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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 />
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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 />
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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 />
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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 />
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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 />
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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 />
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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 />
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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
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Launched in September<br />
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YUSARN<br />
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Cover Story | Pg 28<br />
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Special | Pg 16<br />
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Inter-Association<br />
Networking Night 2012<br />
Events | Pg 7<br />
Mike Tiong<br />
Work should be what you love<br />
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68<br />
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ENTREPRENEURS’ DIGEST