Singapore, Thursday, 7 May 2009 - Over the past eight months, SMEs have encountered multi-faceted challenges of the credit crunch, shrinking order book, and weak cash flow position due to the global economic downturn. The Singapore Business Federation EnterpriseOne Business Information Services (EBIS) organised a seminar on" to help companies with practical strategies and solutions to navigate these challenges.
Experts from the public and private sectors advised 210 participants or so from MNCs and SMEs on how to survive the recession and prepare well for the economic upturn with sound strategies and solutions. The local business community found out about the various financing options available for improving their credit position; the different lead generation resources and tools to enlarge their customer base and how other companies expanded their businesses in challenging economic situations.
The conference was a joint effort by SBF and the Association of Small & Medium Enterprises (ASME), in partnership with SPRING Singapore, International Enterprise Singapore and National Library Board. This event was sponsored by StrategyLand Research Ltd., Crest Capital Asia, Marsh, $uperLoans by Stone Forest and Far East Organisation.
Mr. Lawrence Leow, ASME President, said in his opening address, "In order to emerge out of the ashes of an economic turmoil, we cannot allow uncertainty to immobilise us into inaction. All too often, the immediate reaction for companies that are feeling the pinch of a slowdown is not only to cut cost, but also delay investment in strategic initiatives. Companies with foresight knows that the search for cost cutting measures must be balanced out with investment to better secure new opportunities and efforts to improve operational processes. Companies that emerged successfully from previous downturns focused on reducing expenses without sacrificing their long-term health."
SBF CEO, Mr. Teng Theng Dar, told participants, "The value of business information has thus now demonstrated itself. 'Knowledge is power.' as the saying goes. Without information, without knowledge, we would not be able to go anywhere far. Yet, many SMEs are hesitant about approaching information providers for their information and reports. The key factor preventing them from doing so, as reflected by the SMEs, is the financial constraints. A customized business report could easily cost them thousands of dollars at market rates. EnterpriseOne Business Information Services (EBIS) can be used as one key tool that supports SMEs in their business information needs. Equipped with professional consultants, EBIS prepares customized reports specifically tailored to unique business needs of companies. Companies will also be able to access reliable market intelligence and business resources to understand market opportunities, identify viable business leads and support business decision making."
Kick starting the first plenary dialogue were Mr. Teng, Mr. Leow, DBS Bank's Mr. Irvin Seah, Economist, Assistant Vice President Group Research and Mr. Freddie Low, President and CEO, Baker@Asia. The moderator of the discussion was Mr. Viswa Sadasivan, CEO of Strategic Moves. The panelists shared their personal anecdotes on the practical approaches and mindsets SMEs need to have to survive this economic recession.
Mr. Low, whose company specializes in high-end American furniture, noted that entrepreneurs need to challenge themselves, get out of their comfort zone and that it was critical for them to be creative in the way they conduct their business. He added that Baker was involved in the Audi Fashion Festival Singapore even though it is supposed to be a furniture business, it can also be marketed as a lifestyle business, thus, companies have to be creative at generating more businesses for themselves.
From the economist's perspective, Mr. Seah observed that the global economy is bottoming out and although there may be some risk due to the emergence of the Influenza A H1N1 virus, the outlook generally looks brighter with signs of green shoots of recovery in the US and Asia. He explained that although US's first quarter GDP fell by 6.1%, the stock market rallied 2%, because 1Q US consumption grew by 2% -- this is significant as consumption contributes 7% of US GDP. Asia is also showing improved export growth. He advised the participants to look at the month-on-month numbers instead for a more accurate feel of the market's trends. He noted that while Singapore's Non-Oil Domestic Exports numbers in January was dismal, there was a marked improvement in the March numbers, as compared to February.
Other key points of the discussion include participants' questions on how Free Trade Agreements (FTA) benefit SMEs, as well as how Singapore can cultivate a business culture that will produce our own version of Bill Gates, Walt Disney or Steve Jobs.
Mr. Seah, who has expertise as a trade economist, said that Singapore companies can move into markets in which Singapore has inked FTAs faster due to the preferential arrangements in the FTA. If there's no FTA, companies may face disadvantages in regard to exports, service providers and investments. They can view
www.fta.gov.sg for more details on how FTAs can benefit them. On a similar note, Mr. Teng said, "2009 is a risky year for both governments and the business community as some countries may impose barriers to free and open trade. If protectionism surfaces, our local businesses can look to safeguards in the 13 FTAs that the Singapore government has signed with its major trading partners."
Mr. Teng also urged the local business community to do away with the principles of 'larkseh-ism', 'paiseh-ism' and 'linpeh-ism' if they wish to inculcate a community supportive of entrepreneurs. All three are spin-offs from Hokkien terms, where the first two mean embarrassment and feeling apologetic, whereas the third term refers to a know-it-all attitude used to describe a person who refuses to accept advice or listen to others.
The conference also featured a forum on 'Unraveling The Myths and Truths of Business Financing', with panelists - Mr. Niraj Goel, Chief Timing Technology Architect, StrategyLand Research Ltd; Mr. Tay Woon Teck, Director, Corporate Advisory Services, Stone Forest Corporate Advisory Pte Ltd; Mr. Peter Chan Pee Teck, Managing Partner, Crest Capital Asia; Ms. Yu Lei, Head of Client and Business Development, Marsh (Singapore) Pte Ltd. The session was moderated by Mr. Wee Chin Chuan, Executive Director, Oriel Management Consulting and a financial consultant to Singapore Business
Federation for FundsAssist@EBIS.SG under the Financial Facilitator Programme driven by SPRING. They shared with participants an expert's advice on what SMEs should do upon facing difficulties obtaining banks, using actual case studies as examples.
This forum was followed by presentations by two SMEs that gave practical tips on doing business globally. Mr. Ban Y. J., Chairman, Stikfas Pte. Ltd. shared his personal experience in overcoming sales challenges for his business through unconventional and cost-saving marketing methods that include utilizing the online forums to gain sales for his company. Ms. Valerie Tan, Director, Pinnacle Motors Pte. Ltd., presented a case study on how a local SME like hers (Pinnacle Motors) could go global.
The final segment of the conference featured three break-out sessions under the theme of 'Access to Financing, Global Business Opportunities, Contracts & Sales Leads (Parallel Tracks)'., by Mr. Peter Chan, Managing Partner, Crest Capital Asia; Mr. Wee Chin Chuan, Executive Director, Oriel Management Consulting; Mr. Samuel Sng, Info-consultant, EBIS and Ms. Samantha Teo, Manager, Business Matching Division Enterprise Services Group, International Enterprise Singapore.
For more information on EBIS activities and events, please contact
Omana Wuni Menon / Belle Luo
EnterpriseOne Business Information Services
Contact number: 68276830
Email: ebis@ebis.sg
About EnterpriseOne Business Information Services (EBIS)
The EnterpriseOne Business Information Services (EBIS) is an ideal business resource for companies that are seeking to leverage on market opportunities whilst concurrently trimming business costs. It is a suite of comprehensive business information and advisory services which include Customised Business Intelligence & Leads, Seminars and networking sessions and Business Information Resources, to support business leads generation and market research activities. To find out more about EBIS, please contact EBIS at 6827 6830 or visit
www.ebis.sg
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