Where the Business Environment Is Ideal for SMEs?

When a business operates productively, it can confidently navigate through a challenging market and come out profitable amid difficult times. Efficiencies in internal processes can greatly contribute to the growth of the SME and get it well on its way to the next level.

With growing costs and other economic changes happening, SMEs would find it beneficial to initiate changes that would streamline business processes to increase output as well as profit margins. But they are not in this alone. There are resources available to them to help SMEs effectively transform, become more competitive and attain new heights.

In Singapore, SME Centres have been established to guide business owners through the process of availing government programs and applying for grants. These also offer advice in enhancing productivity as well as in the expansion, financial and human resource aspects of the business.

While they have existed before as Enterprise Development Centres, the SME Centres have undergone further improvements with more focus in providing service to SMEs, such as personalized business diagnosis, which are offered for free.

Transformed into one-stop shops, the SME Centres aim to reach and engage more SMEs through five main and another five satellite centres distributed around the island. Entrepreneurs will know what assistance and other support they can get as they sit down with skilled business advisors who can point them to the appropriate government schemes.

Business advisors listen to the needs of entrepreneurs and meet with them in their respective establishments to assess how these can be properly addressed with the help of relevant government tools.

While some businesses are still cautious to seek help through SME Centres, many of them are aware of the need to improve productivity in order to succeed. According to the latest SME Development Survey, out of the 2,708 respondents in the survey 58% are looking at implementing improvements in the next 12 months to be more productive.

Issued by DP Information Group last November, the survey indicated that many of them see some adjustment in their processes can be done and that manpower can be optimized to boost productivity. The results show a leap from the 2012 survey where SMEs showed low productivity awareness with many unable to quickly grasp the concept.

Whether planning to start a business or figuring out ways to break through operational challenges, SMEs in various stages of development, regardless of industry, should not overlook opportunities to engage assistance programs that can be explored with the help of a business advisor at any SME Centre.

Since the service is free, it may sound too good to be true for SMEs. But to the business advisors, it’s all about making grants and other government schemes widely accessible to entrepreneurs to help set them on their way to continued success.