{"id":1024,"date":"2021-05-13T08:13:38","date_gmt":"2021-05-13T00:13:38","guid":{"rendered":"https:\/\/staging.mayureshgodse.com\/MGStage\/?p=1024"},"modified":"2021-05-13T08:18:27","modified_gmt":"2021-05-13T00:18:27","slug":"how-singapore-smes-can-gain-and-grow-from-budget-2021","status":"publish","type":"post","link":"https:\/\/staging.mayureshgodse.com\/MGStage\/blog\/how-singapore-smes-can-gain-and-grow-from-budget-2021\/","title":{"rendered":"How Singapore SMEs Can Gain and Grow From \u2018Budget 2021\u2019"},"content":{"rendered":"\t\t
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Find Out Everything in 5 Minutes<\/span><\/p>

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Budget, decoded<\/span><\/p>

The market shakeup brought about by the pandemic is perhaps greater than the churn caused by the Great Depression of the 1930s.\u00a0<\/span><\/p>

The Budget, announced in Parliament on 16<\/span>th <\/span><\/span>February, aims to help the Singapore business fraternity weather the storm and bounce back better.<\/span><\/p>

Continued support for the SME sector is one of the key highlights of Budget 2021. Focused on the mantra, \u2018<\/span>Together, let\u2019s emerge stronger\u2019<\/span>, it has a S$24 <\/span>billion outlay<\/span><\/a> to help businesses overcome short-term challenges and prepare for long-term growth. <\/span><\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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he Government will continue to provide support for businesses to build capabilities at every stage, for every size of company and every business goal. SMEs can avail financial assistance from the new packages announced as well as the upgraded existing programs.<\/span><\/p>

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Read on to know more about the different<\/span> business grants in Singapore<\/span>\u00a0 your enterprise can benefit from.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Enhanced EDG: Greater assistance to grow, transform and internationalise your business<\/span><\/p>

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What the Grant covers<\/span><\/p>

Under this program,<\/span> your business can tap on support for projects in three key areas – core capabilities, innovation and productivity, and internationalisation.\u00a0<\/span><\/p>

The best part is, enhanced support to cover up to 80% of qualifying costs has been extended until 31 March, 2022.\u00a0<\/span><\/p>

Do you want to accelerate growth by strengthening your business foundations,<\/span> enhancing productivity and expanding into new geographies? Now give wings to your growth plans with Enhanced EDG.\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Core Capabilities\u00a0<\/span><\/p>

https:\/\/www.enterprisesg.gov.sg\/financial-assistance\/grants\/for-local-companies\/enterprise-development-grant\/core-capabilities<\/span><\/a>\u00a0\u00a0<\/span><\/p>

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Strategic Brand and Market Development\u00a0\u00a0<\/span><\/p>

Do you want to attract and win more customers?<\/span><\/p>

Create a strong value proposition, differentiate yourself from the competition and roll out the most effective media campaigns. Capitalize on the power of optimized digital marketing to appeal to a growing segment of young, tech-savvy consumers.<\/span><\/p>

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Business Strategy Development<\/span><\/p>

Do you want to develop the right high-growth business strategies?<\/span><\/p>

Understand how to capitalize on current and emerging opportunities; reinvent your business model by generating new revenue streams and giving a digital spin to your existing offerings.<\/span><\/p>

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Human Capital Development<\/span><\/p>

Want to attract and retain the best talent in the industry?<\/span><\/p>

Having a strong human capital strategy will help you recruit and retain the most competent employees. Implementing good HR practices will also facilitate in strengthening organizational culture, simplifying succession planning, catalyzing conflict resolution, etc. \u00a0 <\/span>\u00a0<\/span><\/p>

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Service Excellence<\/span><\/p>

Want to make your customers feel more valued and cared for?<\/span><\/p>

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Every customer interaction is crucial, especially for service-oriented SMEs. Now enhance business operations through better service interactions, giving customers an enriched experience.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Innovation and Productivity<\/span><\/p>

https:\/\/www.enterprisesg.gov.sg\/financial-assistance\/grants\/for-local-companies\/enterprise-development-grant\/innovation-and-productivity<\/span><\/a>\u00a0<\/span><\/p>

Want to cope effectively with flatlined revenues?\u00a0<\/span><\/p>

Now explore new engines of growth. And improve productivity across your critical business processes.<\/span><\/p>

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Automation<\/span><\/p>

Do you desire faster time-to-market and greater responsiveness?<\/span><\/p>

Stop wasting valuable resources by automating manual tasks. Automation and appropriate use of technology (software, hardware and firmware) can result in tangible benefits and significant growth for your business.\u00a0\u00a0<\/span><\/p>

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Process Redesign<\/span><\/p>

Do you want to reduce cost, save time, minimize wastage, mitigate risk and improve customer satisfaction?<\/span><\/p>

Some of your business workflows could be inefficient or downright redundant. You will experience a spurt in productivity by reviewing, redesigning and optimizing such business processes.\u00a0<\/span><\/p>

For instance, a cloud based composite web-mobile workflow management solution will bring \u2018ease of doing business\u2019 by streamlining operations, improving bottomline benefits and keeping your customers happy.\u00a0<\/span><\/p>

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Product Development<\/span><\/p>

Do you want to get a first-mover advantage in the market by developing innovative technology and products?<\/span><\/p>

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If you wish to ideate, develop, test and commercialize innovative products, you can receive assistance for technology projects for the following industry sectors: aquaculture, energy, electronics, supply chain management, environment and water, food, materials and precision engineering industries.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Market Access<\/span><\/p>

https:\/\/www.enterprisesg.gov.sg\/financial-assistance\/grants\/for-local-companies\/enterprise-development-grant\/market-access<\/span><\/a>\u00a0<\/span><\/p>

Have you aspired of expanding into overseas markets but put your plans on hold due to lack of funds?\u00a0<\/span><\/p>

Don\u2019t give up on your dreams! Now get the requisite financial aid through which you can recoup some of the costs of venturing into new markets.\u00a0<\/span><\/p>

The grant will help your company:<\/span><\/p>

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