With the fast-paced business landscape in Singapore, companies have to constantly innovate and keep themselves abreast with the latest technologies in order to stay relevant and competitive.
Enterprise Transformation is one effective way to bring your business to the next level. From enhancements of day-to-day operations, to better product offering and a higher quality workforce, the benefits of enterprise transformation can greatly contribute to the growth of your business.
The cost of transforming a business is usually not low, and not many small business owners can afford to put aside a large budget for this cause. With this constraint, transformation plans are sometimes stalled or put down by the management, thereby further impacting the business ability to compete in the market.
To nail down its plan for deeper digitalisation amongst local companies, the Singapore Government has introduced schemes that can help business owners to materialise their transformation projects by shouldering part of the cost.
What Solutions are Supported?
Some of the popular government schemes that assist with enterprise transformation include:
It supports SMEs which want to improve their productivity by adopting pre-approved IT solutions to enhance business processes.
Businesses can claim up to 80% funding for the PSG grant until 31 March 2022.
PSG funding has been reduced to 50% on 1 April 2023.
A government scheme that provides a once-off $10,000 credit to companies who plan to transform their business and upskill their workers. Funding will be provided for the business enhancements, as well as support for training and courses attended by the workers. This credit can be used to cover up to 90% of such out-of-pocket expenses.
Where you can use the Support
1. The PSG is usable on a number of pre-approved digital solutions. Here are some of the more popular options available.
- Xero Accounting Software: A Cloud-based accounting software that allows you to share access to your latest business numbers with your team, accountant and bookkeeper, keeping everyone updated real-time.
- Hreasily: A Cloud-based software that streamlines payroll, leave, claims, time & attendance, and other vital integrations to help businesses grow through efficient staff management.
- ABSS: A Desktop-based accounting software that provides businesses with a full set account and customisable forms depending on your company preference. Providing you with GST compliant accounting software that perfectly suits your business.
- Foodzaps: A comprehensive F&B ordering management system that is easy to use and install, it helps your business to operate and save costs with an efficient outlet management
- Advocado: A Cloud-based Loyalty Program Software designed to build a community of brand advocates and strengthen customer relations for businesses through effective marketing campaigns.
- Shopline: A full-featured platform that allows merchants to build their online shop easily and deliver a seamless omnichannel experience. They support eCommerce, Social Commerce, Online-to-Offline and Cross Border Retail.
- Kaddra: A Web-based Loyalty Program Software that connects business portfolios and services more efficiently with customers through a mobile first approach, simplifying sales processes and improving loyalty.
2. The SFEC can be used to offset the cost of eligible training programmes and courses.
One such programme is the Capital Raising Course, provided by iFMF Investment Academy.
The iFMF Capital Raising Course educates business owners in SMEs or startups on how they can present their company in an informative and effective manner in order to secure more investments. The classes are delivered by experienced Venture Capitalists who are known for giving comprehensive and detailed lessons on investing and other finance-centric topics.
The 16-hour course lasts over 2 days and costs $800 before government subsidies.
As part of the Skillsfuture Enterprise Credit (SFEC) initiative by the government, those who have completed the programme will receive a SkillsFuture Statement of Attainment. On top of that, with SFEC support, the final course fee may only be reduced to $24.