the slightest opportunities with their hunger for success. With a good balance of digitalisation and social media, you will be able to market your business effectively. Starting with a home-based F&B concept seems to be popular. They tend to have seemingly lower risks, involving less financial commitment, and allows the business owner to slowly expand as they gain a following. Ultimately, once they have got traction, converting to brick-and-mortar outlets with a stronger foothold and presence is a natural next step. Some business ideas include Café, Bakery, Bistro, Dessert Shop, and many more with the wide variety of cuisines that can be explored. Excellent service and quality food in any F&B business is crucial and it turns out to be a continuous challenge for business owners today. Hiring qualified and dedicated staff is instrumental for the growth of your business. However, there will always be a challenge in manpower, with locals not keen in applying for service positions in the F&B industry and the fast turnover rate that “plagues” the industry. Furthermore, the Singaporean government has implemented stern measures to manage influx of foreign talents, who have to be strictly adhered to. Nevertheless, being an F&B business owner, you have to always be on a lookout to bridge the gap between local manpower and restrictions in hiring foreign workers. The Education Industry Today there are over 1,200 private education organisations that offer a diverse mix of high-quality education services, making Singapore a trusted brand name in this field. On the global scale, education technology (edtech) is a rapid growing area. Singapore, being academically-driven and with a worldwide reputation for providing quality education, provides a stable and beneficial ground for such businesses to grow. A huge factor of edtech’s growth is from the increasing demand from Asia Pacific, potentially representing 54% of the global edtech market by 2020. Today, edtech has evolved to include many aspects like social learning, personalised learning solutions, data analysis and gamification to increase effectiveness of learning. With the high usage of the internet, business owners in the Education industry will be able to incorporate newfound ideas to make online learning an engaging and immersive experience. Some business ideas include Home Tuition, Tuition Centre and Specialized Institute, all with a possibility of value adding with technologies. A great deal of funding is required for edtech companies due to the involvement of technologies and a product. Being able to secure a sufficient amount of capital for your business may be necessary to break into edtech. Still, with sufficient funding, perseverance and an innovative idea, you will be able to strive in the industry in the long-run. The Retail Industry New technology, changing consumer tastes and borderless competition from e-commerce are shaking up the retail industry. Many businesses begin to embrace the “new retail” era to cash in on newfound business opportunities. Singapore is home to many retail services that draw eager crowds ready to explore new products. There is also an abundance of retail space that is ideal for businesses that are start-ups, SMEs, events or even pop up stores. Digitalisation has a drastic impact on how people shop today. Many businesses are taking up e-commerce routes to amplify their visibility in a short time frame. For example, start-ups can utilize eBooks and social media platforms to generate leads while showcasing their products online. Furthermore, Singapore is one of ASEAN’s top e-commerce hubs, with an innovation-first focus and strong infrastructural support. The Singapore government has also launched initiatives and grants to help entrepreneurs like you, looking into entering the e-commerce Retail industry, to set up and expand. Some Retail businesses include Specialty Retailing like florist and fashion and Lifestyle Retailing like entertainment and sport. Many of which have great potential in the e-commerce market. There is a wide magnitude of competition and– Business owners have to understand that the competition is ever-intensive and trends come and go in a blink of an eye. It is a game-changer to fully understand your business and its business models, while having the ability to build strong foresight in pinpointing the changes in needs and trends of the industry. Starting your business right All in all, when planning to set up a business in Singapore, you should know that everything is regulated. You will require licenses and permits to fully operate your business. The government has made it easy for local and foreign entrepreneurs to set up businesses locally, with different grants and legislations in place to propel entrepreneurs and their businesses. Business consultants like us are here to

Starting Your Business Right – Raising Capital For Your Business

Starting your business right in Singapore: Raising Capital for your Business. “When starting out, ensure your business has adequate capital for growth.” – Sudhir Ruparella Consider whether you want to raise debt or equity when running or starting a business Entrepreneurship and capitalising opportunities go together. Starting a business requires money that you likely won’t have right away. This is why you need to seek out ways to acquire capital. Most entrepreneurs incorporate a business with limited amount of capital. However, there are plenty of options available for you in your effort to raise capital. Opening your business to investors, partnerships and venture capitalists will also be potential assets towards raising capital for your business. There are also opportunities for you to apply for grants and loans through governmental bodies and business professionals like us. Know Your Debts (1) You are borrowing money to start your business (2) You pay interest (3) Debt holders have no ownership in your business In Debt financing as a business owner, you can apply for a business loan from a bank or receive a personal loan from other parties or lenders, all of which you must pay back. The advantages of debt financing are bountiful. First, the lender has no control over your business. Once you pay back your loan, your relationship with the financier ends. Second, the interest you pay is tax-deductible. Third, it is easy to forecast expenses as loan payments do not fluctuate. Know Your Equity (1) Obtaining investment into your company to start your business (2) You pay shareholders a dividend (3) Shareholders own a part of your business, i.e. you give up ownership In Equity financing, it is very similar to debt financing, just that it involves investors. You could offer shares of your company to anyone you deep necessary and other small investors. However, equity financing often involves venture capitalists or angel investors, who provide capital for your business start-up, usually in exchange for convertible debt or ownership equity. The advantage of equity financing is that the investor holds all of the risks. If your company fails, you do not have to pay the money back. You will in fact have more cash available because there are no loan payments. Furthermore, investors take a long-term stand and are able to give you time to grow your business. The disadvantage, however, is that equity ownership is usually more expensive – You may be required to pay a yearly dividend to your shareholders. Looking into an infusion of capital, be it debt or equity, from private or institutional sources can drive your business to greater heights. There are various financing methods you may opt for, but do take note of the benefits and costs involved. As someone starting out, you don’t need to know all the answers, don’t be afraid to ask questions, there’s a lot of free quality resources and friendly professionals in Singapore. Lilia Pritchard Enjin Starting a company in Singapore – Learn about the grants you may be able to tap on to fuel your business. “The secret of getting ahead, is getting started.” – Mark Twain What is the business scene in Singapore? Small and medium-sized enterprises (SMEs) have grown to be an increasingly significant contributor to Singapore’s economy. In fact, in 2020 alone, 70% of employment in Singapore was fuelled by SMEs; 43% of the $428 billion nominal value added also had come from SMEs.   Thus, it makes sense that in the light of the COVID-19 pandemic casting a shadow over the economy, the government has put in place a plethora of schemes especially targeting the SME sector, such that businesses get all the support they need. If you are a SME business owner, you may find the following overview useful! Find out about the 7 grants that are game-changing for your business. 1. The Temporary Bridging Loan Program (TBLP) The Temporary Bridging Loan Program (TBLP) has been further extended for 6 months, from 1 October 2021 to 31 March 2022.  TBLP aims to provide access to working capital for SMEs’ business needs.  Key points   Before TBL Program, corporate SME loans’ interest rates averaged between 5-8% p.a. The current TBL Program offers interest rate capped at 5% per annum (p.a.), and averages about 2.75-4.5% p.a. (simple rate). This means that for every $100 you borrow, you only need to pay on average $2.75 to $4.50 in interest.   Last day to apply: 30 September 2021  Maximum loan quantum is S$3 million per borrower. An overall borrower group is subject to a higher limit of S$20 million.   The maximum repayment period is 3 to 5 years.   What can I use TBLP for?   Immediate expenses, such as if any of your equipment suffers from an unexpected breakdown   Interim business expenses while your company is seeking other long-term financing  Alleviate any cash flow difficulties  Fund expansion plans, e.g, relocating to a new office Am I eligible?   Be a business entity that is registered and physically present in Singapore At least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership  How to apply?   Approach PFIs: : SMEs may first approach any Participating Financial Institutions (PFIs) to apply for the loan (subject to banks’ credit approval). Refer to the list here for which PFIs you may approach.   Approach Loan brokers: Tap on our experiences and network in helping SMEs get loans. (insert link to why should businesses get loan brokers).  NOTE: You’ll be happy to hear that Tisch Global has helped many of our clients apply successfully for the TBLP. Additionally, some banks do offer preferential rates for existing clients. Drop us an email at hello@tischglobal.com to enquire about your loan application needs.  2. P-Max P-Max is a Place-and-Train (PnT) programme under Workforce Singapore (WSG) that aims to help SMEs in terms of human resources and help job-seeking PMETs into suitable SME jobs.   Hiring SMEs can enjoy up to 90% course fee subsidy for PMET, SME training workshops and Age Management workshop (applicable for P-Max for Older Worker only).  Eligible SMEs will receive a one-time $5,000 Assistance Grant or $10,000 Assistance Grant (P-Max for Older Workers only)

Starting Your Business Right – 5 Key Considerations Before Starting Your Business

Starting your business right in Singapore: The 5 key considerations before starting your business. “The secret of getting ahead, is getting started.” – Mark Twain Starting a business in Singapore? We have lived in a world where few countries revelled in economic prosperity while the bulk of countries watched with envy, wishing to share similar opportunities. Now, we live in a global economy, where every country is able to engage, contribute and benefit from the trading of goods and services across the globe. Singapore took the opportunity to rise up the ranks as a nationwide super-hub for businesses to start, grow and prosper. The country provides many advantages for an entrepreneur who wants his business to grow in its prosperous environment. For instance, Singapore is strategically located as a business hub in Southeast Asia amongst prospering countries like China. It is politically and macro economically stable, while its tax systems and modern infrastructure perfectly positions the country as an entrepreneur’s haven. Such great business environment and economic opportunities prove to be attractive for budding business owners, corporations and investors. Entrepreneurship at its peak Entrepreneurship and capitalising opportunities go together – The process requires a business person who is ready to take risks with that unique DNA in their persona to take action. Starting a business can be stressful. It often feels like there are a thousand things to work on at the same moment. In such a reality, meticulous planning, creativity and perseverance will make it way easier for the business to thrive. The 5 key considerations to think about when starting a business Beyond giving it your all, it’s important to direct your energy to the right areas of focus – especially when you before you are planning for the incorporation of your company. With proper research and assessment of the legal aspects of your industry, you will be able to work on your personal and business finances, the range of risks involved and the adequate timing and help required. The first thing you should think about is your business model! 1. Planning your Business Model In a traditional business model based on one-time sales, revenue is prone to market-based fluctuations with consumer sentiment a key determinant. The recurring revenue model guarantees the business a certain amount of revenue at scheduled intervals. The key question to ask yourself when starting a business is – Is your revenue based on recurring or one-time events? In traditional business models, you acquire a customer, sell your product once, and then get a new customer to make another sale. Though acquiring a new customer generates the initial sale, making new sales to existing customers is simpler than finding entirely new ones who have yet to discover your product. In subscription business models, customers pay a weekly, monthly, or yearly fee in exchange for your products or services and it initiates recurringly. Customers can renew their subscription after a certain period of time. This model allows you to leverage your customer relationships to create a steady stream of income. A subscription-based business will give your business sustainable cashflows for operations. Subscription business models are beneficial for many organizations because they encourage long-term relationships and improve buyer retention. In current times, subscription models are used in almost every industry. Up-selling and cross-selling are a lot easier with a recurring revenue model, where businesses have continuous contact with customers to build bonds of trust, which makes it easier to sell additional services. For the right product, brand and industry, choosing the right business model for your company can be a very effective and lucrative approach to running your business. 2. Knowing Your Customers Next comes your customers. They are your key sources of income. The reason why your business model is up and running is to meet their needs. Are you a B2B or a B2C business? Your go-to-market strategy will differ with either. Being able to find out and understand your consumer needs is crucial for every successful business. With this, you will be able to persuade existing and potential customers that acquiring your products or services is in their best interests. If you’re selling to other businesses, you’ll need to know which individuals are responsible for the decision to buy your product or service.  Every market strategy requires a great deal of market research of existing reports, business trends, consumer buying habits and needs, and competition in the industry. These will lead to you building greater confidence and foresight in the trends that are going to influence your customers, which in turn help you anticipate what they need. Your business needs a reason for your customers to buy from you and not their competitors. This is called a Unique Sales Proposition (USP). Your USP can change as your business or your market changes, and you can have different USPs for different types of customer. All USPs are effective to the right audiences as their buying decisions have a direct correlation to the unique core features of your business. It’s also useful to be in the know of the USPs of your competition. The key factor is setting apart your USP from others in other to stand out from the market. 3. Understanding Your Margins With proper understanding of your target audiences, make sense and interpret your Gross Margins and Net Margins. This is proof of the sustainability of your business. Your margins must make sense. When calculating your business margins, you will gradually have to factor in any affecting factor that has significance to your business – the more you factor in, the more accurate a picture you will get of your true profit margin. Operating profit margin accounts for operating costs, administrative costs and sales expenses. It includes amortisation rates and asset depreciation, but it does not include taxes, debts, and other non-operational or executive-level costs. It tells you how much of each dollar is left after all the operating costs to run the business are considered. Net profit margin is the toughest type of profit margin to track, however it gives you the best insight into your bottom line. It takes

7 Start-Up Government Grants in Singapore (and How to Apply)

Starting a company in Singapore – Learn about the grants you may be able to tap on to fuel your business. “The secret of getting ahead, is getting started.” – Mark Twain What is the business scene in Singapore? Small and medium-sized enterprises (SMEs) have grown to be an increasingly significant contributor to Singapore’s economy. In fact, in 2020 alone, 70% of employment in Singapore was fuelled by SMEs; 43% of the $428 billion nominal value added also had come from SMEs.   Thus, it makes sense that in the light of the COVID-19 pandemic casting a shadow over the economy, the government has put in place a plethora of schemes especially targeting the SME sector, such that businesses get all the support they need. If you are a SME business owner, you may find the following overview useful! Find out about the 7 grants that are game-changing for your business. 1. The Temporary Bridging Loan Program (TBLP) The Temporary Bridging Loan Program (TBLP) has been further extended for 6 months, from 1 October 2021 to 31 March 2022.  TBLP aims to provide access to working capital for SMEs’ business needs.  Key points   Before TBL Program, corporate SME loans’ interest rates averaged between 5-8% p.a. The current TBL Program offers interest rate capped at 5% per annum (p.a.), and averages about 2.75-4.5% p.a. (simple rate). This means that for every $100 you borrow, you only need to pay on average $2.75 to $4.50 in interest.   Last day to apply: 30 September 2021  Maximum loan quantum is S$3 million per borrower. An overall borrower group is subject to a higher limit of S$20 million.   The maximum repayment period is 3 to 5 years.   What can I use TBLP for?   Immediate expenses, such as if any of your equipment suffers from an unexpected breakdown   Interim business expenses while your company is seeking other long-term financing  Alleviate any cash flow difficulties  Fund expansion plans, e.g, relocating to a new office Am I eligible?   Be a business entity that is registered and physically present in Singapore At least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership  How to apply?   Approach PFIs: : SMEs may first approach any Participating Financial Institutions (PFIs) to apply for the loan (subject to banks’ credit approval). Refer to the list here for which PFIs you may approach.   Approach Loan brokers: Tap on our experiences and network in helping SMEs get loans. (insert link to why should businesses get loan brokers).  NOTE: You’ll be happy to hear that Tisch Global has helped many of our clients apply successfully for the TBLP. Additionally, some banks do offer preferential rates for existing clients. Drop us an email at hello@tischglobal.com to enquire about your loan application needs.  2. P-Max P-Max is a Place-and-Train (PnT) programme under Workforce Singapore (WSG) that aims to help SMEs in terms of human resources and help job-seeking PMETs into suitable SME jobs.   Hiring SMEs can enjoy up to 90% course fee subsidy for PMET, SME training workshops and Age Management workshop (applicable for P-Max for Older Worker only).  Eligible SMEs will receive a one-time $5,000 Assistance Grant or $10,000 Assistance Grant (P-Max for Older Workers only) upon completion of the Programme and six-month retention of the newly hired PMET(s).  Eligibility  Companies registered or incorporated in Singapore;  Employment of not more than 200; OR Annual sales turnover of not more than S$100 million;  At least 30% local shareholding being held by Singapore Citizen or Singapore Permanent Resident  Hired a PMET within the last three months (i.e. 90 days) prior to enrolment into programme, offering a gross monthly salary of at least $2,500  How to apply?   Indicate your interest for the P-Max Programme by filling up the form, via the link provided in the P-Max Factsheet, available on the Workforce Singapore website.  Alternatively, contact the P-Max Programme Managers. Their contact details are available in the above-mentioned factsheet as well. Learn more about the P-Max Programme here.   3. Productivity Solutions Grant (PSG) The PSG supports SMEs in adopting IT solutions and equipment to enhance their business processes in Singapore’s bid to progress towards a truly Smart Nation.   Key points   These solutions offered range from cloud accounting to financial management and inventory tracking. One example is the popularized use of QuickBooks, a cloud accounting software.   The list of readily adoptable solutions can be found on GoBusiness Gov Assist. Applicants should consider their business needs to select the relevant and right-sized PSG support packages.   Eligibility   Registered and operating in Singapore  Purchase/lease/subscription of the IT solutions or equipment must be used in Singapore  Have a minimum of 30% local shareholding; with Company’s Group annual sales turnover less than S$100 million, OR less than 200 employees (for selected solutions only)  How to apply?   Visit GoBusiness Gov Assist to access the list of supportable solutions and identify relevant solutions that best suit your business needs.  For IT solutions: Get a quotation from the pre-approved vendor.  For equipment: Source for the equipment and get a quotation from the vendor  Submit an application on the Business Grants Portal (BGP). You will need to register for a CorpPass account to transact on the portal.   Facing difficulties in applying for PSG? Not to worry. As Tisch Global has helped many of our clients with their PSG applications successfully, simply contact us at hello@tischglobal.com for assistance!   Learn more about PSG here.   4. Enterprise Development Grant (EDG) The EDG offers support to projects that help SME owners upgrade their business, innovate or venture overseas, under the 3 pillars: Core Capabilities, Innovation and Productivity, Market Access.   What is more – as part of Budget 2021, the enhanced maximum support level of up to 80% for the EDG has been extended from 30 September 2021 to 31 March 2022!    What can I use EDG for?   EDG may fund project costs, such as third party consultancy fees, software and equipment and internal manpower costs. Specifically, in alignment with each Pillar mentioned above:   Core Capabilities: Business strategy development, financial management, human capital development, service excellence, and strategic brand and marketing development.  Innovation and Productivity: Automation, process redesign, and product development.  Market Access: Mergers and Acquisitions (M&A), pilot project and test bedding, and standards adoption.  Eligibility  Be registered and operating in Singapore  Have a minimum of 30% local shareholding  Be in a financially viable position to start and complete the project  How to apply?