There are various startup schemes and government grants provided by the government in Raffles Place Singapore that you can benefit from. There are a number of business support grants for companies to help them overcome obstacles in their growth. Overall aim of these grants is to help businesses in capability upgrading and internationalization.
Government knows the important role that its startups and SMEs play in its economy and hence support these entities with business support grants. Financing is one of the most fundamental aspects of starting and growing your business. There are hundreds of government grants available for small businesses that help in saving money, lowering startup costs and helping grow your business.
Business support grants are small amount of seed money that further the goals of federal, state, or non-profit organizations. Unlike a loan, you don’t have to repay it. Most business support grants in Raffles Place are awarded to help launch a start-up or new business, with the aim to generate jobs and stimulate the economy. There are fewer grants available for established businesses.
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Government can assist businesses in two ways- financial help and administrative support. Understand what government grants are available to businesses. Grants are available to sole traders, partnership, limited companies and social enterprises.
Now grants aren’t just government funded as more and more organizations develop grants program in Raffles Place. Grants are now offered by government, private agencies, universities, corporations and humanitarians.
Business grants are available in all kinds of forms. Generally, business support grants are either a direct grant, equity finance or a soft loan. Direct grant is money given to your new business to cover startup essentials such as investment in equipment, training or reaching new markets. Equity finance, not strictly a grant, offers reduction in income tax on investment made in new businesses. Soft loans are actually loans with lower interest rates and more generous terms than other lending.
Suzie was a new hire business-to-business sales representative. She had just completed the company's two-week basic training course. After the training, her sales manager met with her.
"Suzie, congratulations on completing the training," he said. "Remember, you have three months to make your quota. We have provided base salary, cell phone, laptop, desk and car allowance. Now go sell something!
What does Suzie do next? She probably will run around like crazy, trying to find anyone who might have the slightest interest in buying her product, while the quota clock relentlessly ticks. What did the company that employed Suzie miss? It failed to understand the fundamental difference between marketing and sales. This misunderstanding may cause Suzie to waste a lot of time, the company to incur unnecessary expense, and adversely impact operations. Here is what every business should know:
• Marketing is about finding prospective buyers with a need, want or desire to which you can sell. Marketing is finding.
• Sales is about helping an identified prospective buyer fill a need, want or desire from which they benefit. Sales is filling.
If this distinction didn't hit, go back and read it again. It's that important.
By having Suzie find her own prospects (someone that may have interest in buying), the company has placed the marketing responsibility on her shoulders. You may think, well that's what salespeople are supposed to do.
That's the common misconception. About 50 percent to 70 percent of a salesperson's time is spent trying to find a prospect. That's mostly wasted time. If Suzie's "finding time" could be re-allocated to "filling time" - being in front of more prospects, selling, she probably would close more business.
Without any certainty that Suzie will make a sale, the company will invest at least $3,000 in hiring, time, salary, equipment and car allowance before Suzie begins seeking sales prospects. If she's fired after three months, the company will have to go through the entire process again, resulting in additional expenses.
Here is a quick example on how expenses can add up. By placing the "finding" burden on the sales rep, a company will wind up replacing 30 percent of its sales force every three months.
Suppose there are 10 sales people on staff. That means spending $36,000 to hire new sales people in a 12-month period. Perhaps that company may be better off taking that $36,000 and investing it into marketing to find new customers.
Without business owners or executives realizing it, the sales / marketing misconception can cause flaws in a business plan as well as operational issues.
Here's an example. In the 1990's, telecommunications was exploding. Many new companies hired armies of sales reps, who had to find perspective customers and sell them.
They were given three months to make quota or be fired. Each day, they had to bring back 50 business cards - walking into businesses where they didn't know anyone - to prove they had satisfied their cold-calling requirement.
Sure enough, every three months, 30 percent of the sales force was fired.
What happened to these companies? Some went bankrupt while others eventually were rescued in buyouts. These were all well-funded companies. But the top executives failed to understand the distinction between marketing and sales.
What was the Marketing Department doing if the sales reps were doing marketing? Well, it thought it was doing marketing. In one case, it spent a lot of money hiring a well-known sports figure and holding fancy parties for big customers to attend, where they could hobnob and get an autograph.
Also, the Marketing Department was busy analyzing the kinds of customers that sales was selling.
Marketing is a vast area. But at it core, it needs to find people to turn into customers. Otherwise, marketing has probably drifted off into analysis dreamland.
Here's an example in which marketing hit a home run for a startup company.
To kick off sales efforts, the marketing manager found a shopping mall that was hosting a local business day. Space was purchased at the mall show for $500. A mailer was sent just before the show, inviting residents and business owners to stop by the table to enter a drawing for a free gift. The mailer cost $400. Sales reps greeted people who stopped by the table. The result was 30 new customers. The event was a big success.
Go through all the business cards that sales representatives have given you and look at their titles. If it says "sales representative," call the rep and ask them if they have to find their own prospects.
But if it says "marketing representative," you can bet the company is confused about the distinction between sales and marketing. Make sure that the mixed-up company isn't yours, whether you're a one-person operation, small business or large organization.
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Many programs can assist small business to access professional advice and support in critical early stages of establishing a business. While there are a lot of grants available, getting a business support grant from the government can be a challenge. Government grants are often complex with lots of processes and stages, and each grant will have its own requirements and criteria for applying.
While being awarded a grant is winning, they are notoriously hard to acquire. Not only are grants programs highly competitive, they can take months to process. Aside from finding one you’d be eligible for, you have to compete with other companies for the same. The other downside is that grants usually come with specific instructions on how you can use the money.
A grant for companies in Raffles Place Singapore can give your business a huge leg up and can be a great alternative to traditional finance. To apply for grants, first become familiar with the process. Eligibility for grants will vary depending on the grant in question.
Do your research. Identify programs that are a match for your business. Apply for the grant and submit eligibility requirements. Keep in mind that you’ll need to meet certain criteria to be eligible.
It is important for companies to develop a good training program to keep their staff motivated. Training may cover a wide range of reasons from new-hire training about your operation, to introducing a new concept to a workgroup to bringing in a new computer system.
Whatever the reason for conducting a training session, it is a must that a comprehensive, ongoing and consistent training program be developed in order to keep your staff motivated about learning new concepts and keeping your department profitable.
A formal new-hire training program, with an overview of the job expectations and performance skills needed to perform the job functions, is an essential part of a complete training program.
A new-hire training program provides essential knowledge and understanding of the position and how the position fits within the organizational structure. The new associate will better understand their impact on the organization if he or she has good background knowledge of how one workgroup interrelates with ancillary departments.
A good and reliable new-hire training program starts with the creation of a sound and comprehensive training manual. A manager or supervisor must keep the associate in mind while writing the training manual.
It is also important that it is interesting so the associate will actually read it. It is highly advisable to use graphics and to deviate from normal "corporate" language. In computer training, it is essential to incorporate a visual image of a computer screen to illustrate a function.A good training manual must act as a building block of practical and technical skills needed to prepare the new individual for his or her position.
A manager or supervisor must ensure the department manuals are kept current in order for the department to understand current policies and procedures. It must also include any system enhancements and/or change in policy or procedure.
On the Job Training or OJT is another form of a new-hire training program wherein a potential associate trains directly next to an existing associate. OJTs allow the new associate to see first hand the different facets of the position.
Through an OJT, the new-hire will have the opportunity to develop a working relationship with an existing associate. Concepts learned in the initial training are reinforced through OJTs. Continuing education is another aspect of a comprehensive training program. In fact, a good training program should make it an ongoing responsibility of the associate in a department. Continuing education will keep all staff members current about policies, procedures and the technology used in the department.Studies have shown that associates will only retain approximately 40 percent of the information learned in the initial training session.
That's why a continuing education program for a department is just as important as the new-hire training. A continuous effort, either formal or informal, must be placed on reminding the staff about various procedures and concepts.Common practice on informing associates about the need for continuing education often includes a member of management sending a memo to each associate.
Another, more informal way is to send a one-page information sheet to staff. The information sheet, called a training alert, should be informative and presented in a non-threatening manner. If the policy or procedure changes, therefore, the informal approach would better prepare the department to receive this presentation.With a new-hire and continuous education as part of your company's training program, you could be sure that your associates will grow well in your company.
Each scheme is different. Check you meet the general terms and conditions. Talk to the grant body to assess chances of success. Read grant objectives carefully. Have a great business plan.