11.02.2014 Views

ED 53

You also want an ePaper? Increase the reach of your titles

YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.

JAN FEB 2014<br />

ISSUE <strong>53</strong><br />

A PUBLICATION BY ASME<br />

Ronald Lee<br />

The Business of People<br />

Pg 30 | Cover Story<br />

The Business of<br />

Staying in Business<br />

Pg 10 | Special<br />

Employee Engagement<br />

Pg 21 | Commentary<br />

Beyond the Data<br />

$6.90 (+GST)<br />

MICA (P) 104/03/2012<br />

ISSN NO 1793-0282<br />

Pg 54 | Market Intelligence


Understanding your<br />

business is our business.<br />

At Maybank, we support your entrepreneurial vision in uncovering fertile<br />

opportunities. You can leverage on our wealth of experience and expertise<br />

to bring your ideas to fruition and sow a golden harvest. For enquiries on<br />

our SME financing solutions, call 6645 3611 or 6298 2920.<br />

CMG036/AUG13/AD1/A<br />

Malayan Banking Berhad (incorporated in Malaysia)<br />

Humanising Financial Services Across Asia.


SCL<br />

10 The Business of<br />

Staying in Business<br />

Businesses can be severely affected by global events that are beyond<br />

their control, occurrences that are capable of widespread damage from<br />

stalling business operations to the crippling of whole companies. So how<br />

can your business prepare for, endure and then bounce back from a major<br />

eventuality? Business Continuity Management may have an answer.<br />

CR SR<br />

30 Ronald Lee –<br />

The Business of People<br />

Mr Ronald Lee, Managing Director of award-winning recruitment consultancy<br />

rm rimeStaff Management Services, talks about his passion for one of the<br />

most crucial aspects of any business – people.<br />

C <br />

January - Febuary 2014<br />

S SS<br />

16 Gaining Trust<br />

Gaining the trust of a business partner or supplier can be tough,<br />

but keeping that trust can be even harder. Read about how to win<br />

both personal and corporate trust.<br />

21 Employee Engagement – An Enabler<br />

of Customer Engagement<br />

satised employee will in turn do more to satisfy the companys<br />

customers. ind out how to more efciently engage your<br />

employees, rather than just rating their satisfaction levels.<br />

44 The Importance of Lifelong Learning<br />

he business environment will constantly change, and companies<br />

must be agile to change with it as well. rming yourself with<br />

new and relevant skills can sharpen your competitive edge in an<br />

increasingly challenging market.<br />

54 Beyond the Data<br />

very company knows that data-gathering is paramount in<br />

making good business decisions, but the costs to analyse data<br />

can be steep. So how can leaner SMs make sense of their data<br />

in order to make better decisions?<br />

RGLRS<br />

3 Message from <strong>ED</strong><br />

4 News & Events<br />

8 Calendar of Events<br />

14 Commentary<br />

36 MoneySmart<br />

38 Property<br />

40 SME Centre @ ASME<br />

42 Market Intelligence<br />

60 Lifestyle<br />

62 Gastronomia<br />

64 <br />

66 Top 5


MESSAGE<br />

FROM THE<br />

PRESIDENT<br />

<strong>ED</strong>ITORIAL TEAM<br />

A Fresh Start<br />

2013, as quickly as it had begun, has ended.<br />

It was a year lled with tumultuous events<br />

that tested the resolve of business owners in<br />

Singapore. From the cuts in the dependency<br />

ratio ceiling for foreign workers to the thankfully<br />

brief onset of haze, veteran businessmen and<br />

entrepreneurs alike all had to contend with<br />

these challenges, pushing through adversity to<br />

grow further.<br />

At the end of 2013, we recognised 12 Entrepreneurs in the Entrepreneur<br />

of the Year 2013 ~ A Rotary Singapore-ASME Award, outstanding<br />

business people who have made successful inroads in their chosen<br />

industries. Three of these exceptional individuals were our inaugural<br />

Young Entrepreneurs, a new Award Category rolled out in 2013. Being<br />

with the Award for the better part of 11 years, it lls me with great<br />

pride and fulllment, having seen the journey the Award itself has taken<br />

through the years.<br />

As we move forward into 2014, our SMEs have to prepare for possibly<br />

more challenging times ahead. They will also have to keep a more<br />

open mind on how to best steer their companies to greater success,<br />

which includes merging to form larger companies to reap better scale<br />

and improved leverage on their markets. As the business environment<br />

continues to change, our SMEs must change as well to maintain<br />

relevance and remain competitive.<br />

As a new year begins, ASME will strive to do more. Amongst the host<br />

of new programmes and initiatives in the pipeline, we hope to have an<br />

incubation centre that can bridge operating SMEs with new knowledgedriven<br />

or technologically-based startups that are relevant extensions to<br />

their current operations. This allows the deployment of old capital and<br />

established business acumen to fresh ideas, renewing vibrancy and<br />

creating greater sustainability in the SME community.<br />

Amidst the plethora of different ideas, we will still remain true to our roots,<br />

to be the business Association For Entrepreneurs, By Entrepreneurs.<br />

I wish all an enterprising 2014.<br />

Wee Chorng Kien, Kurt<br />

President<br />

Association of Small and Medium Enterprises<br />

Interim Executive Director<br />

Ang Yuit<br />

Advisor<br />

Thomas Fernandez<br />

Head, Corporate Communications<br />

Justin Shen<br />

Editor<br />

James Tan<br />

[corpcomms@asme.org.sg]<br />

Sub-Editor<br />

Eunice Choy<br />

Writer<br />

Rachelle Tan<br />

Advertising<br />

Celine Sim<br />

Luann Leong<br />

Joey Cheng<br />

[sales@asme.org.sg]<br />

Design & Printing<br />

SC (Sang Choy) International Pte Ltd<br />

Publisher<br />

Association of Small and Medium Enterprises (ASME)<br />

Contributors<br />

Stephen Lew Mark Dixon<br />

Chong Eng Hock Robert Chew<br />

Lee Boon Kee Anthony Ku<br />

VJP LLP<br />

Maybank Singapore<br />

Singapore Sports Council<br />

DISCLAIMER<br />

The comments and views expressed in Entrepreneurs’<br />

Digest do not necessarily reect the comments and views<br />

of the Publisher. This publication is intended to encourage,<br />

motivate and assist readers with regards to entrepreneurship<br />

and the associated. It is however, not a substitute for and<br />

should not be relied on as if it were professional advice on<br />

entrepreneurship, law, accounting or any other aspects<br />

of business. The Publisher expressly disclaims all liability<br />

for loss, damage or expense suffered or sustained by any<br />

person, body or corporation arising directly or indirectly from<br />

action as a result of the material in this publication. Any and all<br />

reliance on material therein shall be at the readers’ own risk.<br />

COPYRIGHT<br />

All rights reserved. No part of this publication may be<br />

reproduced, stored in a retrieval system or transmitted in any<br />

form or by any means, electronic, mechanical, photocopying,<br />

recording or otherwise without prior permission of the<br />

copyright owner of the Publisher © Association of Small and<br />

Medium Enterprises, 167 Jalan Bukit Merah Tower 4, #03-<br />

13 Singapore 150167. Tel (65) 6513-0388 Fax: (65) 6513-<br />

0399 MICA (P) NO 137/09/2013 ISSN: 1793-0286 Printed by<br />

SC (Sang Choy) International Pte Ltd<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST<br />

3


NEWS & EVENTS<br />

Help for SMEs<br />

to continue<br />

he Government will continue to aid the growth of small<br />

T<br />

and medium enterprises (SMEs) during the current<br />

difcult period of economic restructuring, according<br />

to Deputy Prime Minister Teo Chee Hean, who is also<br />

the Coordinating Minister for National Security and the Minister for<br />

Home Affairs.<br />

Mr Teo was speaking at the Award Presentation Ceremony of the<br />

Entrepreneur of the Year Award 2013 on 4 December 2013,<br />

where he also said that government agencies like<br />

SPRING Singapore and IE Singapore will keep<br />

working with trade associations and other<br />

industry players to help SMEs.<br />

“Through these collaborative<br />

efforts, we hope to help our<br />

SMEs raise productivity, create<br />

new products, services and<br />

processes, develop human<br />

capital, and expand overseas<br />

for growth, he said.<br />

The Association of Small<br />

and Medium Enterprises<br />

(ASME) will also do its part,<br />

according to its newly minted<br />

President Mr Kurt Wee. He<br />

said that the Association is<br />

currently in talks with both<br />

SPRING Singapore and Jurong<br />

Town Corporation to further efforts<br />

in establishing on incubation centre to<br />

bridge SMEs with new knowledge-driven or<br />

technological start-ups that are relevant as an<br />

extension to their current businesses.<br />

“This will allow the deployment of old capital and established<br />

business acumen towards the new ideas thereby renewing vibrancy<br />

and creating greater sustainability and better their market attack, Mr<br />

Wee commented.<br />

Mr Wee also mentioned that ASME will explore more ways to help<br />

business cut operating costs, one example is by amalgamating and<br />

centralising business purchases of members to create cost savings<br />

through collective bargaining. E<br />

WCS Payouts<br />

by end-March<br />

2014<br />

he rst tranche of government<br />

T<br />

payments under the Wage<br />

Credit Scheme (WCS) will<br />

be received by employers by<br />

the end of March 2014, according to a<br />

statement issued by the Ministry of Finance<br />

on 18 December 2013. This rst payout will<br />

be for wage increases given to employees in<br />

2013 over 2012.<br />

Employers have to ensure that their<br />

employee’s Central Provident Fund (CPF)<br />

contributions for 2012 and 2013 have<br />

been fully paid-for by 14 January 2014 in<br />

order to receive the payouts by end-March<br />

2014. Employers will have to make the CPF<br />

contributions within 14 days from the end<br />

of each month in which CPF contributions<br />

are due.<br />

Introduced as part of the 3-Year Transition<br />

Support Package during Budget 2013,<br />

the WCS co-funds 40 per cent of wage<br />

increases given to local employees earning a<br />

gross monthly salary of no more than $4000.<br />

Eligible employers will automatically receive<br />

the payouts based on their employees’ CPF<br />

contributions from 2012 to 2013. E<br />

4<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST


NEWS & EVENTS<br />

Sports and Fitness<br />

Asia 2013<br />

H<br />

eld for the rst time in Singapore from 10 to 12 October<br />

2013 at the Singapore Expo, this inaugural sports and<br />

tness lifestyle exhibition attracted 3,400 trade visitors.<br />

This trade fair showcased the latest and innovative gym equipment,<br />

sports and tness equipment, sports apparel & sports-wear, sports<br />

medicine & nutrition products and much more. There were live<br />

demonstrations of various sporting disciplines, including pilates, yoga,<br />

bokwa and cardio training sessions that allowed visitors to have a go.<br />

A series of seminars and conferences were also organised, covering<br />

topics that included "Mind Over Matter"; "Obesity Program"; "Fitness<br />

for the Golden Age", "Professional Coach Training & Development";<br />

"Sports, Fitness and Nutrition". E<br />

Building and Construction<br />

Myanmar 2013<br />

s Myanmar is emerging<br />

A<br />

as one of Asia’s newest<br />

and brightest frontier<br />

markets, its infrastructure,<br />

power and mining needs present<br />

many business opportunities for both<br />

local and international companies.<br />

Building and Construction Myanmar<br />

2013, held from 31 October 2013<br />

to 2 November 2013 at the Myanmar<br />

Convention Centre (MCC Hall) in<br />

Yangon, Myanmar, was the industry’s<br />

largest fair.<br />

Despite being the rst of its kind, it attracted participation from 170 exhibitors from 24<br />

countries including 3 international pavilions. B&C Myanmar 2013 delivered trade visitors<br />

from Myanmar and across Asia with a total of 3,491 visitors from 29 countries. The fair<br />

connected participants not only to visitors from across Myanmar but also to the region. This<br />

year, there were a total of nine companies participating under the Singapore Pavilion led by<br />

ASME. E<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST<br />

5


NEWS & EVENTS<br />

NEWS & EVENTS<br />

The season to be jolly<br />

Business owners and<br />

entrepreneurs came<br />

together to celebrate<br />

the season of joy<br />

s the year slowly draws<br />

A<br />

to a close, business<br />

owners and entrepreneurs<br />

take stock of what had<br />

transpired the past year. A year lled<br />

with challenge, tribulation but also full<br />

of success, surprise and euphoria.<br />

Christmas is the season of giving,<br />

but for the 120 businessmen and<br />

entrepreneurs who attended the ASME<br />

Christmas Party 2013, they were the<br />

ones who received the most joy.<br />

Held at Hood Bar & Café at Bugis+<br />

on 18 December 2013, the annual<br />

year-end networking event was<br />

organised by the Association of Small<br />

and Medium Enterprises (ASME), and<br />

was supported by Kitchen Culture<br />

(KHL Marketing – Asia Pacic Pte<br />

Ltd), Lithan Hall Academy, Nestle<br />

Singapore, Seraya Energy Pte Ltd and<br />

Viering, Jentschura & Partner LLP.<br />

Far from being an ofcious event with<br />

speeches and a rigid programme, the<br />

evening was lled with fun, relaxation<br />

and rife with sensations of casual<br />

enjoyment. Despite the inclement<br />

weather, the participants still<br />

turned up in force for an evening of<br />

informal interaction and comfortable<br />

mingling, a well-deserved break for a<br />

challenging year.<br />

A live band performance by Amanda<br />

Pee and the Dugong Warriors<br />

accompanied the participants as<br />

they indulged in the marvelous buffet<br />

spread, entertaining all present<br />

with their indie renditions of popular<br />

songs. A mini darts tournament was<br />

also held during the event, where fellow<br />

participants vied with one another to see<br />

who had the keenest eyes and steadiest<br />

hands. At the end of the evening, a<br />

lucky draw saw participants walk away<br />

with early Christmas gifts ranging from<br />

vouchers to coffee machines, ensuring<br />

a great Yuletide for them this year.<br />

Amidst the excitement and fun, the<br />

participants gathered into small<br />

groups and mingled with one another,<br />

exchanging work-related anecdotes,<br />

sharing experiences as well as<br />

exchanging business contacts. Indeed,<br />

the most valuable gift that was gleaned<br />

that evening was the many new<br />

business cards obtained, each holding<br />

a potential business partner or even a<br />

prospective customer.<br />

“It has been a very challenging year for<br />

our local SMEs, we all know that,” said<br />

Mr Ang Yuit, Vice-President (Membership<br />

& Training) from ASME, “Nonetheless,<br />

ASME will continue to strive to be the<br />

association For Entrepreneurs, By<br />

Entrepreneurs, and will continue to<br />

organise such networking events and<br />

platforms for our SMEs to widen their<br />

network and explore opportunities<br />

together, in unity.”<br />

Tis' the season to be jolly! E<br />

6<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST


Upcoming Events<br />

Personal Data Protection Act & Implications for Businesses<br />

Date : Friday, 24 January 2014<br />

Time : 3.00pm to 5.30pm<br />

Venue : The Enterprise, Association of Small and Medium Enterprises<br />

Interested to know more about the Personal Data Protection Act (PDPA) and how it would<br />

affect your business operations when it comes into force on 2 July 2014? Join this seminar<br />

to nd out more!<br />

A joint collaboration between the Association of Small and Medium Enterprises (ASME) and<br />

the Personal Data Protection Commission (PDPC), this seminar aims to provide an overview<br />

of the Personal Data Protection Act and the business rules for the Do-Not-Call Registry.<br />

There will also be a uestion & Answer session for participants to seek their clarications on<br />

the act and issues that may affect their day-to-day operations.<br />

Upcoming Trade Fairs<br />

ProPak Vietnam 2014<br />

Date: 4 – 6 March 2014<br />

ProPak Vietnam 2014,<br />

now into its 9th successful<br />

edition, is the leading<br />

international trade event for<br />

Vietnam’s expanding food,<br />

drink and pharmaceutical<br />

industries. ProPak Vietnam<br />

2014 includes PharmaTech<br />

Vietnam – focusing on<br />

Vietnam’s growing needs for<br />

pharmaceutical processing<br />

and packaging machines,<br />

technology and services<br />

and Lab & Test Vietnam<br />

– focusing on laboratory,<br />

analysis and measurement<br />

equipment.<br />

Beauty Professional<br />

2014<br />

Date: 24 – 27 March 2014<br />

Beauty Professional 2014,<br />

a business to business<br />

trade event held for the 3rd<br />

edition, is aimed at product<br />

distributors, buyers,<br />

pharmaceutical companies,<br />

R&D institutions, ingredient<br />

and product packaging<br />

suppliers, salon and retail<br />

shop owners as well as<br />

beauty professionals<br />

amongst others.<br />

Automechanika<br />

Istanbul 2014<br />

Date: 10 – 13 April 2014<br />

Automechanika Istanbul is<br />

Eurasia’s number one OEM<br />

and Aftermarket event. It<br />

brings together all relevant<br />

professionals from the<br />

Automotive Manufacturing,<br />

Distribution and Repair<br />

sectors in the region and<br />

it provides opportunities<br />

for Small and Middle<br />

Enterprises to step up in<br />

the market.<br />

For more information, visit www.asme.org.sg<br />

8<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST


NICF IGNITE SALARY FUNDING OF 70%<br />

(CAPP<strong>ED</strong> AT $2,000 PER MONTH FOR A<br />

MAXIMUM OF 6 MONTHS) AVAILABLE<br />

TO LOCAL CANDIDATES!


Are you<br />

SPECIAL<br />

prepared?<br />

SPECIAL<br />

The importance of<br />

Business Continuity<br />

Management<br />

(BCM) in the<br />

modern day<br />

and age<br />

he modern age brings<br />

T<br />

about a whole host of<br />

challenges independent<br />

of a business’ processes:<br />

epidemics, disease outbreaks,<br />

catastrophic natural disasters and<br />

rare eruptions of violence all disrupt<br />

normal business operations to varying<br />

degrees. Local small and medium<br />

enterprises (SMEs) will undoubtedly<br />

bear the brunt of the impact, given<br />

their smaller scales as compared<br />

to their multi-national counterparts.<br />

At the very least, their businesses<br />

would be affected for the duration of<br />

the crisis, bouncing back slowly after<br />

the incident has been passed. At the<br />

worst end, companies ill-prepared to<br />

deal with sudden calamities may nd<br />

themselves incurring severe losses<br />

or worse still: folding up.<br />

Therefore, it is imperative for SMEs<br />

to fortify themselves against any<br />

external eventuality, through a set of<br />

management principles collectively<br />

known as Business Continuity<br />

Management (BCM).<br />

A Shield to External Shocks<br />

The most apparent benet gleaned<br />

from BCM is the ability to safeguard<br />

business interests in times of crisis,<br />

building resilience and fortifying<br />

enterprises to withstand widespread<br />

shocks on the international arena.<br />

More than a one-off reactive<br />

measure implemented after disaster<br />

has struck, BCM is really a holistic<br />

management process that denes<br />

and identies potential threats to an<br />

organisation along with an effective<br />

response to defend the company’s<br />

key stakeholders, reputation, brand<br />

and value.<br />

Akin to a shield, BCM – if done well<br />

– will be able to adequately insulate<br />

businesses from the myriad threats<br />

in the environment today. In the<br />

modern context, such threats are<br />

not purely business-centric, global<br />

calamity and catastrophes can<br />

appear and recede swiftly, dealing<br />

devastating damage to economies<br />

and by extension, nations. With the<br />

ease and accessibility of today’s<br />

global transportation system, viruses<br />

and contagions are able to spread<br />

at an unprecedented rate, catching<br />

those unprepared off-guard, crippling<br />

key functions and causing pervasive<br />

panic.<br />

10<br />

ENTREPRENEURS’ DIGEST<br />

JAN FEB 2014


SPECIAL<br />

SARS<br />

The Severe Acute Respiratory<br />

Syndrome (SARS) epidemic that<br />

brought Singapore to a standstill<br />

in 2003 is a prime example. The<br />

SARS virus posed to Singapore a<br />

far greater uncertainty than the Iraqi<br />

War and its impact on oil prices<br />

that year, and was the wake-up call<br />

many businesses.<br />

Singapore’s economy is small and<br />

open; any shock extrinsic of the<br />

nation can cause the entire domestic<br />

economy to become volatile. This was<br />

truly the case in 2003, as the damage<br />

caused by SARS to businesses was<br />

severe, to put it simply. During the<br />

epidemic, the Straits Times Index<br />

(STI) was at 1267 points, even lower<br />

than the 1319 gure reported during<br />

the September 11 attacks on the<br />

twin towers in 2001. For a tourismcentric<br />

nation, Singapore’s visitor<br />

arrivals dropped by as much as 67<br />

per cent, with hotel occupancy rate<br />

falling to 20 to 30 per cent for 2003.<br />

Retail sales from visiting tourists also<br />

dipped as much as 10 to 50 per<br />

cent, especially for retailers in the<br />

lauded Orchard Road shopping belt.<br />

The epidemic exacted a severe toll<br />

on local businesses. Employees<br />

were absent from ofces for long<br />

periods of time due to sickness,<br />

needing to care for aficted family<br />

members as well as the fear of<br />

getting infected at work. In some<br />

cases, employees were also afraid of<br />

being retrenched due to the volatile<br />

economy. A Ministry of Manpower<br />

(MOM) survey conducted during<br />

the period reected a 5.5 per cent<br />

increase in the unemployment rate,<br />

the highest for Singapore in the past<br />

decade.<br />

On a broader spectrum, the<br />

estimated drop in gross domestic<br />

product caused by SARS was about<br />

1 per cent, or S$875 million.<br />

Elements of BCM<br />

So how can businesses strengthen<br />

their own defenses against such a<br />

crippling outbreak? Global crises<br />

are not conned to merely diseases<br />

and contagion, but also extend to<br />

human-induced calamity like wars<br />

and riots. While not a comprehensive<br />

resource, the following provides a<br />

snapshot to implementing a BCM<br />

plan for your company.<br />

At the most basic level, BCM consists<br />

of a process that rst analyses the<br />

potential risks a company might<br />

face. The crux of this element is to<br />

identify existing risks and threats that<br />

the business is prone to, especially<br />

with regards to the company’s<br />

geographical proximity and location,<br />

business processes and operating<br />

procedures.<br />

Next, it will then conduct an<br />

assessment of those risks on<br />

its business, a business impact<br />

analysis. This is the process<br />

of studying the consequences<br />

and effects of any disruptions to<br />

operations and processes across all<br />

business functions. Losses will have<br />

to be qualied and quantied, along<br />

with other factors including the<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST<br />

11


COMMENTARY<br />

tolerable downtime and the minimum<br />

resources required to recover vital<br />

business functions.<br />

Following that, a strategy to maintain<br />

operations is drawn up, outlining<br />

the key preventive, mitigation and<br />

recovery measures that must be<br />

implemented from the time of a crisis<br />

occurrence to the time when business<br />

operations have been nominally<br />

restored. This plan is then put into<br />

development, and management will<br />

have to determine the protocol for<br />

informing the right people, assessing<br />

impact on operations as well as to<br />

draw up specic steps for lessening<br />

the risks of disruptions and the<br />

restoration of normal operations after<br />

disruptions.<br />

As with all plans, the BCM plan is<br />

then put to the test. Exercises can be<br />

used to validate protocol, identifying<br />

and training of employees in their<br />

respective roles and responsibilities,<br />

improve coordination and minimise<br />

communication gaps, amongst others.<br />

All is not done when the tests are<br />

complete however. The onus is on<br />

the company to constantly update<br />

and maintain the BCM plan regularly<br />

and in response to dynamic business<br />

conditions. The plan will also have to<br />

be regularly reviewed and audited,<br />

continually tested and rened in order<br />

to be truly effective.<br />

<br />

<br />

As businesses and enterprises<br />

continue to grow and expand, the<br />

onus is on the business owner to<br />

secure and protect the fruits of the<br />

entrepreneur’s labour. The success of<br />

a business takes time and boundless<br />

effort, but if just one calamity manages<br />

to slip through an unguarded ank,<br />

the entire enterprise would fall into<br />

disarray. Therefore, the sustainability<br />

and continuity of the business must<br />

be accounted for in every business<br />

strategy, in every enterprise no matter<br />

the size and scale.<br />

Adopting a recognised BCM standard<br />

will go a long way in both protecting<br />

your business interests as well as<br />

to give key stakeholders, investors<br />

and prospective customers better<br />

peace of mind and condence in your<br />

business. They would be more likely<br />

and willing to invest in a business<br />

that is able to adequately withstand<br />

external shocks and mishaps,<br />

guaranteeing a decent return on their<br />

investment.<br />

The current standard for BCM<br />

in Singapore is the Singapore<br />

Standard SS 540:2008, which will be<br />

replaced by the SS ISO 22301:2013<br />

(Societal Security – Business Continuity<br />

Management – Requirements) by<br />

September 2014. This new standard<br />

has been published in October<br />

2012 and is exactly the same as the<br />

international ISO 22301:2012, and<br />

in it outlines the distinct requisites<br />

for establishing and maintaining a<br />

Business Continuity Management<br />

System (BCMS).<br />

There are many ways and methods<br />

to implement a BCMS, and each<br />

company must thoroughly study and<br />

assess the risks they face before<br />

going ahead with the BCM strategy.<br />

There are third-party consultants who<br />

are able to help you get started, and<br />

government assistance is available<br />

to assist you in obtaining BCM<br />

Certication.<br />

With a BCM plan in place, your<br />

business interests can be safeguarded<br />

that much more. E<br />

The National BCM Programme Funding can help businesses to<br />

become BCM-ready and obtain SS540 or equivalent BCM certication.<br />

For more information, visit www. bcm.org.sg<br />

12<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST


COMMENTARY<br />

COMMENTARY<br />

Create High Performance Teams<br />

with Positive Psychology<br />

Want to know the<br />

secret to hiring the<br />

right individuals and<br />

engaging and keeping<br />

them? The answer<br />

<br />

Positive Psychology<br />

here are several<br />

T<br />

misconceptions about<br />

positive psychology<br />

so let me begin by<br />

debunking some of them. Positive<br />

psychology is NOT simply positive<br />

thinking. It is not popular psychology<br />

(think: The Secret’s ‘law of attraction’<br />

philosophy, Men Are From Mars,<br />

Women Are From Venus, etc). It is<br />

not a feel-good motivational tactic.<br />

And it sure does not cure mental<br />

illness.<br />

Positive psychology is in fact a very<br />

methodological, science-based<br />

study of the factors and conditions<br />

that lead to human ourishing.<br />

By identifying and focusing on<br />

individual positive personality traits<br />

or strengths, positive psychology<br />

provides an effective framework for<br />

managing emotions and strategising<br />

communication methods. Thus, it<br />

improves relationships and helps<br />

people achieve a greater sense<br />

of wellbeing and even work-life<br />

harmony.<br />

How does this apply to the workforce?<br />

Start with Hiring Right<br />

There is always an element of risk<br />

in the recruitment cycle, as you go<br />

through the process of elimination to<br />

select the nal candidate to eventually<br />

hire. Sometimes, despite taking the<br />

utmost care in ensuring a stringent<br />

selection process, the individual may<br />

turn out to be a wrong t for the job<br />

or the organisational culture. And I<br />

am sure you know too well what a<br />

costly affair a wrong hire can be.<br />

Now imagine if you had access to<br />

a tool that could be deployed to<br />

increase the chances of a successful<br />

hire.<br />

Using positive psychology, the<br />

recruitment process takes on an<br />

added dimension of assessing<br />

candidates on other factors such as<br />

their strengths and resilience, and<br />

not just based on their qualications,<br />

experience and personality type.<br />

Many companies do administer<br />

psychometric tests and while<br />

such tests like Myers-Briggs Type<br />

Indicator® are certainly useful, it<br />

is so much more effective to select<br />

and recruit people based on their<br />

strengths (i.e. what they are good at),<br />

as they are more likely to succeed in<br />

the role if they already enjoy and are<br />

good at the job.<br />

Drive Employee Engagement<br />

For some time now, employee<br />

engagement has been a key focus<br />

of strategic HR, in a bid to create<br />

a positive company culture and<br />

optimise productivity. But for the<br />

most part, the formula for cultivating<br />

truly engaged employees remains the<br />

“holy grail” of HR practitioners.<br />

This is where positive psychology<br />

can come in to bridge the gap<br />

between a worker who only does<br />

the bare minimum so as to keep his<br />

job, and the star employee who goes<br />

over and beyond the call of duty –<br />

the ‘discretionary effort’ that remains<br />

largely absent in many workers and<br />

organisations today.<br />

14<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST


Positive psychology can be<br />

harnessed as a powerful force to<br />

create a culture where the workplace<br />

feels like a second home because<br />

people feel a sense of belonging<br />

and appreciation there. It can be<br />

used to create cohesive relationships<br />

amongst co-workers as the team and<br />

company work towards common<br />

goals. This helps to align individuals<br />

with the overall organisational identity<br />

and leads to greater employee<br />

satisfaction, which results in higher<br />

employee engagement.<br />

According to the VIA (Values in<br />

Action) Character Strengths in the<br />

Workplace model by the VIA Institute<br />

on Character, employees who are<br />

able to utilise their natural strengths<br />

in the course of their work tend to<br />

report higher job satisfaction and<br />

engagement. Thus, HR personnel<br />

ought to sort and match individuals<br />

to teams based on the different<br />

strengths of employees. If you are able<br />

to identify the core strengths of your<br />

employees, you can spend more time<br />

and resources training them in these<br />

areas to grow their strengths rather<br />

than try to improve their weaknesses,<br />

which most organisations tend to do.<br />

Strengths are a natural resource so<br />

if you harness employees’ strengths<br />

correctly, you will be better able to<br />

assign employees roles and tasks<br />

that are more aligned with what<br />

they are naturally good at, and this<br />

will increase the chance of them<br />

succeeding – and feeling more<br />

fullled – in the role or task.<br />

As positive psychology works to<br />

help people build their mindfulness,<br />

develop resilience and communicate<br />

more effectively, you can expect that<br />

your employees will also be able to<br />

manage family problems and work<br />

stress better. Sure, everyone will face<br />

occasional ‘downtimes’ at work or<br />

in their personal lives but if people<br />

have the psychological resources<br />

that positive<br />

psychology<br />

can provide<br />

them, their<br />

downtime<br />

will be a lot<br />

shorter since<br />

their ability to<br />

bounce back<br />

will be higher.<br />

Additionally,<br />

positive psychology<br />

increases social<br />

intelligence. People<br />

who have gone through<br />

positive psychology training<br />

are more authentic and selfassured,<br />

and better equipped to<br />

instill fairness at work, foster a spirit<br />

of collaboration, and create more<br />

harmony with the people around<br />

them. Together, these should serve<br />

to help reduce politicking in the<br />

workplace.<br />

We have witnessed a rather interesting<br />

phenomenon in which employees<br />

who have been exposed to positive<br />

psychology training become wiser<br />

and more selective about who they<br />

hang out with in the ofce. They then<br />

tend to avoid mixing with co-workers<br />

with a negative mindset and those<br />

who love to gossip – and naturally<br />

drift away from these ‘black sheep’ in<br />

an organisation.<br />

With more positivity and less toxicity<br />

in the workplace, people will be<br />

happier and more engaged with their<br />

work and this will undoubtedly lead<br />

to a more productive workforce.<br />

Speaking of productivity, if you<br />

want your staff to stop spending so<br />

much time on Facebook or other<br />

social media, send them for positive<br />

psychology training. You need to<br />

understand that the top reason that<br />

employees choose to spend time<br />

on social media during ofce hours<br />

is due to sheer boredom. They are<br />

simply not engaged in their work and<br />

COMMENTARY<br />

are looking for external stimulation.<br />

Here is where positive psychology<br />

can be used to activate and redirect<br />

your employees’ energy and attention<br />

towards work activities, leading to<br />

greater engagement and higher job<br />

satisfaction.<br />

Ultimately, positive psychology can<br />

have a fantastic effect on employee<br />

retention. Positive psychology<br />

advocates the expression of<br />

gratitude and appreciation amongst<br />

teammates so we suggest creating<br />

platforms that encourage employees<br />

to show their best at work. It can<br />

be something as simple as having<br />

regular ‘Gratitude Sessions’ where<br />

each employee writes down what<br />

or who they are grateful for without<br />

signing off and the team leader will<br />

read these out during the session.<br />

And as we all know, feeling a sense<br />

of appreciation can do wonders for<br />

anyone’s morale and employees who<br />

feel appreciated will be more loyal<br />

to their company and stick around<br />

longer. E<br />

Stephen Lew<br />

Founder<br />

The School of Positive Psychology<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST<br />

15


COMMENTARY<br />

Gaining Trust<br />

If you want your<br />

business to win trust,<br />

don’t let yourself get<br />

overstretched<br />

The great US investor Warren Buffett<br />

famously said, “It takes 20 years to<br />

build a reputation and ve minutes to<br />

ruin it. If you think about that, you’ll do<br />

things differently.”<br />

How to build (and maintain) trust<br />

and reputation is the subject of<br />

countless dissertations. It also keeps<br />

numerous reputation management<br />

and PR companies in business.<br />

But do not ever think it is just the<br />

concern of academics, consultants<br />

or multinational mega-brands. Every<br />

entrepreneur should think about trust,<br />

even on Day One of the business.<br />

First, trust is essential for attracting<br />

customers. Second, trust builds a<br />

brand, and therefore adds nancial<br />

value to a business. A trusted<br />

company also nds it easier to gain<br />

partners, attract talent and nd<br />

suppliers.<br />

A US think tank, the Values Institute,<br />

has come up with an easilymemorised<br />

formula for the ve values<br />

that inuence trust in a brand:<br />

•competence [e.g. how the<br />

company performs]<br />

•concern [e.g. care for<br />

customers, staff, community]<br />

•connection [sharing customers’<br />

values, communicating with<br />

them]<br />

•consistency [dependability of<br />

products and services]<br />

•candour [transparency,<br />

openness and honesty]<br />

All these values should run right<br />

through a business. Concern and<br />

connection, for example, have to be<br />

genuine. In the days of Internet and<br />

social media, companies cannot<br />

fake them. With almost 50 per cent<br />

of Singapore on Twitter, over 60 per<br />

cent on Facebook, and 37 per cent<br />

researching online reviews and social<br />

media before buying 1 , companies<br />

quickly get caught out if they fail to<br />

care, connect or be candid.<br />

In a recent survey in Singapore 2 ,<br />

social media was ranked low as<br />

a positive inuence on corporate<br />

reputation, but this is no cause for<br />

1 Rockpublicity, ‘The state of social media in Singapore’, 2012.<br />

2 Reputation Management Associates, ‘Corporate Reputation Survey’, 2013.<br />

16<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST


COMMENTARY<br />

complacency: social media can very<br />

easily have a negative inuence on<br />

reputation. Warren Buffett’s warning<br />

about how it can take ve minutes to<br />

ruin a reputation is more relevant than<br />

ever in the days of social media.<br />

Why SMEs and growth companies<br />

may struggle with trust<br />

Another denition of how to gain trust<br />

is that it is based on two elements:<br />

character and competence.<br />

‘Character’ covers similar ground as<br />

‘concern, connection and candour’ –<br />

it is about building relationships, not<br />

just sales. Customers increasingly like<br />

companies with values. They want to<br />

believe that they, and not prots, are<br />

the primary focus of businesses they<br />

deal with.<br />

All of the various Cs that go to create<br />

trust – character, competence,<br />

concern, connection, consistency,<br />

candour – can come under pressure<br />

when companies grow quickly. Staff<br />

and owners get overstretched; new<br />

employees come on aboard who<br />

do not have the same connections<br />

with customers as in the early days;<br />

consistency may suffer.<br />

As mentioned earlier, values like<br />

candour and concern have to<br />

come from within, and owners and<br />

managers must take the time to<br />

build a good corporate culture. But<br />

with other values – competence<br />

and consistency – help can come<br />

from outside. This applies not just to<br />

Singapore’s high-growth companies,<br />

but to every company, from the oneman-band<br />

upwards.<br />

Competence covers the big issues<br />

like quality and price, but it is also<br />

about getting small things right:<br />

phones being answered rather than<br />

allowed to ring; messages passed<br />

on and calls returned; a business<br />

address in a good area. These are<br />

the things that can SMEs can often<br />

overlook, and can dent people’s belief<br />

in your company.<br />

Let’s say you are overstretched.<br />

Rather than jeopardise competence<br />

and consistency, why not outsource?<br />

Think about all the activities that divert<br />

you from core business: dealing with<br />

lengthy paperwork such as property<br />

leases; equipping the ofce and<br />

organising cleaning and maintenance;<br />

getting the photocopier xed when<br />

it goes wrong; hiring people to staff<br />

reception or security and answer the<br />

phones; making sure you are meeting<br />

local health and safety regulations.<br />

If someone else does these things,<br />

you have more time to focus on the<br />

core tasks of being competent and<br />

consistent. With less time spent on<br />

workplace issues, there is more time<br />

to spend on business.<br />

How to win personal trust as well<br />

as corporate trust<br />

With personal trust, the same<br />

principles apply as with corporates:<br />

you have to show both character<br />

and competence day in, day out.<br />

It is back to Buffett again: ve bad<br />

minutes when you are overstretched<br />

can easily harm trust and reputation.<br />

Networks spread recommendations,<br />

but they also spread criticism.<br />

The solution is to arrange your life so<br />

that you can perform properly.<br />

•Invest in talent so that you are not<br />

doing everything yourself<br />

•Outsource non-core tasks such<br />

as managing the ofce, so you<br />

and your key staff can focus on<br />

customer service and revenue<br />

and new business generation.<br />

•Pay attention to your work-life<br />

balance and stress levels.<br />

•Cut the time and energy you<br />

spend on commuting and<br />

business travel. By working at<br />

locations closer to home or using<br />

videoconferencing instead of<br />

ying abroad to meetings, you<br />

create more time for work and<br />

family.<br />

Trust may be an abstract concept,<br />

but to gain it you need to look at<br />

those practical details. E<br />

Mark Dixon<br />

CEO<br />

Regus<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST<br />

17


COMMENTARY<br />

COMMENTARY<br />

How to Create a Climate for<br />

Positive Engagement<br />

Creating a positive<br />

communication experience<br />

Y<br />

ou have the power to create the ideal<br />

environment for communication, one that<br />

creates a positive experience for you and<br />

others around you.<br />

If you know you have the skills to work with others<br />

effectively, your attitude toward them is going to reect<br />

that – you know you are ready to address whatever may<br />

warrant your attention. You are less likely to have your<br />

back up against the wall or be defensive. You are also<br />

less likely to be overly cautious, holding back. Instead,<br />

you are condent and willing to engage.<br />

Choosing a mind-set to make a good impression of<br />

yourself will inuence your behavior – in all sorts of ways.<br />

The tone of your voice will be positive and engaging. Your<br />

listening skills will be sharpened and at the ready. And<br />

although in a telephone conversation your body language<br />

would not be visible to the other person, it will nonetheless<br />

manifest itself in the way you come across. If you are in<br />

a face-to-face setting, your body language will certainly<br />

reect the positive words you use in the conversation.<br />

When you consistently express this mind-set, you will<br />

inuence the behaviour of people around you. They will<br />

respond in a different way than they otherwise might thus<br />

create a positive environment for all.<br />

Much of what we are describing comes back to the<br />

importance of choice. With a mind-set to make a good<br />

impression of yourself, you make the choice to respect<br />

the other person and treat him or her as you would have<br />

him or her treat you; your attitude and behavior would<br />

naturally reect that commitment. This applies to personal<br />

relationships as well.<br />

The bottom line is with a mind-set to always make a good<br />

impression of yourself, it helps you establish a genuinely<br />

respectful relationship between you and others. Even if<br />

you have to tell the customer that his product was backordered<br />

or that his ID card is not ready – or must say<br />

no in any fashion – the customer can still feel that you<br />

have handled the situation in such a calm, condent,<br />

professional way that he or she would still choose to have<br />

another contact with you in the future. E<br />

Robert Chew<br />

Associate Trainer<br />

d’Oz International Pte Ltd<br />

18<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST


COMMENTARY<br />

COMMENTARY<br />

A Hub to the world<br />

The Singapore<br />

Government has<br />

outlined bold plans to<br />

turn the nation into<br />

a global Intellectual<br />

Property Hub in Asia<br />

In the past year or so, there has been<br />

much publicity about our Government’s<br />

bold ambitions to mold Singapore into<br />

an Intellectual Property (IP) Hub to be<br />

recognized on regional and international<br />

levels in three strategic areas:<br />

• IP transactions and<br />

management<br />

• <br />

• IP dispute resolutions<br />

Even though still regarded as an emerging<br />

industry by global standards, the IP<br />

landscape in Singapore is set to change<br />

dramatically with the IP Hub thrust. Growing<br />

recognition by companies that their IP can<br />

be of signicant value and are assets has<br />

fueled their desire to ensure that their IP is<br />

well protected and to be capitalised upon.<br />

In relation to IP transactions and<br />

management, discussions with nancial<br />

institutions to play a more pivotal role in<br />

looking at IP as investable collateral are<br />

being conducted. Our Government will<br />

also play a more proactive role by partially<br />

underwriting the value of companies’ IP<br />

used as collateral, to increase the ease with<br />

which companies can access capital for<br />

growth and expansion. This IP-backed loan<br />

programme will help start-ups and small<br />

and medium enterprises (SMEs) obtain<br />

nancing using their IP as collateral.<br />

Further, in relation to IP lings, signicant<br />

funds will be invested by the Intellectual<br />

Property Ofce of Singapore (IPOS) to build<br />

up its capabilities in patent search and<br />

examination so as to generate search and<br />

examination reports in an expeditious and<br />

cost-effective manner to encourage more<br />

companies to rst le in Singapore, and<br />

subsequently obtain protection easier also<br />

in other countries, in particular in ASEAN<br />

counties and also some major jurisdictions,<br />

like USA, Japan, Korea and China.<br />

In addition, in relation to IP dispute<br />

resolutions, Singapore´s aim is to develop<br />

an even more efcient and effective legal<br />

system for IP dispute resolution so that<br />

companies will be encouraged to bring their<br />

disputes to Singapore for expeditious and<br />

effective resolution through the Singapore<br />

Courts and alternative dispute resolution<br />

revenues.<br />

By attracting more global players to<br />

Singapore and extending its reach to the<br />

regional markets, a more sophisticated and<br />

comprehensive IP industry will also help<br />

our Singapore-based MNCs and SMEs<br />

to maximise returns on their research and<br />

development investments.<br />

Therefore, with the IP Hub blueprint, we<br />

can look forward to Singapore becoming<br />

a vibrant, sustainable IP ecosystem, with<br />

a host of IP activities in Singapore. This<br />

will contribute to Singapore’s economy<br />

and create high-value employment<br />

opportunities in Singapore and for<br />

Singaporeans in years to come. E<br />

Viering, Jentschura & Partner LLP<br />

20<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST


COMMENTARY<br />

COMMENTARY<br />

Employee Engagement –<br />

An Enabler of Customer Engagement<br />

A happy employee leads to<br />

happy customers<br />

The rising afuence, ease of access to information and<br />

social media have empowered consumers to an extent that<br />

their opinion on products and services cannot be ignored.<br />

Thus, customer-centric businesses should provide<br />

channels for consumers to voice their opinions and in turn,<br />

be the rst to learn about issues and provide solutions to<br />

resolve them. Satised customers will continue to engage<br />

with the business and share their positive experience with<br />

their families and friends.<br />

‘You don’t get engaged customers<br />

without engaged employees.’<br />

<br />

Many businesses conduct annual surveys to measure<br />

Employee Satisfaction. However, researchers have shown<br />

that satised employees do not necessarily take a personal<br />

interest to ensure business success as they are generally<br />

content with their current status. Engaged employees, on<br />

the other hand, will be passionate in ensuring that every<br />

customer interaction generates truly loyal and satised<br />

customers who will be sharing that experience.<br />

‘The service-value chain<br />

<br />

<br />

and growth not only to customer<br />

loyalty and satisfaction derived<br />

from good external service<br />

<br />

employee loyalty and satisfaction<br />

which derive from good internal<br />

relationships and working<br />

environment.’<br />

<br />

<br />

How can SMEs nurture satised and engaged employees?<br />

The journey begins with the SMEs’ intention to entrench<br />

employee engagement as a long-term corporate culture.<br />

Next, the SMEs should assess the current state and<br />

determine the key drivers of employee engagement. Tools<br />

have to be in place to collect feedback from employees<br />

and action plans have to be implemented. This follow-up<br />

is critical in building trust between management and staff<br />

to facilitate frank and open exchanges in the future.<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST<br />

21


COMMENTARY<br />

It is imperative to note that employee engagement<br />

strategy should support and bolster the organisation<br />

vision, mission and business objectives. In general,<br />

employee engagement initiatives can be broadly grouped<br />

under employee well-being, information sharing, fairness<br />

and involvement. With the key drivers for employee<br />

engagement identied, initiatives are developed in these<br />

key areas to raise level of engagement.<br />

Well-being<br />

Employee well-being is affected by his/her feelings about<br />

the organisation, work-life balance, job design and<br />

structure. A strong corporate brand and culture that are<br />

aligned with an employee’s value will instill pride in the<br />

employee. The appropriate training, tools and resources<br />

made available to execute the job competently and<br />

knowledge of how he/she contributes to the organisation’s<br />

success reinforce that sense of pride. The exibility of the<br />

organisation in terms of working hours and staff benets<br />

will alleviate some stress, thus raising the employee’s<br />

overall well-being.<br />

Information Sharing<br />

The sharing of appropriate company information provides<br />

an opportunity for the SME owner to express appreciation<br />

for the employees’ contribution to the business’ success.<br />

Regular information sharing will foster a sense of trust<br />

and ownership among the employees, in turn motivate<br />

employees to be participative and enthusiastic in ensuring<br />

further successes. The leadership of the business should<br />

take the lead in sharing key information. The keys to these<br />

communications are clarity and regularity. Just as it is<br />

important to reach out regularly, it is equally important for<br />

two-way and multichannel communications to take place.<br />

Fairness<br />

Fairness begins at the recruitment phase. It is only fair<br />

for the recruiter to hire the right candidate for a job,<br />

provide comprehensive and realistic expectations of the<br />

job. Once on board, regular performance appraisal based<br />

on the objectives that were clearly spelt out between the<br />

employee and superior should be provided. The presence<br />

of gaps between what was promised to the employee<br />

and his actual experience will result in distrust. Distrust<br />

impedes all forms of employee engagement activities.<br />

Involvement<br />

Employees like to be involved in making recommendations<br />

on issues that affect them. Involvement empowers the<br />

employees, allows them to determine their course of action<br />

and thus increases their level of commitment. Trust and<br />

openness are two key drivers for continuous involvement.<br />

Senior management have to trust that the employees<br />

are capable of taking the right actions while employees<br />

have to believe that senior management will act on their<br />

inputs. Rationale for decisions made which are different<br />

from employees’ inputs should be shared to foster trust<br />

and shape employees’ thought process for future inputs.<br />

22<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST


COMMENTARY<br />

Soverus Group Pte Ltd<br />

Soverus Group Pte Ltd, a leading company providing<br />

services in Security Guarding, Security Systems, Security<br />

Consultancy and Private Investigations, has implemented<br />

many best practices to boost the morale of its Security<br />

ofcers, a group that has suffered from low job prestige,<br />

resulting in poor performance and high turnover. Soverus<br />

has the lowest attrition rate and no-show rates in the<br />

industry. It has become protable within three years after<br />

the current management team took over the helm.<br />

Soverus’ journey into employee engagement started<br />

with the inclusion of ‘We will respect and nurture all our<br />

employees to be the best that they can be’ in its Core<br />

Values. It recognised the low sense of pride among the<br />

security guards and how that affects the service quality. It<br />

knows that sense of pride and engagement are keys to<br />

transform the mentality of security guards.<br />

Soverus’ solution addresses the issues psychologically<br />

and nancially.<br />

Its rst move to address the psychological aspect was to<br />

instill a sense of pride in its security guards by featuring<br />

them as the face of the company in its advertising<br />

materials and press releases. It has also raised their sense<br />

of belonging by providing all guards with company email<br />

addresses and handbooks. Signages posted at Security<br />

Posts with warnings against abuse are commitment from<br />

the management to ensure the safety and well-being of all<br />

its guards.<br />

engagement measurement as part of their performance<br />

target. Last but not least, Mr Paul Lim, Group CEO,<br />

will personally recognise all employees with exceptional<br />

performance.<br />

‘Engaged employees lead to higher<br />

levels of engaged customers.’<br />

Walt Disney Management<br />

In conclusion, for employee engagement to be sustainable,<br />

senior management have to incorporate employee<br />

engagement as part of the business strategy. It is critical<br />

that there is absolute trust between Management and<br />

staff and this trust has to be maintained through clear and<br />

regular two-way communications.<br />

Once employees are taken care of in a business, both<br />

the customers and bottom line will be taken care of<br />

automatically. E<br />

Chong Eng Hock<br />

Consultant<br />

ECCA Consulting<br />

Soverus takes care of the nancial aspect by paying its<br />

employee at the top 10 per cent pay scale in its industry<br />

and lowering their cost of living through corporate discount<br />

tie-ups with telecommunications and healthcare service<br />

providers. Soverus is probably the only company in its<br />

industry to include a Conrmation increment amount in<br />

its employment contract and provide bursary awards to<br />

family members of employees.<br />

Employee engagement will continue to be a culture<br />

in Soverus. All management staff carry employee<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST<br />

23


As the pioneer of Mobile<br />

Elevated Work Platforms since<br />

1982, Galmon continues to<br />

expand and succeed in<br />

retaining its position as a leader<br />

in its field, through the guidance<br />

of its core values – Efficient and<br />

Reliable Machinery, Safety as<br />

the Top Priority, Excellent<br />

Customer Service, Cohesive<br />

Teamwork & Constant<br />

Improvement and Innovation.<br />

With teamwork and nurturing<br />

working<br />

environment,<br />

excellence has become second<br />

nature. <br />

As we aspire to be the choice<br />

global provider for MEWP, we<br />

strive to anticipate and meet<br />

future and sophisticated<br />

demands of clients, both from<br />

Singapore and abroad. We sell,<br />

rent and service the widest<br />

range of aerial access<br />

equipment – from self-propelled<br />

booms, scissors, truck-mounted<br />

work platforms, telehandlers,<br />

aluminium mobile scaffolding to<br />

special custom-built lifts.


50 Tuas Avenue 1 Jurong Industrial Estate Singapore 639527<br />

Tel: (+65) 6862 2277 Fax: (+65) 6862 0520 info@galmon.com www.galmon.com<br />

Company Registration No: 198202184W


COMMENTARY<br />

COMMENTARY<br />

Making a Mark<br />

The Entrepreneur of<br />

the Year Award 2013<br />

Presentation Ceremony<br />

unveiled the Entrepreneurs<br />

who have made their<br />

marks in their respective<br />

industries<br />

O<br />

n the evening of 4 December<br />

2013, 12 newly-minted<br />

Entrepreneurs of the Year<br />

received their trophies amidst<br />

the raving cheers of their staff, colleagues<br />

and business associates. These are the<br />

exemplars of entrepreneurial excellence,<br />

remarkable businessmen who have made<br />

the nal cut in the Entrepreneur of the<br />

Year Award 2013 A Rotary Singapore-<br />

ASME Award.<br />

Organised by the Association of Small<br />

and Medium Enterprises (ASME) and the<br />

Rotary Club of Singapore, the Award’s<br />

Silver Jubilee saw the introduction of the<br />

Young Entrepreneur Award Category,<br />

a separate grouping tailored towards<br />

emerging entrepreneurs. A new set of<br />

criteria allows these Young Entrepreneurs<br />

to participate on more even terms, whilst<br />

the veteran businessmen competed in the<br />

Established Entrepreneur Award Category.<br />

“The nine Established Entrepreneurs<br />

and three Young Entrepreneurs who are<br />

being recognised today have achieved<br />

success in your respective elds through<br />

tenacity, creativity and hard work,” said Mr<br />

Teo Chee Hean, Deputy Prime Minister,<br />

Coordinating Minister for National Security<br />

and Minister for Home Affairs during his<br />

welcome address that evening as the<br />

event’s Guest-Of-Honour, “I hope that<br />

many more Singapore SMEs will be<br />

inspired by your achievements, so that we<br />

build up a strong pool of SMEs that will<br />

continue to make a signicant contribution<br />

to Singapore’s economy, and create many<br />

good jobs for Singaporeans.”<br />

Following a Final Judging Session in<br />

November 2013, the Overall Winners<br />

for each Award Category as well as the<br />

Sub-Category Award Winners were<br />

determined. Led by Mr aqy Mohammad,<br />

Member of Parliament, Choa Chu Kang<br />

Group Representation Constituency<br />

(GRC) for the Established Entrepreneur<br />

Award Category and Mr Leslie Loh,<br />

Managing Director of Red Dot Ventures<br />

for the Young Entrepreneurs, the Final<br />

Judging panel comprised eminent judges<br />

who came from successful positions in<br />

both the public and private sectors. During<br />

the day-long session, the judges assessed<br />

each Entrepreneur with precision and<br />

depth, drilling down to the bedrock of their<br />

business ideals, their core beliefs as well<br />

as their plans for the future.<br />

The two Overall Winners also won Sub-<br />

Category Awards to complement their<br />

already-impressive achievements. Mr<br />

Neeraj Sundarajoo, Chief Executive<br />

Ofcer of digital marketing solutions rm<br />

Comwerks Pte Ltd clinched both the<br />

Overall Winner for Young Entrepreneurs<br />

as well as the EYA for Social Contribution,<br />

while the Overall Winner for the<br />

Established Entrepreneurs Mr Sun Lai<br />

Fong, Chairman of Sunhuan Construction<br />

Pte Ltd, also walked away with the EYA<br />

for Info-Communications Technology.<br />

Mr Neeraj Sundarajoo, the inaugural<br />

Overall Winner for the Young Entrepreneur<br />

Award Category, was willing to take the<br />

risk on entrepreneurship, rather than<br />

accepting one of his many job offers as<br />

he came out of school. At the tender age<br />

of 21, he started Comwerks Pte Ltd with<br />

his brother and current partner Mr Keith<br />

Tan with a mere $5000, venturing into the<br />

relative unknown. Although he had the<br />

drive and passion to move his business,<br />

the young Neeraj lacked the necessary<br />

experience, and without sound nancial<br />

management, Comwerks struggled to<br />

survive.<br />

Nevertheless, he persevered, and his<br />

turning point came when he invited Mr<br />

Steven Seet, one of his ex-clients, to<br />

chair the board. This mentorship instilled<br />

nancial discipline within the company,<br />

and brought the company to greater<br />

26<br />

ENTREPRENEURS’ DIGEST<br />

JAN FEB 2014


COMMENTARY<br />

heights. Coming full circle, Neeraj is now a mentor to<br />

other young entrepreneurs, having experienced for<br />

himself the value of having a reliable business mentor.<br />

On the other end of the spectrum lies Mr Sun Lai Fong,<br />

an ex-construction worker who arrived in Singapore from<br />

Fujian Province in China 32 years ago. Starting work in<br />

1981 when Singapore was rapidly industrialising, Mr Sun<br />

spent hours toiling for relatively low pay, yet he refused to<br />

give up as he had to support his family back home.<br />

In 1991, he used $4000 of his hard-earned savings to<br />

start his company, rst starting with only eight workers<br />

but rapidly expanding after building up a reputation<br />

for being punctual and responsible. Today, Sunhuan<br />

Construction deals with Housing Development Board<br />

projects, with about six in the pipeline to construct more<br />

than 5000 ats.<br />

Mr Sun has also successfully used technology to improve<br />

his business, investing and developing a management<br />

information system, a highly-centralised platform to<br />

control what is traditionally a very fragmented operational<br />

framework, enabling the rm to do more with the same<br />

costs. The system allows employees and management<br />

alike to check on projects statuses, audit processes<br />

and payment progress updates amongst others, and<br />

the system has been the cornerstone of the company’s<br />

operations for the past 10 years.<br />

As Singapore’s oldest entrepreneurial award, EYA has<br />

recognised 225 entrepreneurs over the years. The<br />

Award’s journey and some of the stellar alumni can be<br />

revisited in a special commemorative book titled “Rise<br />

to the Top: What Singapore’s Best Entrepreneurs<br />

Do” to celebrate 25 years of entrepreneurial excellence.<br />

“EYA is not only the oldest locally founded entrepreneurial<br />

award, it has the most rigorous assessment and judging<br />

process, the broadest media exposure, privileged with<br />

the best breed of corporate sponsors and enjoys the<br />

Government’s patronage at the highest levels,” said Mr Kurt<br />

Wee, President of the ASME.<br />

For the latest line of Entrepreneurs of the Year, their new<br />

journeys are about to begin. E<br />

Overall Winner & Sub-Category Award Winners<br />

THE ENTREPRENEUR OF THE YEAR AWARD 2013 A<br />

ROTARY SINGAPORE-ASME AWARD<br />

Established Entrepreneurs:<br />

Overall Winner<br />

Mr Sun Lai Fong, Sunhuan Construction Pte Ltd<br />

Winner of EYA for Enterprise<br />

Mr Winston Chia, Serrano Holdings Pte Ltd<br />

Winner of EYA for Innovation<br />

Mr Albert Oon, Shun hou Hardware Pte Ltd<br />

Winner of EYA for Info-Communications Technology<br />

Mr Sun Lai Fong, Sunhuan Construction Pte Ltd<br />

Winner of EYA for Service Excellence<br />

Ms Sally Chua, ’son Kitchen Equipment Pte Ltd<br />

Young Entrepreneurs:<br />

Overall Winner<br />

Mr Neeraj Sundarajoo, Comwerks Pte Ltd<br />

Winner of EYA for Social Contribution<br />

Mr Neeraj Sundarajoo, Comwerks Pte Ltd<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST<br />

27


COMMENTARY<br />

28<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST


COMMENTARY<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST<br />

29


COVER STORY<br />

COVER STORY<br />

The Business of People<br />

Mr Ronald Lee,<br />

Managing Director<br />

of award-winning<br />

recruitment<br />

<br />

PrimeStaff, practices<br />

what he preaches.<br />

uman resources, or HR<br />

H<br />

as it is more commonly<br />

referred to, can be<br />

one of the trickiest<br />

undertakings for any company<br />

regardless of scope and scale. It is<br />

a constant challenge trying to nd<br />

the most suitable candidate to man<br />

appropriate positions, to groom them<br />

to possibly helm divisions sometime<br />

in the future or simply to keep the<br />

company operating at maximum<br />

efciency. No matter how automated<br />

or technologically-advanced an<br />

enterprise becomes, manpower is<br />

still required to run those machines;<br />

looking for the right people is still<br />

therefore of utmost importance.<br />

One Man’s Passion<br />

Mr Ronald H S Lee, managing<br />

director of PrimeStaff Management<br />

Services Pte Ltd, has perfected the<br />

art of recruitment by focusing on the<br />

crux of the issue - people. Beginning<br />

his career in a diverse number<br />

of industries including property<br />

development, banking and information<br />

technology, Ronald quickly scaled the<br />

competitive corporate ladder to settle<br />

into a comfortable and lofty position<br />

in a multinational corporation during<br />

his early years. However, the call of<br />

entrepreneurship beckoned, and<br />

Ronald left his sky high perch in 1994<br />

to realise his passion, literally from the<br />

ground up.<br />

Today, PrimeStaff has become a<br />

leading recruitment powerhouse,<br />

providing a comprehensive framework<br />

of services that encompasses<br />

recruitment, payroll processing,<br />

recruitment process outsourcing,<br />

training and outplacement services.<br />

Its human touch, passion for people<br />

and customised approaches have<br />

garnered the homegrown rm a<br />

growing list of corporate clients as<br />

well as potential job candidates,<br />

securing both sides of the equation.<br />

For a recruitment rm however, how<br />

does Ronald attract and retain his<br />

top talents?<br />

Passion, Integrity, Honesty<br />

“Besides offering a competitive<br />

compensation and benets package,<br />

we focus very much on creating a<br />

strong corporate culture centred<br />

on a family-like environment where<br />

everyone genuinely feels like a part of<br />

the team,” enthuses Ronald, “We try<br />

our best to create a culture in which<br />

30<br />

ENTREPRENEURS’ DIGEST<br />

JAN FEB 2014


our staff feel that their contributions<br />

are valued, and we always seek to<br />

create meaning in the workplace via<br />

initiatives such as corporate social<br />

responsibility activities. Through<br />

these, our people feel a greater sense<br />

of purpose that goes much deeper<br />

than just showing up for work to earn<br />

a paycheck.”<br />

Ronald looks at three main things<br />

when hiring people: passion, integrity<br />

and honesty. People, in every sense<br />

of the word, are at the core of<br />

PrimeStaff’s business, be it dealings<br />

with candidates, clients or even<br />

fellow colleagues. Ronald maintains<br />

that his staff must be passionate<br />

about people, as they are directly<br />

contributing to the betterment of<br />

their lives. Integrity and honesty are<br />

also key traits, since the nature of<br />

the business concerns privileged and<br />

condential information pertaining<br />

to both clients and candidates,<br />

therefore staff with these qualities<br />

are necessary to uphold PrimeStaff’s<br />

reputation as a value-adding HR<br />

service consultancy.<br />

Transcending the Surface<br />

Beyond the generous compensation<br />

packages (top consultants can get<br />

ve gures a month commissions)<br />

and staff benets, Ronald strongly<br />

believes in going beyond the apparent<br />

to retain staff. This philosophy is<br />

epitomised in the non-monetary<br />

activities he regularly partakes in,<br />

undertakings that have a far more<br />

powerful effect on staff retention than<br />

nancial incentives.<br />

Ronald places great emphasis on<br />

creating a strong company culture,<br />

one that is similar to being a family<br />

in PrimeStaff. Everyone feels like a<br />

valued, contributing member of the<br />

team, and this spirit of teamwork and<br />

collaboration is constantly fostered on<br />

a daily basis. PrimeStaff’s recruitment<br />

consultants are split into six different<br />

teams to promote greater teamwork<br />

and camaraderie during ofcial<br />

business, and are further encouraged<br />

to bond over informal lunch and dinner<br />

gatherings to reinforce the spirit of<br />

teamwork. Staff birthday celebrations,<br />

though simple affairs, go a long way in<br />

bolstering the family-like atmosphere<br />

in PrimeStaff. Ronald also takes these<br />

bonding sessions to the companylevel,<br />

organising quarterly outings in<br />

addition to PrimeStaff’s annual family<br />

day, whereby staff and their families<br />

are invited to let their hair down as<br />

a reward for their hard work, further<br />

sustaining and boosting the already<br />

substantial collaborative spirit in the<br />

company.<br />

His employees are also not kept on<br />

a tight leash during ofce hours. “I<br />

strongly believe in empowering my<br />

people by giving them the autonomy<br />

to make their own decisions on a<br />

day-to-day basis,” Ronald attests.<br />

“Inculcated into the corporate<br />

culture is a tendency to refrain from<br />

micro-managing subordinates.” This<br />

expanded breathing room has proven<br />

to be an effective practice, leading to<br />

greater innovation in the workforce<br />

which is monumentally important for<br />

any local company to maintain its<br />

competitiveness.<br />

COVER STORY<br />

Onward to the Future<br />

One of the end goals for any<br />

entrepreneur is to nd a suitable<br />

successor to the business he has<br />

worked so hard to build. It is an<br />

important process that needs to<br />

be carefully handled, meticulously<br />

executed and started early, in order<br />

to identify, secure and groom the very<br />

best candidate to take over the reins<br />

of the company. Rather than fret and<br />

panic over his eventual successor,<br />

Ronald has embraced it with an open<br />

mind but a clear vision.<br />

“Every entrepreneur will face the<br />

subject of succession planning one<br />

day,” remarks Ronald, “I have been<br />

preparing for this eventuality over the<br />

last few years, by actively grooming<br />

several talents to be PrimeStaff’s<br />

second generation leadership and<br />

take over the day-to-day running of<br />

the company.”<br />

Being in the business of people, Mr<br />

Ronald H S Lee makes people his<br />

business. E<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST<br />

31


COVER FEATURE<br />

COVER FEATURE<br />

Creating a<br />

Values-Centric<br />

Organisation<br />

A corporate culture<br />

rooted in a strong set<br />

of values can create<br />

an inspiring work<br />

environment with high<br />

employee engagement,<br />

as this case study with<br />

PrimeStaff Management<br />

Services shows.<br />

ustaining a business for<br />

S<br />

almost two decades is<br />

no mean feat, especially<br />

in an industry rife<br />

with competition and<br />

dominated by big, global brand<br />

names. Yet PrimeStaff has managed<br />

to evolve into a leading homegrown<br />

human resource consultancy due<br />

to its values-centric culture, where<br />

qualities like integrity, honesty and<br />

respect remain the cornerstone of<br />

its business.<br />

To illustrate this point, Mr Ronald<br />

Lee, Managing Director of PrimeStaff<br />

Management Services, offers his<br />

philosophy of “maintaining mutually<br />

benecial relationships based on<br />

trust, honesty and integrity for the<br />

success of all our partners – our<br />

clients, candidates and our own<br />

staff.”<br />

PrimeStaff was founded by<br />

Ronald in 1994 and specialises<br />

in a comprehensive suite of<br />

services that include recruitment,<br />

payroll processing, recruitment<br />

process outsourcing, training and<br />

outplacement.<br />

“We are building towards making<br />

PrimeStaff a household name; one<br />

that is synonymous with quality,<br />

efciency and reliability,” Ronald<br />

enthuses.<br />

The key to actualising this goal,<br />

he says, is to keep strengthening<br />

these relationships with the<br />

abovementioned stakeholders of<br />

PrimeStaff.<br />

“People are at the centre of every<br />

touch point in our business so a<br />

passion for people is inherent in our<br />

corporate culture. Internally, it begins<br />

with being passionate about our own<br />

people and building strong teams<br />

comprising individuals with proven<br />

capabilities and a strong sense of<br />

commitment. We apply the same<br />

meticulous search and recruitment<br />

process that we use for our clients,<br />

to nd these individuals and then<br />

invite them to join PrimeStaff and<br />

grow together with the company,” he<br />

expounds.<br />

34<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST


COVER FEATURE<br />

Strategic Career Development<br />

Opportunities<br />

Once onboard, employees are<br />

empowered to maximise their<br />

potential. Ronald believes in giving<br />

his employees autonomy in decisionmaking<br />

and consciously refrains from<br />

micro-managing them. Over the years,<br />

he has found that such a management<br />

style leads to greater innovation within<br />

PrimeStaff and more importantly, a<br />

more engaged workforce<br />

PrimeStaff employees are further<br />

engaged through career development<br />

opportunities that take the form of<br />

structured and customised training<br />

programmes that are conducted<br />

either in-house or externally. Topics<br />

may run the gamut from covering<br />

technical aspects of the recruitment<br />

process such as “How to conduct<br />

interviews” and “How to manage<br />

clients/candidates” to a focus on<br />

soft skills like “Business Networking”<br />

and “Effective Communication Skills”.<br />

PrimeStaff has its own certied inhouse<br />

Trainers who are called upon<br />

for both client assignments as well<br />

as some of these internal training<br />

sessions.<br />

“We endeavour to provide plenty of<br />

opportunities to groom our talents<br />

and we have found that this serves as<br />

an effective way to motivate and help<br />

retain staff as well,” offers Ronald.<br />

The majority of PrimeStaff’s workforce<br />

comprises Recruitment Consultants<br />

who are, in essence, salespeople.<br />

And it is common knowledge that<br />

the turnover of sales staff tends to be<br />

higher compared with other portfolios.<br />

Yet, PrimeStaff is able to manage this<br />

well and its staff turnover tends to<br />

be lower than other companies on<br />

average.<br />

“I believe this could be due to the<br />

fact that we offer all staff strategic<br />

career planning opportunities in<br />

which the management works closely<br />

with the Consultants to establish<br />

clear progression pathways so that<br />

Consultants are made aware of<br />

exactly how far they can go within the<br />

company,” shares Ronald.<br />

Developing a Pipeline of<br />

Leaders<br />

Ronald is one entrepreneur who is<br />

ever-ready to share the limelight –<br />

and credit – for PrimeStaff’s success.<br />

Recognising the need for succession<br />

planning, he has been developing<br />

a pipeline of second- and third-tier<br />

leaders to take over the helm when<br />

the time comes. Grooming future<br />

leaders from within demonstrates to<br />

employees that those who exhibit<br />

loyalty matched with high performance<br />

will be well-rewarded.<br />

This decision exemplies the familylike<br />

culture that Ronald has cultivated<br />

within PrimeStaff; one in which<br />

team bonding and team spirit is<br />

championed, and everyone genuinely<br />

feels like a valued, contributing<br />

member of the team.<br />

To further create meaning in<br />

the workplace, corporate social<br />

responsibility activities are organised on<br />

a regular basis accompanied by strong<br />

voluntary participation – further instilling<br />

in the workforce a greater sense of<br />

purpose and community spirit.<br />

Now with such a fullling work<br />

environment, the generous<br />

compensation package that enables<br />

high-performing PrimeStaff employees<br />

to earn up to ve gures a month is<br />

just the icing on the cake. E<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST<br />

35


MONEYSMART<br />

MONEYSMART<br />

Financing Trade<br />

What to look out for<br />

before venturing into<br />

that domestic or trade<br />

transaction<br />

Engaging in domestic or international<br />

trade is one area small and medium<br />

enterprises (SMEs) partake in to<br />

expand and grow their businesses.<br />

At the most basic level, an exporter<br />

will want an importer to prepay for<br />

the goods that are shipped, and<br />

the importer will naturally want to<br />

reduce risk by getting the exporter<br />

to document the shipped items.<br />

Although it may seem relatively<br />

simple and straightforward, there is a<br />

whole spectrum of tools and utilities<br />

to assist with the trade transaction,<br />

and banks can provide assistance<br />

to the trade through various forms of<br />

support.<br />

Before the Trade<br />

Before beginning a domestic or<br />

international trade transaction,<br />

SMEs must bear in mind the<br />

following points:<br />

1Be familiar with local laws<br />

and regulations, and conduct<br />

checks on parties which you<br />

are dealing with. For example,<br />

remember to check on the type of<br />

documents required for customs<br />

clearance when the goods are<br />

delivered to the port of discharge,<br />

how established is the supplier or<br />

buyer and so on.<br />

2Be clear on the terms of trade<br />

(such as payment and contract<br />

terms and details). Take for<br />

instance, the SME has to be aware<br />

of the terms of payment stated in the<br />

sales agreement - whether payment<br />

is based on Letter of Credit, open<br />

account, collection bills and so forth.<br />

36<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST


MONEYSMART<br />

3Choose a reputable bank with<br />

international trade experience<br />

particularly for your frequent<br />

countries of import or export. A<br />

bank that is familiar with a country’s<br />

import/export laws, regulations,<br />

practices, documentations for<br />

customs clearance and so on, can<br />

give valuable advice on potential<br />

barriers to a smooth transaction.<br />

SMEs also need to be aware of their<br />

creditors’/debtors’ terms as this<br />

will indicate your working capital<br />

gaps in which your bank can come<br />

in to provide nancing assistance.<br />

SME must know and be familiar<br />

with the trade cycle of an import or<br />

export transaction before seeking<br />

nancing. Knowing the trade cycle<br />

helps you identify when and what<br />

your nancing needs are.<br />

For example, if your trade cycle<br />

is such that you get credit term<br />

from the supplier and receive cash<br />

payments from your buyers, you may<br />

not require nancing, so you do not<br />

need to incur interest that will affect<br />

your prot margin unnecessarily.<br />

Spectrum of Support<br />

Financial institutions can offer a<br />

variety of support measures for SMEs<br />

going into trade transactions. Some<br />

SMEs may not be comfortable with<br />

cash transactions when dealing with<br />

new suppliers with whom they are<br />

not familiar, or when the supplier’s<br />

ability to fulll the transaction is yet to<br />

be tested. Therefore, they may opt<br />

for Letters of Credit (LCs) issued by<br />

banks, instead of making electronic<br />

payments through telegraphic<br />

transfers (TT) or other forms of<br />

payment methods. In a transaction<br />

involving an LC, the role of the bank<br />

is to check all documents (e.g.<br />

shipping documents) to ensure<br />

compliance with the credit terms<br />

agreed and terms laid out in the LC<br />

before any payment is made.<br />

Each SME will have different trade<br />

nancing requirements. Hence,<br />

most of the time, the facilities can be<br />

customised to suit their needs. As<br />

such, it is advantageous for an SME<br />

to share its needs with the banker<br />

through a more in-depth discussion<br />

for the bank to customise more<br />

effective nancing solutions. It is<br />

important for SMEs to talk to their<br />

banks to identify specic needs to<br />

get a more holistic nancing solution.<br />

Besides nancing purchases, the<br />

bank can also nance your sales.<br />

Banks can provide export<br />

receivables nancing. This is based<br />

on submission of your invoices and<br />

shipping documents for your bank<br />

to give some cash advance against<br />

the documents (i.e. a margin of<br />

the invoice value). These advances<br />

would ease cash ow and may be<br />

used to pay off suppliers.<br />

In the event that your business<br />

provides services or engages in<br />

contract jobs with progressive<br />

payments from your debtors, there<br />

is also Factoring and Accounts<br />

Receivables nancing.<br />

In Factoring, the bank purchases<br />

your debtors’ invoices and advances<br />

an amount (typically a margin of the<br />

invoice value) to you for working<br />

capital even before your invoice is<br />

due for payment. The bank would<br />

then wait for the advanced amount<br />

to be paid when your debtor settles<br />

the outstanding invoice. As there<br />

are many options and variations<br />

available, always talk to your bank for<br />

a solution that most suits your needs.<br />

SMEs should also make an effort<br />

to establish long-term relationship<br />

with a bank partner by building trust<br />

and a proven track record. This can<br />

facilitate the SME to get effective<br />

solutions to meet banking needs,<br />

especially in nancing.<br />

So before you go ahead with that<br />

trade deal, why not spend some<br />

time speaking with your bank to get<br />

a smoother transaction? E<br />

Maybank Singapore<br />

For more information, visit: http://<br />

info.maybank2u.com.sg/business/<br />

nancing/trade-nancing/<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST<br />

37


PROPERTY<br />

stations and cubicles in favour of a<br />

more informal, team-oriented work<br />

setting”. However, this trend could<br />

hamper traditional ofce growth,<br />

particularly in Asia Pacic’s highcost<br />

locations.<br />

Meanwhile, ofce space supply in<br />

emerging markets is expected to<br />

be abundant, while those in core<br />

markets may likely dwindle.<br />

PROPERTY<br />

Commercial property<br />

<br />

“Ofce completions are expected<br />

to fall 10 per cent to 68 million sq ft<br />

across all 30 cities in 2014, before<br />

rebounding to nearly 79 million<br />

sq ft in 2015. Given this backdrop<br />

and a modest uptick in demand,<br />

Grade A vacancies are expected to<br />

remain stable for emerging markets<br />

at around 17 per cent next year.<br />

Vacancies will be the highest for Ho<br />

Chi Minh City, Kuala Lumpur, Pune,<br />

Mumbai, Hanoi, Kolkata, New Delhi,<br />

Chengdu, and Ahmedabad, ranging<br />

between 20 percent and nearly 50<br />

percent,” said the report.<br />

The region<br />

remains on course<br />

for continued<br />

growth in 2014<br />

Property consultancy Cushman &<br />

Wakeeld has released a summary<br />

report of the key trends that will affect<br />

Asia Pacic’s commercial property<br />

market in 2014. These forecasts<br />

could serve as an invaluable guide<br />

to what’s in store in the coming year.<br />

To start with, the region’s economy<br />

is expected to see slower growth<br />

and this could be the norm for<br />

some time. From 5.4 to 5.5 per cent<br />

in 2012-2013, annual economic<br />

growth is likely to slip to between 5.0<br />

to 5.3 percent until 2015.<br />

Nevertheless, the gradual<br />

improvement of the global economy,<br />

especially in the U.S., could bolster<br />

employment and ensure healthy<br />

demand for ofce space across<br />

the region. Despite this relatively<br />

favourable macroeconomic climate,<br />

the market remains cautious due to<br />

lower demand predicted in Australia,<br />

while Singapore and Hong Kong<br />

may see a slow rise in the short term<br />

due to a gradual recovery in the<br />

nancial sector.<br />

Companies are also expected to<br />

continue to implement strategies<br />

for the efcient use of ofce space<br />

in order to maintain protability.<br />

For instance, “a growing number<br />

of companies across industries are<br />

eliminating ofces, private work<br />

“In contrast, relatively moderate<br />

development activity in core mature<br />

markets should cause vacancies in<br />

top-grade space to dip below seven<br />

percent over the next two years,<br />

with Tokyo, Hong Kong, Singapore,<br />

Shanghai’s CBD and Auckland<br />

potentially the tightest.”<br />

Overall, about 400 million sq ft of<br />

new projects are under construction<br />

in the region. This is the highest gure<br />

globally and these developments<br />

are concentrated in emerging<br />

economies.<br />

At the same time, rental spikes are<br />

less likely to happen in Asia Pacic<br />

given its slow growth environment<br />

in 2014. In core markets, rents<br />

are projected to rise by nearly two<br />

percent next year, while rental<br />

growth in emerging markets is set to<br />

drop.<br />

38<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST


PROPERTY<br />

“Higher nancing costs are expected<br />

to erode at least some of the wide<br />

yield spread advantage of investing<br />

in both core and emerging markets,<br />

or even value-add and opportunistic<br />

assets in the region,” the report<br />

noted.<br />

Regional nancial hubs will also<br />

be most vulnerable to a slowdown<br />

in China and the U.S. Federal<br />

Reserve’s tapering. Nonetheless, the<br />

latter’s negative effects are expected<br />

to be dampened by the resurgent<br />

U.S. economy, while the former may<br />

signicantly affect economies with<br />

open capital markets.<br />

On the ip side, Asian property is<br />

expected to become more popular,<br />

attracting a larger number of U.S. -<br />

and Europe-based investors as they<br />

seek globally diversied portfolios.<br />

“According to data tracker Preqin,<br />

Asia-focused real-estate funds<br />

have raised US$6.4 billion this year<br />

through September, and there are<br />

more funds in the pipeline, compared<br />

to US$7.8 billion raised for all of<br />

2012. Indeed, this rise in allocation<br />

to Asian real estate demonstrates a<br />

vote of condence and we expect<br />

this trend to continue,” added the<br />

report.<br />

The consultancy also feels that<br />

investors will prefer long-term stable<br />

cash ows due to lower return<br />

expectations in the region.<br />

Furthermore, it forecasts that capital<br />

will increasingly ow into non-core<br />

markets.<br />

At the same time, growth in Asia<br />

Pacic’s emerging markets will<br />

remain intact and there will be plenty<br />

of investment opportunities.<br />

The report also found that capital<br />

outows from the region continued<br />

to rise in 2013, reaching another<br />

record year as investments into<br />

Europe, the Middle East and the<br />

Americas surged by more than a<br />

third to reach US$14.9 billion. E<br />

CommercialGuru.com.sg<br />

ENTREPRENEURS’ DIGEST<br />

JAN FEB 2014<br />

39


SME CENTRE@ASME<br />

SME CENTRE@ASME<br />

Empowering<br />

People,<br />

Transforming<br />

Workplaces<br />

The Enterprise Training<br />

Support (ETS) Scheme seeks<br />

to support businesses to<br />

implement progressive and<br />

innovative human resources<br />

(HR) systems<br />

A company’s backbone is the men and women who<br />

staff the telephones, man the front lines and support the<br />

backend operations of any enterprise regardless of size<br />

and scale. Training and development of this key facet will<br />

go a long way for the company’s growth and success in<br />

the long term. To this end, the Ministry of Manpower and<br />

the Singapore Workforce Development Agency (WDA)<br />

jointly developed and launched the Enterprise Training<br />

Support (ETS) Scheme from 1 April 2013.<br />

Set to run from 1 April 2013 to 31 March 2015, the ETS<br />

is open to all Singapore-registered or locally-incorporated<br />

organisations including societies and non-prot<br />

organisations. The ETS will reach out to companies via the<br />

SME Centres with 70 per cent of companies taking up the<br />

programme expected to be SMEs.<br />

In a nutshell, the ETS aims to:<br />

•Raise employee productivity and skill levels<br />

•Create more hiring and competitive opportunities<br />

for Singaporeans through good HR development<br />

management systems and practices<br />

•Benchmark compensation and benets to market rates<br />

for attracting and retaining local talent<br />

Components of the ETS<br />

Essentially a comprehensive framework of support, the<br />

ETS comprises the following ve components:<br />

1. Training Grant<br />

This Training Grant forms the core of the ETS. This<br />

is a compulsory component which encourages the<br />

40<br />

ENTREPRENEURS’ DIGEST<br />

JAN FEB 2014


SME CENTRE@ASME<br />

development of an overall training plan for the company.<br />

This plan can comprise of Workforce Skills ualication<br />

(WSQ) training, non-WSQ training as well as On-the-<br />

Job Training (OJT), and the training plan must be<br />

relevant to at least 50 per cent of the company’s total<br />

workforce.<br />

Each organisation can tap on a maximum of $200, 000<br />

for this component of the ETS, and companies tapping<br />

on this grant have to:<br />

•Help 50 per cent of its local workforce attain at least<br />

one WSQ modular Statement of Attainment (SOA)<br />

under any WSA framework<br />

•Incorporate recognition of WSQ qualications as<br />

part of their recruitment and training development<br />

policies<br />

2. Capability Grant<br />

A one-time grant of $20,000 supporting companies<br />

to build up their in-house capabilities in the areas of<br />

training delivery and infrastructure, this grant can also<br />

support companies who wish to become WSQ inhouse<br />

Approved Training Organisations (ATOs).<br />

Companies tapping on this grant have to:<br />

•Achieve WSQ Organisational Accreditation to be an<br />

in-house ATO<br />

•Have at least two WSQ modules accredited and at<br />

least 50 SOAs delivered in-house<br />

3. Curriculum Contextualisation and<br />

Alignment Grant<br />

This component supports companies in defraying the<br />

costs of developing WSQ training modules, in terms<br />

of both content and training delivery. The grant also<br />

supports the development of OJT blueprints and their<br />

implementation into the enterprise training plan.<br />

Companies can tap on to a maximum of $52,000 under<br />

this component, and companies tapping on this grant<br />

have to:<br />

•Implement OJT blueprints into the enterprise<br />

training plan<br />

4. HR Development Grant<br />

A one-off grant of up to $60,000 per company,<br />

the HR Development Grant component supports<br />

organisations in adopting holistic training plans,<br />

enhancing learning and development systems or<br />

develops career progression pathways tied to the<br />

enterprise training plan.<br />

The grant funds up to 70 per cent of the costs of<br />

engaging external consultants for the following HR<br />

activities:<br />

•Develop a system to administer and monitor a<br />

holistic training plan<br />

•Integrate WSQ into training plans and HR policy<br />

•Enhance existing or develop new learning and<br />

development systems to support WSQ adoption<br />

and measure learning gains<br />

•Develop career progression pathways tied to the<br />

enterprise training plan<br />

<br />

Review Grant<br />

The nal component of the ETS provides 70 per cent<br />

funding, up to a cap of $15,000 per company, to<br />

help them defray the costs of engaging consultants<br />

to conduct an enterprise-wide industry salary<br />

benchmark, reviews and restructuring of wages in<br />

order to attract local talent and retain them in a tight<br />

labour market.<br />

Companies utilising this component must:<br />

•Increase employee wages to match recommended<br />

industry benchmarks OR<br />

•Increase wages of their local workforce by 3 per<br />

cent<br />

•Deliver newly developed or contextualised WSQ<br />

modules<br />

To nd out more, call 6513 0388 and a Business Advisor will contact you shorty.<br />

Alternatively, you can also email enquiries@smecentre-asme.sg.<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST<br />

41


MARKET INTELLIGENCE<br />

42<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST


MARKET INTELLIGENCE<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST<br />

43


MARKET<br />

MARKET<br />

INTELLIGENCE<br />

INTELLIGENCE<br />

The importance<br />

of lifelong<br />

learning<br />

Sharpen Your Company’s<br />

Competitive Edge with<br />

Continuing Education<br />

and Training (CET)<br />

n today’s ever changing<br />

I<br />

environment, knowledge and skills<br />

can rapidly become obsolete. Ongoing<br />

professional development<br />

and continual learning are paramount to<br />

not only surviving, but thriving in the global<br />

workplace especially with the government’s<br />

policy to reduce the reliance on foreign<br />

manpower.<br />

CET Masterplan 2008<br />

It is against this backdrop that Prime Minister<br />

Lee Hsien Loong announced the launch of the<br />

CET Masterplan in February 2008. The overall<br />

aim of the CET Masterplan is to encourage<br />

workers to embrace lifelong learning, stay<br />

relevant and seize opportunities in new growth<br />

sectors.<br />

The CET Masterplan marks a signicant<br />

milestone in the development of the CET<br />

system in Singapore. It signals the training<br />

of adult workers as one of the Government’s<br />

top priorities to equip Singapore workers for<br />

the future, prepare and hone their competitive<br />

advantage in the global arena, whether one<br />

is a rank-and-le worker or a professional or<br />

manager.<br />

Many CET programmes today are designed<br />

to be accessible and affordable, to prepare<br />

workers for new jobs, career changes or<br />

skills progression. Employers will also have<br />

the opportunity to help workers upgrade their<br />

knowledge and skills as part of their company’s<br />

learning and development plan and stay ahead<br />

of industry developments.<br />

Growing Role of CET<br />

As more industries restructure and move up<br />

the value chain, it is imperative that every<br />

worker, regardless of educational or skills level,<br />

continually upgrade and update his or her skills<br />

in order to stay relevant and perform better.<br />

44<br />

ENTREPRENEURS’ DIGEST<br />

JAN FEB 2014


MARKET INTELLIGENCE<br />

As economic competition intensies,<br />

CET provides assurance that workers’<br />

skills remain relevant so that SMEs<br />

may seize new opportunities in areas<br />

of growth. Some companies may<br />

need to acquire new skills in order to<br />

stay ahead of industry developments<br />

and seize emerging opportunities<br />

from the new growth industries.<br />

To keep the competitive edge razor<br />

sharp, it is crucial for workers to be<br />

continually trained and developed,<br />

honing both their soft and technical<br />

skills. More and more, a highly<br />

groomed talent pool is the key to ongoing<br />

success for companies.<br />

Furthermore, employees are<br />

increasingly relating job satisfaction<br />

with professional development<br />

opportunities. Thus, CET could be<br />

one of the HR tools for SMEs to recruit<br />

and retain their local employees given<br />

the tight manpower situation.<br />

Dr Ricky Souw, CEO of Sanwa<br />

Group, shared that in the face of<br />

global competition, companies have<br />

to constantly strive to stay relevant<br />

through manpower development<br />

and productivity improvement.<br />

“At Sanwa, we not only focus<br />

on developing new products<br />

and concepts, we also believe in<br />

developing and equipping our staff<br />

with the latest skills to maximize their<br />

<br />

role in our operations as we aim for<br />

greater productivity and innovation.”<br />

Enhanced Training<br />

Support for SMEs<br />

Skills upgrading through CET remains<br />

a key mechanism for companies<br />

to raise productivity. Based on the<br />

feedback from SMEs and industry<br />

associations who identied training<br />

and upgrading as a key area where<br />

they hoped to receive Government<br />

support, the Government has<br />

enhanced training support for SMEs<br />

by further lowering the cost of training<br />

for them to encourage greater training<br />

participation.The three-year initiative<br />

took effect from 1 July 2012.<br />

The enhanced training support<br />

is extended to Singapore citizen<br />

employees of SME establishments.<br />

These employees must be fully<br />

sponsored by their employers to attend<br />

academic CET courses offered by the<br />

ve Polytechnics/Institute of Technical<br />

Education. More information on this<br />

can be found on WDA’s website.<br />

Industry Recognised<br />

<br />

MOM, MOE and WDA will work<br />

towards building pathways between<br />

the CET and educational systems so<br />

that qualications achieved are jointly<br />

recognised and based on a common<br />

set of standards.<br />

Programmes Offered by Nanyang<br />

Polytechic<br />

Nanyang Polytechnic (NYP)<br />

collaborates with government<br />

agencies and industry partners<br />

to identify the training needs and<br />

aspirations of the workforce in key<br />

priority areas, and offers industryrelevant<br />

courses. NYP offers a wide<br />

range of academic courses and<br />

customised programmes in niche<br />

areas such as business management,<br />

chemical & life sciences, design,<br />

engineering, health sciences,<br />

information technology and interactive<br />

& digital media.<br />

Its courses cater to different spectrums<br />

of the adult learning community –<br />

from fresh graduates to working<br />

professionals across various sectors<br />

seeking to upgrade themselves or<br />

switch careers.<br />

Visit their website www.nyp.edu.sg/<br />

pdc to view the comprehensive list of<br />

courses.<br />

Start embarking on a learning and<br />

development strategy on a lifelong<br />

learning journey! E<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST<br />

45


MARKET INTELLIGENCE<br />

MARKET INTELLIGENCE<br />

<br />

<br />

Employers may need to<br />

provide itemised payslips to<br />

employees from 1 April 2014<br />

mployers need to brace themselves for<br />

E<br />

several amendments to the Employment<br />

Act (EA) with effect from 1 April 2014. While<br />

the amendments grant employers exibility<br />

in certain employment practices to cope with some of<br />

these changes, they also include stiffer penalties for<br />

non-compliance with the EA.<br />

Among the amendments is the requirement that all<br />

employers must provide employees with itemised<br />

payslips. This will help workers to check if incoming<br />

payments are correctly processed each month. And at<br />

the same time, it will prevent irresponsible employment<br />

practices.<br />

With the requirement for itemised payslips for all<br />

employees, many SME business owners are concerned<br />

with an increase of administrative and manpower cost.<br />

However, the Ministry of Manpower (MOM) stated that<br />

it will be legislated by phases in a sustainable way.<br />

It is widely agreed that manual calculations and bookkeeping<br />

is tedious, prone to error and time-consuming.<br />

The solution is to use a reliable system to calculate<br />

payroll and statutory contributions. Moreover, SMEs<br />

can save even more with the Productivity and Innovation<br />

Credit (PIC) Scheme.<br />

Case Study<br />

Ms Sophie is the principal of Discovery Garden<br />

Childcare Centre. She has an average of 41 employees<br />

and she prepared her payroll and payslips manually<br />

with simple Microsoft Excel spreadsheets almost two<br />

weeks in advance of payday. Although she followed the<br />

latest CPF, MOM and IRAS updates diligently, it was<br />

tedious, time-consuming, and difcult to comprehend<br />

and apply the changes appropriately.<br />

It was always a stressful and tiring period when the pay<br />

date is approaching each month, until she switched to<br />

using an online payroll system - PayDay! Software as<br />

a Service (SaaS). It is a hassle-free, secure, affordable<br />

payroll system that is online 24 hours a day, seven<br />

days a week.<br />

“Now, I use PayDay! to calculate my employees’ salary<br />

and CPF contributions automatically. I do not need to<br />

keep track of all the latest legislation, it’s all maintained<br />

by the system. Now I can even run my payroll just a<br />

few days before pay date.” said Ms Sophie.<br />

“After running payroll, it auto-generates the Bank<br />

upload le, CPF and IRAS e-submission le. My<br />

employees can also view their payslips immediately<br />

on their mobile app or any internet browser. I do not<br />

have to spend time on printing payslips and reminding<br />

myself to do so. I am well prepared for the EA legislative<br />

changes.” E<br />

PayDay! is an easy-to-use, 100%<br />

compliant web-based payroll solution,<br />

designed to meet the payroll needs of<br />

your small business. Visit www.payday.<br />

com.sg and all Entrepreneurs’ Digest<br />

readers enjoy 60 days free usage (Key<br />

in Free Pass Code: <strong>ED</strong>RPAYDAY).<br />

46<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST


MARKET INTELLIGENCE<br />

Nanyang Polytechnic’s Professional Development Centre (PDC) offers a wide range of continuing education and<br />

training programmes for adult learners across different levels.<br />

Online application is now open for the following courses. For more information, please refer to our website,<br />

www.nyp.edu.sg/pdc.<br />

Course Application<br />

Start Date Closing Date<br />

SCHOOL OF BUSINESS MANAGEMENT<br />

Diploma in Business Practice (Customer Relationship & 3 rd Intake 21 Apr 2014<br />

Service Management)<br />

Certificate in Fund Administration 18 th Intake 21 Apr 2014<br />

WSQ Financial Mgmt Skills for Non-Accountant 3 rd Intake 26 May 2014<br />

For further enquiries on course details: Ms Helen Tan<br />

Ms Corrie Chan<br />

Tel: 6550 1062<br />

Tel: 6550 1130<br />

10 Jan 2014<br />

Course Interest<br />

Registration<br />

Email: helen_tan@nyp.edu.sg<br />

Email: corrie_chan@nyp.edu.sg<br />

SCHOOL OF ENGINEERING<br />

PE WSQ Diploma in Precision Engineering (Master Craftsman Skills) 4 th Intake 6 Jan 2014 29 Dec 2013<br />

For further enquiries on course details: Mr Mike Kwek Tel: 6550 0677 Email: mike_kwek@nyp.edu.sg<br />

Specialist Diploma in Wireless Technology 2 nd Intake 21 Apr 2014<br />

For further enquiries on course details: Ms Lim Kwai Yoke<br />

Diploma in Engineering (Aerospace Manufacturing) 4 th Intake 21 Apr 2014 24 Jan 2014<br />

For further enquiries on course details: Mr Teo Beng Hock<br />

Specialist Diploma in Embedded Systems 13 th Intake 7 Apr 2014 25 Jan 2014<br />

For further enquiries on course details: Mr Yeo Kim Heng<br />

Mr Peter Lim<br />

SCHOOL OF INTERACTIVE AND DIGITAL M<strong>ED</strong>IA<br />

Specialist Diploma in Visual Effects 3 rd Intake 20 May 2014 30 Mar 2014<br />

For further enquiries on course details: Mr Leong Chee Loong Tel: 6550 1693 Email: leong_chee_loong@nyp.edu.sg<br />

SCHOOL OF INFORMATION TECHNOLOGY<br />

Specialist Diploma in Information Security 2 nd Intake 28 Apr 2014 28 Feb 2014<br />

For further enquiries on course details: Mr Tin Aung Win<br />

Relevant incentive schemes are available.<br />

Tel: 6550 0566<br />

Tel: 6550 0686<br />

Tel: 6550 0499<br />

Tel: 6550 0472<br />

Tel: 6550 1752<br />

Course Interest<br />

estron<br />

Email: lim_kwai_yoke@nyp.edu.sg<br />

Email: teo_beng_hock@nyp.edu.sg<br />

Email: yeo_kim_heng@nyp.edu.sg<br />

Email: peter_lim@nyp.edu.sg<br />

Email: tin_aung_win@nyp.edu.sg<br />

We also collaborate with organisations and industry partners to identify the training required for their workforce and<br />

design customised programmes and short courses that suit their specific needs in growth areas. Feel free to<br />

contact us for further discussion.<br />

For enquiries -<br />

Tel: (65) 6550 0555 Email: nyp_pdc@nyp.edu.sg<br />

Web: www.nyp.edu.sg/pdc<br />

Scan code to visit our website<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST<br />

47


an entire network of computers grinding to a halt when<br />

your online defence is down. MARKET INTELLIGENCE<br />

Most businesses are aware of these dangers. However,<br />

the challenge facing many of them is that they do not<br />

have the resources to prevent and counter these threats.<br />

They do not have the necessary expertise in-house to<br />

monitor Internet usage, no way to ensure that there is<br />

adequate protection, nor do they have the budget to<br />

hire dedicated IT security professionals to address these<br />

needs.<br />

Certain cloud security suites like SingTel’s Business<br />

Broadband Security Suite offers you better protection at<br />

the network level. It will free you from having to worry<br />

about network security issues, allowing you to focus<br />

instead on your business.<br />

Some of the benets include:<br />

MARKET INTELLIGENCE<br />

Protecting your<br />

online assets<br />

The security of your business<br />

work is critical in the modern<br />

information age<br />

Businesses today have to manage both the opportunities<br />

and the perils of going online. The Internet provides a<br />

powerful channel for communications, and the growing<br />

use of web-based productivity tools and social media<br />

applications have helped boost efciency and improve<br />

business communications. However, it has also opened<br />

up new avenues for online threats to enter the business<br />

network and disrupt your operations.<br />

The security landscape is further complicated by the bringyour-own-device<br />

(BYOD) phenomenon, with a growing<br />

number of businesses allowing employees to use their<br />

personal devices for work. Left unmanaged, there can be<br />

no guarantee that the devices are secure and there is no<br />

way to restrict the types of websites that they are visiting.<br />

Without proper security measures in place, businesses are<br />

therefore vulnerable to threats ranging from viruses and<br />

spyware to malicious apps and spam.<br />

Malicious software entering your business network can<br />

corrupt data and disrupt your operations, leading to nancial<br />

loss in some cases. The last thing your company needs is<br />

<br />

You do not have to purchase hardware or software to<br />

protect your network, nor do you need to invest in IT<br />

manpower to carry out network monitoring and manage<br />

your in-house network security systems.<br />

<br />

Help avert business disruption due to security breaches<br />

by ltering out malicious content and identifying and<br />

removing malware from your systems.<br />

<br />

Employees would no longer waste time on web sites<br />

that are counter-productive, nor do they have to<br />

manually scan and delete unsolicited emails.<br />

<br />

<br />

Ensure malware such as spam and other forms of<br />

online attacks do not gobble up bandwidth and slow<br />

down the performance of your business network.<br />

<br />

No set up required. A user-friendly administration portal<br />

makes it easy non-IT person to pre-set or change the<br />

levels of security based on recommended security<br />

templates.<br />

<br />

Allow your business to scale without having to worry<br />

about escalating security costs. Do not need to<br />

purchase additional security licenses when you add new<br />

devices or desktops which share the same broadband<br />

connection as part of your business network.<br />

<br />

<br />

ENTREPRENEURS’ DIGEST<br />

JAN FEB 2014<br />

49


MARKET INTELLIGENCE<br />

Market-Driven Product Management<br />

How do we build<br />

products that people<br />

want to buy?<br />

Effective product management<br />

strategies can lead to innovation and<br />

prots.<br />

How do we build products that people<br />

want to buy? Should these be products<br />

that full a need or solve a pain point?<br />

For example, Dropbox, which helps<br />

the average user to overcome the<br />

technical challenge of synchronising<br />

les across devices, sharing them<br />

with friends, or backing them up to<br />

the cloud. Or should products be<br />

revolutionary (the next iPhone or<br />

iPad, or the upcoming iWallet which<br />

is Apple’s virtual equivalent of a credit<br />

card swipe on an iDevice GUI) with their<br />

needs not yet identied? What are the<br />

critical success factors in consistently<br />

building the right products? This is the<br />

key question that is often grappled by<br />

product managers.<br />

Changing face of product<br />

management<br />

Unlike other professions with<br />

established methodologies, the key<br />

challenge for product managers is<br />

the lack of formalised approaches<br />

or established work tools. This is<br />

exacerbated by a complex array of<br />

tasks and processes that the product<br />

manager has to handle, including<br />

managing cross-organisational<br />

relationships. There is also very<br />

little awareness about product<br />

management as a strategic role.<br />

Not surprisingly, the role is easily<br />

misunderstood, undervalued and<br />

incorrectly implemented at many<br />

companies.<br />

Product management entails<br />

two different and yet overlapping<br />

disciplines: Product Planning and<br />

Product Marketing. While product<br />

planning focuses on functionality<br />

and users’ needs, product marketing<br />

addresses the values that drive buying<br />

behaviours. Take the example of a<br />

simple product such as the beach pail<br />

bucket and shovel set. The child is the<br />

user and the child’s parent is the buyer.<br />

The child’s interest in this product is to<br />

move sand, dig a hole, carry water,<br />

build a sand castle, etc. The child is<br />

primarily interested in the product’s<br />

functionality, or what he/she can do<br />

or accomplish with the product. On<br />

the other hand, the parent who is the<br />

buyer is primarily concerned with the<br />

product’s value, such as safety, price,<br />

suitability, reliability, durability, etc.<br />

It is usually difcult to excel in both<br />

disciplines without losing professional<br />

focus. To attain occupational focus<br />

that helps build professional expertise,<br />

two key roles should be clearly<br />

dened and ideally assigned to<br />

separate individuals: Product Planner<br />

and Product Marketer. The Product<br />

Planner is deemed as the product and<br />

market expert, and hence expected to<br />

be good at identifying and articulating<br />

market requirements, a.k.a. business<br />

or user needs. The Product Marketer,<br />

on the other hand, is focused on<br />

becoming the marketing expert,<br />

building competency in using tools and<br />

techniques to generate awareness,<br />

differentiation and demand for the<br />

product in the target market. It is<br />

the collaborative nature of these two<br />

disciplines that leads companies to<br />

achieve marketplace success.<br />

With professional training and<br />

certication programmes, companies<br />

are starting to realise the true potential<br />

of product management and take<br />

advantage of market-driven product<br />

management for business success. E<br />

Lee Boon Kee<br />

Lecturer<br />

Institute of Systems Science, NUS<br />

ISS partners Blackblot to deliver<br />

technology product management training,<br />

<br />

in Singapore. Visit www.iss.nus.edu.sg for<br />

more information.<br />

50<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST


MARKET INTELLIGENCE<br />

Beyond the Data<br />

Make smarter decisions with<br />

business intelligence<br />

One of the many challenges for small and<br />

O<br />

medium enterprises (SMEs) is to make good<br />

business decisions. How can a company do<br />

so? By analysing data about the business to<br />

gain insight of what is working and what is not working so<br />

they can capitalise on new opportunities.<br />

Traditionally, business intelligence (BI) tools require a<br />

heavy investment from the company as it is required<br />

to purchase and build a new system for BI. That was<br />

why BI tools were limited to large companies with big<br />

IT budgets and manpower.<br />

Large companies also have a lot of data about their<br />

business so much that they even have to have data<br />

warehouses. This trend is also the reason why big data<br />

has become such a hot topic for enterprise IT.<br />

But what about SMEs?<br />

Actually, today’s BI tools are much more accessible for<br />

SMEs as they will no longer need to invest hundreds of<br />

thousands of dollars to set up new systems. There are<br />

currently a few affordable platforms which companies<br />

can adopt to analyse both existing and real-time data.<br />

One such tool is Visual Data Discovery by Datawatch.<br />

Mr Karl Mouantri, managing director of Asia-Pacic<br />

Datawatch, said instead of “hundreds of thousands of<br />

dollars”, SMEs can purchase a the software for a single<br />

desktop for only US$2,000. The U.S-based company<br />

recently partnered with local company Abeo Electra to<br />

bring its software to SMEs in Singapore.<br />

54<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST


MARKET INTELLIGENCE<br />

Even if an SME does not have a data warehouse with<br />

terrabytes of data, the documents and les that already<br />

exist in the company can be used for BI analysis as<br />

well. The data comes from their mini enterprise<br />

resource planning (ERP), stock keeping units (SKUs),<br />

accounting systems and various reports in different le<br />

formats such as Microsoft Excel and PDF les, as well<br />

as real-time information collected from point-of-sale<br />

(POS) terminals.<br />

Mr Mouantri added that BI tools should be as userfriendly<br />

as consumer apps which is why Visual Data<br />

Discovery does not require much training for users to<br />

understand how to use the system. The information<br />

in Visual Data Discovery can be displayed in various<br />

graphs or tables and can be drilled down to unique<br />

stock keeping units (SKUs) so businesses can know<br />

what they should know but do not know.<br />

For SMEs’ fast-paced business environment, real-time<br />

and mobile BI is important. Mr Michael Lim, CEO of<br />

Abeo Electra, said SMEs are now “hooked on mobility”<br />

and the ability to have BI tools at their ngertips is crucial<br />

to make business decisions on the move.<br />

With BI tools now more accessible for SMEs,<br />

companies should investigate how the tools could help<br />

in their business. In fact, the growth of data, speed of<br />

transactions, and maturity of mobility tools are reasons<br />

why even SMEs should look into BI to make smarter<br />

decisions in their business. E<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST<br />

55


Advertorial<br />

Certis Group<br />

Readies For Growth<br />

OBJECTIVE<br />

Certis CISCO wanted to upgrade<br />

its network and communications<br />

infrastructure to support new<br />

business requirements and<br />

expansion<br />

SOLUTION<br />

• Alcatel-Lucent OmniSwitches<br />

model 6450, & 6850E and OS10K<br />

BENEFITS<br />

• Reliable, high-availability and<br />

scalable infrastructure that<br />

provides ease-of-use, improved<br />

network security and business<br />

continuity<br />

• Network architecture that<br />

seamlessly connects all processes<br />

• Flexible expansion capabilities for<br />

future growth<br />

Certis CISCO is a member of the Certis Group and is the region’s<br />

largest and most comprehensive security solutions provider.<br />

Headquartered in Singapore, the Certis Group is a wholly<br />

owned subsidiary of Temasek Holdings, an investment arm of<br />

the Singapore government. The breadth of services include<br />

security manpower – both armed auxiliary police officers, as<br />

well as unarmed protection officers, enforcement services,<br />

security consulting and training, security technology, defence<br />

services, outsourced manpower and IT security & information<br />

management. The Certis Group has also established footprints<br />

in China, Hong Kong, Macau, Indonesia, Malaysia, Sri Lanka ,<br />

Qatar and the United Arab Emirates.<br />

In the last two years, the Certis Group has continued to expand<br />

its operations with the introduction of People Advantage,<br />

a Business Process Outsourcing Solution provider. The new<br />

business unit provides non-security services such as business<br />

processes and manpower outsourcing solutions to clients<br />

in various industries, including the healthcare and tertiary<br />

education sectors.


FLEXBILE AND SCALABLE<br />

With the business expansion, came a number<br />

of challenges for Certis CISCO’s I.S. network<br />

team. “We wanted our network to be flexible,<br />

scalable and expandable, but also secure<br />

when our business grows,” said Tomas<br />

Triyoso, Senior Network Manager, Corporate<br />

Information System, Certis CISCO.<br />

Certis CISCO turned to Alcatel-Lucent, its<br />

existing network provider, to upgrade and<br />

supply an advanced infrastructure that will<br />

support the organization’s goals. Before<br />

the new network was deployed, Certis<br />

CISCO’s information systems team was able<br />

to visit Alcatel-Lucent where engineers<br />

demonstrated the functionality of specific<br />

products, conducted pre-deployment trials<br />

and showcased the benefits of an upgraded<br />

network. Monthly sessions were also carried<br />

out between Certis CISCO and Alcatel-Lucent<br />

to discuss, review and test the network.<br />

By working closely with the customer, the<br />

Alcatel-Lucent team was able to develop a<br />

strong understanding of the challenges and<br />

requirements faced by Certis CISCO network<br />

before recommending a blueprint and vision<br />

for the upgrade.<br />

In the network deployment, Alcatel-<br />

Lucent OmniSwitches — critical pieces of<br />

infrastructure that links applications and<br />

services from one network or computing<br />

device to another — replaced previous<br />

enterprise switches and were used at both<br />

the core and access switch in Certis CISCO’s<br />

network.<br />

ENHANC<strong>ED</strong> CAPABILITIES<br />

Currently in the first phase of implementation<br />

in a deployment that is expected to take 3<br />

to 5 years, the upgrade will provide Certis<br />

CISCO with new and improved capabilities<br />

such as higher performance and availability,<br />

better resilience and redundancy, increased<br />

scalability and ease of management. A<br />

more robust network will also ensure lesser<br />

network downtime and improve business<br />

continuity.<br />

“We engaged Alcatel-Lucent to help us to<br />

improve our network infrastructure and<br />

to advice how we can benefit by making it<br />

more scalable. Previously it was limited to<br />

growing the infrastructure whenever a new<br />

business unit was added. The upgrade allows<br />

us to support our expansion and offers more<br />

modularity as we can add network capacity<br />

whenever required without compromising on<br />

data security,” said Triyoso.<br />

“In the future, we can look at virtualizing our<br />

network with Multi Chassis Link Aggregation<br />

technology and increase the capacity so that<br />

the flow of traffic will not become congested.”<br />

The power, flexibility and modularity of the<br />

new Alcatel-Lucent solutions offers Certis<br />

CISCO advanced networking capabilities<br />

and peace-of-mind when considering future<br />

upgrades. “We needed a platform that would<br />

allow us to take advantage of new innovation<br />

without restrictions to what we are currently<br />

using. With Alcatel-Lucent, we have found<br />

a broad and flexible solution that fits all our<br />

requirements,” added Triyoso.<br />

“We needed a platform<br />

that would allow us to<br />

take advantage of new<br />

innovation without<br />

any restrictions to<br />

what we are currently<br />

using. With Alcatel-<br />

Lucent, we have found<br />

a broad and flexible<br />

solution that fits all<br />

our requirements”<br />

Tomas Triyoso<br />

Senior Network Manager<br />

Corporate Information<br />

System, Certis CISCO<br />

ABOUT ALCATEL-LUCENT<br />

Alcatel-Lucent provides solutions that<br />

enable service providers, enterprises and<br />

governments worldwide, to deliver voice,<br />

data and video communication services to<br />

end-users. As a global leader in fixed, mobile<br />

and converged broadband access, carrier<br />

and enterprise IP technologies, applications,<br />

and services, Alcatel-Lucent offers the endto-end<br />

solutions that enable compelling<br />

communications services for people at home,<br />

at work and on the move.


MARKET INTELLIGENCE<br />

MARKET INTELLIGENCE<br />

THE POWER OF SPORTS<br />

Photo credit: Singapore Sport Council<br />

Sport marketing<br />

is a USD$100<br />

million industry in<br />

Singapore slated<br />

to grow by 17.6 per<br />

cent in 2014 (as<br />

reported by Asia<br />

Sponsorship News)<br />

Sports have the unique ability to<br />

create awe-inspiring and memorable<br />

moments in people’s lives. By investing<br />

in sports marketing, brands are able<br />

to develop positive connections and<br />

foster strong loyalty with their target<br />

audience. An added benet of sports<br />

marketing is the opportunity for team<br />

development, leadership programmes<br />

and doing social good. Versatile and<br />

targeted, sports marketing speaks<br />

to different levels of consumers even<br />

within the realm of one sport. Sports<br />

help people to live better – physically,<br />

emotionally and socially.<br />

Sports Marketing in APAC is<br />

booming<br />

Globally sponsorship spending<br />

outlook has a projected value of<br />

USD$<strong>53</strong>.3 billion (SGD$67.35 billion)<br />

in 2013 (IEG 2013 SPONSORSHIP<br />

SPENDING OUTLOOK). The APAC<br />

region accounts for USD$12.6 billion<br />

(SGD$15.92 billion) and has the 2nd<br />

highest organic year-on-year growth at<br />

5 per cent (IEG 2013 SPONSORSHIP<br />

SPENDING OUTLOOK). Sport<br />

dominates sponsorship spending,<br />

taking 69 per cent leaving<br />

entertainment, arts, festivals, and<br />

other causes lagging behind. Locally,<br />

the projected Singapore sponsorship<br />

total for 2013 is over USD$100<br />

million and is slated to grow by 17.6<br />

per cent, more than three times<br />

above global gures. The big jump is<br />

attributed by the likes of Singapore<br />

Sports Hub (ready 2014 onwards),<br />

the 28th SEA Games (2015), and the<br />

Women’s Tennis Association (WTA)<br />

Championship (2014 – 2018).<br />

Brands want in<br />

A recent sports study conducted<br />

by GFK showed that 71 per cent of<br />

organisations have been involved<br />

in sponsoring an event and 62 per<br />

cent will renew sponsorships for the<br />

following year. Of all the respondents<br />

polled, 72 per cent chose to sponsor<br />

sports. More and more brands are<br />

choosing to associate with sports<br />

because of its positive impacts.<br />

Opportunities on the horizon<br />

After a 21-year hiatus, the 28th SEA<br />

Games will take place in Singapore<br />

on the 5th to 16th June 2015 and will<br />

be broadcasted to 11 countries, with<br />

over 600 million in population. The<br />

latest edition is part of Singapore’s<br />

50th jubilee celebration, serving as<br />

one of the biggest opportunities on the<br />

sports marketing horizon. Activation<br />

opportunities for brands will start in<br />

January 2014 and the last 18 months<br />

leading up to the Games. Coupled<br />

with the launch of the Singapore<br />

Sports Hub, the 28th SEA Games<br />

has the potential to cross borders<br />

and even continents with the spotlight<br />

shining on the world’s latest sporting<br />

eco-sphere.<br />

Talk to the right guys<br />

The Singapore Sports Council (SSC)<br />

drives the vibrant sports scene<br />

locally. Under their support are<br />

international marquee events like<br />

WTA Championship, FINA / ARENA<br />

Swimming World Cup, and Standard<br />

Chartered Marathon Singapore, just<br />

to name a few. They play an integral<br />

sports marketing role in the region with<br />

the Singapore Sports Hub opening in<br />

2014. Start your conversation right<br />

with Singapore Sports Council. E<br />

Contact:<br />

Kartik Agrawal<br />

Email : kartik_agrawal@ssc.gov.sg<br />

58<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST


COME 2015, CATCH THE 28TH SEA GAMES ACTION<br />

AT THE ICONIC SINGAPORE SPORTS HUB.


LIFESTYLE<br />

Savour<br />

gourmet<br />

coffee<br />

comfortably<br />

in offices<br />

offee is one of the most widely consumed<br />

C<br />

beverages in the world 1 . According to the<br />

International Coffee Organisation 2 , it is<br />

estimated that 1.6 billion cups of coffee are<br />

consumed daily worldwide. As one of the most popular<br />

beverages in the world, coffee has become a necessity<br />

in our daily lives.<br />

Coffee, when consumed in appropriate amounts, has<br />

many benets. A good cuppa can rejuvenate many<br />

working professionals and prepare them for the tasks<br />

ahead. It is thus important for good coffee to be easily<br />

accessible to working professionals in their ofces. The<br />

question is: how to get a good cup of coffee in the ofce?<br />

The formula to a good cup of coffee is simple: beans,<br />

water, temperature and equipment.<br />

Beans<br />

To brew a good cup of coffee, the freshness and<br />

type of beans matter. Whole beans are preferred over<br />

ground beans as they produce fresher and richer coffee.<br />

Alternatively, use freshly ground coffee instead of overthe-counter<br />

ground beans as the latter tend to lose their<br />

fragrance once the bag is opened.<br />

To maintain the freshness of the beans, storage choices<br />

should not be overlooked. It is advisable to store coffee<br />

beans in airtight containers. As oxygen, moisture and<br />

light diminish the freshness of coffee beans, look out for<br />

packaging that can protect the coffee beans from these<br />

elements. Tri-foil packaging, a triple layer foil that blocks<br />

out heat and light, helps to minimise sweating and<br />

oxidation of the beans.<br />

As for the type of beans to use, Arabica beans are<br />

regarded to be of higher quality. They have sweeter and<br />

softer tastes with hints of fruity avours while Robusta<br />

beans have harsher and grain-like overtones. The<br />

caffeine content for Arabica beans is also lower than<br />

Robusta beans. For those who prefer coffee with low<br />

caffeine content and fruity aroma may wish to tryCaffe<br />

Agust’s Natura Equa consists of 100 per cent Arabica<br />

beans.<br />

Water<br />

If possible, brew your coffee with bottled or ltered water.<br />

Avoid using distilled or tap water with chlorine as they<br />

can alter the full avours of your coffee.<br />

60<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST


LIFESTYLE<br />

Temperature<br />

According to the National Coffee Association USA 3 , the<br />

optimum temperature of water to brew coffee should be<br />

between 90 and 96 degree Celsius. Cold water will be<br />

unable to bring out the full avours of coffee while overly<br />

hot water will scald the coffee beans and leave a bitter<br />

taste in the coffee. If you are using a coffee machine in<br />

your ofce, make sure the machine can adjust to the<br />

optimum temperature for brewing.<br />

Equipment<br />

Since not everybody is a barista who can whip up<br />

gourmet coffee, we rely on coffee machines for our<br />

coffee. When purchasing a coffee machine, choose<br />

one that can calibrate the settings of temperature and<br />

water ratio to the optimum condition for brewing coffee.<br />

For example, Italian brand HLF 3600 coffee machine is<br />

fully automatic and highly programmable, to the extent<br />

that consumers can customise their beverages by presetting<br />

the amount of coffee beans, milk and water. While<br />

the functions of the machines are important, it is equally<br />

vital to keep your machines clean by removing any oily<br />

build-up as they can affect the taste of subsequent<br />

cups of coffee. Advanced coffee machines tend to<br />

have automatic cleaning function, making maintenance<br />

convenient.<br />

With these four criteria in place, getting your quality<br />

caffeine x in the ofce should be easy! E<br />

Anthony Ku<br />

Director<br />

Eco ConneX<br />

References<br />

1 Harvard School of Public Health (2013). Retrieved from http://www.hsph.harvard.edu/nutritionsource/healthydrinks-full-story/<br />

2 International Coffee Organisation (2013). Retrieved from http://www.ico.org/show_faq.asp?show=35<br />

3 National Coffee Association USA (2013). Retrieved from http://www.ncausa.org/i4a/pages/index.cfm?pageid=71<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST<br />

61


LIFESTYLE<br />

GASTRONOMIA<br />

PIDGIN KITCHEN & BAR<br />

OFFERS A WHIMSICAL<br />

TAKE ON FAMILIAR<br />

CUISINE<br />

idgin (pronounced Pidg-in): a<br />

P<br />

noun, not to be confused with<br />

pigeon, the avian creature. It is<br />

<br />

is usually a mixture of two or more languages,<br />

has rudimentary grammar and vocabulary and<br />

is used for communication between groups<br />

speaking different languages.<br />

Tucked away along one of the winding<br />

thoroughfares of Dempsey Road, Pidgin<br />

Kitchen & Bar sits almost unassumingly amidst<br />

other eateries. If you dared to venture into the<br />

cosy 1500 square feet establishment however,<br />

you would be greeted with the store’s own<br />

brand of playfulness and humour right from<br />

the onset.<br />

Designed for conviviality, the interior of Pidgin<br />

sports an “industrial chic” theme, combining<br />

raw nishes with plenty of natural tones. The<br />

main wall of the restaurant sports an array of<br />

shop names that did not make the cut, and<br />

a 14.5 feet bar invokes a slight feeling of<br />

relaxation, as if preparing you for an evening of<br />

bubbly. The 56-seater restaurant is also quiet<br />

and private enough for that high-powered<br />

business luncheon or afternoon business<br />

meeting.<br />

From the placemats to the wall furnishings,<br />

Pidgin’s tongue-in-cheek approach extends<br />

to the menu and the delightfully playful<br />

culinary creations. The food is really what sets<br />

Pidgin apart. Combining popular South East<br />

Asian dishes with Western cooking styles<br />

and the chefs’ imagination, familiar dishes<br />

are presented in entirely new packages and<br />

renditions. Far from being novelty items, each<br />

dish is painstakingly researched, ne-tuned<br />

and perfected before launch on the menu.<br />

For example, the Chicken Rice Arancini is<br />

really a Westernised version of the traditional<br />

chicken rice ball, with the orb of carnaroli<br />

rice cooked in chicken fat and lled with a<br />

scarmoza cheese centre. Chicken rice is never<br />

complete without the accompanying chilli, and<br />

Pidgin fullls this unsung requirement with a<br />

tangy sweet garlic chilli jam dip.<br />

For diners looking for something more<br />

substantial, the Lobster Wonton Capellini is<br />

pretty self-explanatory: capellini pasta tossed in<br />

lobster oil aglio-olio style and served alongside<br />

plump fried wontons stuffed with Canadian<br />

live lobsters and topped with Chirozo slices in<br />

place of the traditional char siew (roasted pork).<br />

The dish is even served in the familiar “chicken<br />

bowl”, giving a sense of nostalgia and familiarity<br />

as the diner tucks into a dish that is at its crux<br />

exceedingly Western.<br />

Another pasta dish on the menu is the<br />

avourful Bak Kwa Mac & Cheese. Again,<br />

Oriental and Western avours are combined to<br />

create this truly tasty concoction. The savourysweet<br />

penne pasta merges charmingly with the<br />

fragrant pork belly bak kwa (barbequed pork),<br />

drenched in a generous serving of oozing<br />

melted cheese.<br />

One of the more interesting and somewhat<br />

peculiar dishes on the menu is the Razor<br />

Clams Tau Suan. A traditional local dessert,<br />

the tau suan here is savoury instead of sweet,<br />

served with clam dashi and topped with dough<br />

fritters. It has an intriguing taste, adventurous<br />

but strangely pleasant.<br />

Rounding up the menu of Pidgin is its<br />

assortment of desserts and cocktails. The<br />

Kaya Bread & Butter Pudding takes a creative<br />

spin on the Western dessert, infusing buttery<br />

French brioche with plump raisins, and<br />

homemade kaya (coconut-and-egg jam), giving<br />

the dish a lovely green hue. To complement the<br />

“kaya bread”, a scoop of Hojicha Milk Tea Ice<br />

cream is served alongside, raising images of<br />

the traditional “teh peng” (iced tea).<br />

If you like to play with your food, why not pop<br />

by Pidgin? E<br />

Pidgin Kitchen & Bar<br />

7 Dempsey Road<br />

#01-04, Singapore 249671<br />

Tel: 6475 0080<br />

Operating Hours:<br />

Mondays to Saturdays<br />

Lunch: 12.00PM to 2.30PM<br />

Dinner: 6.30PM to 10.30PM<br />

62<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST


GASTRONOMIA LIFESTYLE<br />

A TIMELESS CLASSIC<br />

Xi De Li’s assortment of<br />

traditional local snacks<br />

continues to tantalise<br />

tastebuds<br />

Dough fritters can be considered a<br />

traditional breakfast staple for local families;<br />

the long deep-fried dough sticks a familiar<br />

sight at the coffee shops and certain<br />

Chinese restaurants. In recent times, the<br />

modern food courts also introduced stalls<br />

selling these timeless snacks, and some<br />

of these stalls are managed by Xi De Li, a<br />

time-honoured provider of these foodstuffs<br />

dating back to the 1920s.<br />

From a humble pushcart in Chin Swee<br />

Road all the way to today’s air-conditioned<br />

foodcourt, Xi De Li’s lineage traces back four<br />

generations. Now managed by the great<br />

grandchildren of the original founder, Xi De<br />

Li’s emphasis on hand-making all of their<br />

products using only the nest ingredients<br />

still persists.<br />

The dough fritters and assorted fried items<br />

are all kneaded by hand and fried using<br />

vegetable oil, keeping the snacks as healthy<br />

as possible. Due to their handmade nature,<br />

the snacks vary slightly in size and shape,<br />

but this is proof of the quality and freshness<br />

of the item. Xi De Li branches offer the usual<br />

fare: dough fritters, buttery buns, sesame<br />

balls, fried bananas (goreng pisang), soya<br />

bean curd, soya milk and tau suan. However,<br />

in line with changing consumer tastes and<br />

to maintain a competitive edge, the chain<br />

will be launching two new products to its<br />

already-robust assortment of snacks.<br />

A rare nd in Singapore, the new Glutinous<br />

Rice Buns are essentially “hum jin peng”<br />

crispy buns lled with glutinous rice<br />

instead of the usual red bean paste, and is<br />

perfect for those who like both sweet and<br />

salty avours. Meticulously kneading the<br />

specially-imported Thailand glutinous rice<br />

before steaming it to produce a chewy and<br />

soft texture, the resulting product is mouthwatering<br />

and fascinating, the combination<br />

of avours a pure delight. These new buns<br />

will initially be available at selected Xi De Li<br />

outlets including Clementi, Parkway Parade,<br />

VivoCity and Jurong Westgate.<br />

The second item launched is the Banana<br />

Premix, a product for consumers to create<br />

their own fried banana fritters at home. Easy<br />

to use with little fuss, the Premix is versatile<br />

enough to be used with food such as<br />

bananas, yam, sweet potatoes and tapioca.<br />

With all its new products, Xi De Li still remains<br />

true to its roots, using the nest ingredients<br />

to create authentic local snacks for close to<br />

a hundred years and counting. E<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST<br />

63


CLASSIFI<strong>ED</strong>S<br />

Expand Construction Pte Ltd<br />

CONSTRUCTION<br />

T: +65 6298 8066<br />

expand@singnet.com.sg<br />

Expand, an A1 BCA registered company,<br />

was established in 2000, with a paid-up<br />

capital of $15m. Its principal activities are<br />

General Construction and Building Services.<br />

Expand is accredited with the ISO Integrated<br />

Management System and achieved the<br />

Green & Gracious Builder (Star) Award in<br />

2013. Two of our recent projects – the Lion<br />

Grove Supertrees and the Energy Centre<br />

at the Gardens by the Bay – have achieved<br />

the prestigious Green Mark Platinum Award<br />

together with our client, National Park Board.<br />

Expand’s strong emphasis on training and<br />

development of personnel has enable the<br />

company to develop and retain a pool of<br />

dedicated, competent and professional<br />

staff to meet the industry challenges and<br />

to cherish long term relationship with our<br />

business partners.<br />

Flame Communications Pte Ltd<br />

PUBLIC RELATIONS<br />

T: +65 6259 3193<br />

<br />

Established in 2005, Flame Communications is<br />

a regional PR consultancy based in Singapore<br />

that has built up considerable expertise in<br />

communications work that ultimately enhances<br />

and enriches lives. Working with a global<br />

network of afliates, the rm has developed<br />

and rolled out campaigns as far aeld as<br />

Bangkok, Seoul and Sydney. Their local and<br />

regional successes span internal and external<br />

communications, business-to-business and<br />

business-to-consumer outreaches, and the<br />

gamut of international brands, mid-range SMEs,<br />

all the way to simple startups.<br />

Nanyang Technopreneurship<br />

Center (NTC), Nanyang<br />

Technological University<br />

<strong>ED</strong>UCATION<br />

T: +65 6316 6778<br />

www.ntu.edu.sg/ntc<br />

The NTC’s Master of Science in<br />

Technopreneurship and Innovation (MSc TIP)<br />

program enables candidates to develop an<br />

entrepreneurial mindset, practical business<br />

knowledge and hands-on entrepreneurship<br />

skills, through its unique teaching pedagogy,<br />

experiential learning, and transformational<br />

global immersion experience.<br />

Super Bean International Pte Ltd<br />

FOOD & BEVERAGE<br />

T: +65 6844 2298<br />

F: +65 6513 2843<br />

http://www.mrbean.com.sg<br />

Founded in 1995, Mr Bean is the leading chain<br />

soya bean food & beverage retailer in Singapore<br />

today. With more than 60 local and 12 overseas<br />

stores, Mr Bean offers a variety of soya bean<br />

drinks, snacks, ice cream and more.<br />

64<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST


TOP 5<br />

TOP 5<br />

Building Relations<br />

Top 5 Tips on<br />

Public Relations<br />

to Advance your<br />

Start-Up Firm<br />

You have nally got your business up<br />

and running, but have to work on a<br />

tight budget before revenue comes<br />

in. Marketing and communications<br />

are barely on your priority list, with<br />

whatever limited resources you<br />

have invested into product research<br />

and development. While that may<br />

seem like the most reasonable<br />

course of action, putting off public<br />

relations practice may actually<br />

hinder your company in reaching<br />

its full potential, thereby limiting its<br />

success. Hiring a PR rm that can<br />

build credible brand awareness and<br />

getting your company’s message<br />

out to the target audience will be<br />

the best solution. But with a low<br />

budget, especially for a start-up<br />

company, this might be challenging.<br />

Communicating to the public and<br />

the press takes some time and<br />

effort, but when done right, can<br />

push your company out there to the<br />

right consumer market and thus<br />

grow your clientele base. Here are<br />

some basic tips to help you start<br />

building the PR foundations to help<br />

advance your rm.<br />

1<br />

Know what is<br />

newsworthy.<br />

It may seem easy enough,<br />

but there are still many<br />

who are unable to successfully<br />

differentiate their product or service<br />

from competitors. So your product<br />

uses energy-saving technology that<br />

is environmentally-friendly, but hey –<br />

so do ve other competing brands<br />

in the same market. One valuable<br />

piece of advice to heed is to have a<br />

good understanding of the industry<br />

you are in while keeping abreast of<br />

upcoming trends, and build your<br />

unique selling point from there.<br />

Determine what is so compelling<br />

about your product or the value-add<br />

consumers get, and then convey<br />

that to the media.<br />

Could it be that the product was<br />

conceptualised in response to a<br />

recent catastrophic attack, or that it<br />

would have the potential to benet a<br />

signicant amount of people? Could<br />

it be that the person behind the<br />

product is someone of stature and<br />

fame? Because well, famous people<br />

generally garner more interest and<br />

coverage than an average person.<br />

Pick up on these little selling points,<br />

and you will increase your chance of<br />

getting the media’s attention.<br />

Another method of generating<br />

news is through the use of data.<br />

Have your product research mined<br />

up interesting or compelling facts<br />

and gures that supports your<br />

ideas? Include them when pitching<br />

to the media, because oftentimes,<br />

this information makes the news<br />

itself.<br />

2<br />

Cut off all jargon.<br />

Not many people like to<br />

read things they do not<br />

understand, especially<br />

if it causes the mind to spin<br />

or trigger drowsiness. It is<br />

always advised to write in a<br />

manner such that even an<br />

average Joe would have<br />

a good understanding of<br />

what your product is, and<br />

your company’s reason<br />

of being.<br />

Another reason to cut off<br />

industry speak is that it<br />

probably disguises the fact<br />

that you may not know your<br />

product well. After all, if you truly<br />

know your work, you should be<br />

able to explain it in one or two<br />

succinct sentences.<br />

66<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST


3<br />

Have a selected<br />

pool of journalists to<br />

build relations with.<br />

Determine who your target<br />

audience is, and then nd out what<br />

kinds of media they engage in. From<br />

there, target the relevant journalists<br />

that would cover the scope of what<br />

your work or company falls in, and<br />

connect with them. Such a targeted<br />

effort not only cuts down on time<br />

and effort spent pitching to media,<br />

but also increases the chance of<br />

meaningful pick-ups, as opposed<br />

to insignicant pursuits after other<br />

publications that would not give you<br />

the right exposure to your target<br />

market.<br />

Start by making a list of relevant<br />

journalists writing for your target<br />

audience and for your industry, and<br />

read up on those publications and<br />

the articles they write. By having a<br />

clear understanding of what they<br />

cover, you would be better equipped<br />

when pitching news to them,<br />

customising your mails to justify<br />

why your work or company ts their<br />

scope of coverage and interests.<br />

You may also take it one step further<br />

and follow them on social media<br />

sites like LinkedIn and Twitter, as<br />

these are the best platforms to<br />

stay connected (of course, face to<br />

face is arguably the best form of<br />

communication, but journalists are<br />

one of the busiest people in the<br />

world, thus meeting up is not always<br />

the most convenient) and learn more<br />

about them through the articles they<br />

share or news they show interest<br />

in. Knowing your journalists can<br />

help you tailor your pitch better, and<br />

pique their interest in the news you<br />

have to share.<br />

4Timing is everything.<br />

This cannot be stressed<br />

enough, but many a time,<br />

potential coverage is lost<br />

because the news was pitched<br />

too early so that when it actually<br />

happens, the journalist has long<br />

forgotten about it; or it was<br />

pitched too late and there is not<br />

enough time for the journalist to<br />

report on it.<br />

Be mindful that journalists run<br />

on a tight schedule, sometimes<br />

covering more than ve events<br />

a day. Granted, your news may<br />

be important, but so are many of<br />

others on their plate. It is not easy<br />

for them to re-schedule, and most<br />

publications are short of manpower<br />

to boot.<br />

The tried-and-tested time period to<br />

pitch a piece of news is one week<br />

TOP 5<br />

before ofcial announcement. This<br />

gives editors time to indicate interest<br />

and assign a reporter down to cover<br />

the news. Once they have given<br />

attendance, it does not hurt to give a<br />

friendly reminder notice a day before<br />

the event as well.<br />

5Share your<br />

knowledge with the<br />

community.<br />

Sharing your expertise on<br />

the eld you are working in is one of<br />

the best ways to mark your identity<br />

in the industry. Not only does it help<br />

enhance the overall credibility to you<br />

and your company, it will also build<br />

awareness to your brand.<br />

Look out for those regular feature<br />

columns on relevant magazines<br />

and offer to write a piece for your<br />

company. Sharing of knowledge<br />

through informative and engaging<br />

content will get readers interested in<br />

what you say and the work you do,<br />

thereby building up a much wider<br />

target audience. The best part? It<br />

comes at little to no cost at all.<br />

These ve tips presented are good<br />

public relations practice to stick to,<br />

and once committed to memory, will<br />

serve you well in working with the<br />

press. You would also stand a higher<br />

chance of seeing positive results<br />

from your effort, and will thus see that<br />

public communication is a necessary<br />

element for even a start-up company,<br />

and should not be neglected. Start<br />

practising your public relations skills<br />

today! E<br />

Jamie Yeo<br />

Communications Executive<br />

Flame Communications Pte Ltd<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST<br />

67


A PUBLICATION BY ASME<br />

$6.90 (+GST)<br />

MICA (P)039/05/2010<br />

ISSN NO. 1793-0286<br />

JUL | AUG 2012<br />

A PUBLICATION BY ASME<br />

$6.90 (+GST)<br />

MICA (P)104/03/2012<br />

ISSN NO. 1793-0286<br />

SEP | OCT 2012<br />

A PUBLICATION BY ASME<br />

$6.90 (+GST)<br />

MICA (P)104/03/2012<br />

ISSN NO. 1793-0286<br />

JUL | AUG 2013<br />

MICA (P) 104/03/2012<br />

ISSN NO 1793-0282<br />

Subscription Form<br />

JAN FEB 2014<br />

ISSUE <strong>53</strong><br />

Yes, I would like to subscribe to Entrepreneurs’ Digest:<br />

1-year subscription – $41.40<br />

2-year subscription – $74.50 (save 10% off regular price of $82.80)<br />

(Postage fee inclusive)<br />

SUBSCRIBER’S DETAILS:<br />

Dr/Mr/Mrs/Ms<br />

Mailing Address<br />

A PUBLICATION BY ASME<br />

$6.90 (+GST)<br />

Ronald Lee<br />

The Business of People<br />

Pg 30 | Cover Story<br />

The Business of<br />

Staying in Business<br />

Pg 10 | Special<br />

Employee Engagement<br />

Pg 21 | Commentary<br />

Beyond the Data<br />

Pg 54 | Market Intelligence<br />

Company Name<br />

Designation<br />

Home Tel No<br />

Mobile:<br />

Fax No.:<br />

METHOD OF PAYMENT<br />

By Credit Card Amex Diners VISA Mastercard Credit Card<br />

Number<br />

Card Holder’s Name Card Expiry Date (Month) (Year)<br />

By Cheque Crossed Cheque No.<br />

Please send your subscription form with your cheque enclosed to:<br />

Association of Small and Medium Enterprises, 167 Jalan Bukit Merah,<br />

Tower 4, #03-13, Singapore 150167<br />

(payable to ASME)<br />

Subscription is strictly non-cancellable and not valid with other offers or promotions.<br />

For enquiries, please contact us at: 6513 0388.<br />

ISSUE 44<br />

ISSUE 45<br />

ISSUE 50<br />

Launched in September<br />

2004, Entrepreneurs’ Digest<br />

is a publication by ASME<br />

and the first SME-centric<br />

bi-monthly publication that<br />

provides a comprehensive<br />

information resource for the<br />

development of SMEs.<br />

Entrepreneurs’ Digest prides<br />

itself in providing quality<br />

and effective information<br />

to equip entrepreneurs,<br />

business owners, manager<br />

and decision makers to<br />

make informed decisions to<br />

grow their business.<br />

YUSARN<br />

AUDREY<br />

Igniting Possibilities<br />

Cover Story | Pg 28<br />

&<br />

Saving Your Taxes<br />

Initiatives from IRAS<br />

Special | Pg 16<br />

William Wong<br />

Making a difference<br />

Cover Story | Pg 28<br />

Inter-Association<br />

Networking Night 2012<br />

Events | Pg 7<br />

Mike Tiong<br />

Work should be what you love<br />

Cover Story | Pg 30<br />

Champion and<br />

Chaperone<br />

The role of trade associations<br />

Brand<br />

Seminar 2012<br />

Events | Pg 5<br />

MAKE THE RIGHT IT<br />

INVESTMENTS<br />

Commentary | Pg 20<br />

HARMONY MATTERS:<br />

EFFECTIVE PEOPLE<br />

PRACTICES<br />

Market Intelligence | Pg 38<br />

The Entrepreneur of the<br />

Year 2012 ~<br />

A Rotary-ASME Award<br />

Celebrating Entrepreneurial<br />

Excellence<br />

Special | Pg 13<br />

SMEs and<br />

Business Ethics<br />

Commentary | Pg 26<br />

Focusing<br />

on Business<br />

Processes<br />

Top 5 | Pg 67<br />

Special | Pg 10<br />

The Art of<br />

Generating Insight<br />

Commentary | Pg 18<br />

The Numbers Game<br />

MoneySmart | Pg 36<br />

68<br />

JAN FEB 2014<br />

ENTREPRENEURS’ DIGEST

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!