The recent Budget 2017 revealed that there will be an increase in water prices by 30%. The changes affect not only domestic households but businesses as well. To counter the increase in costs for basic necessities like water or even rental, here are 4 things your business can do.
Going green doesn’t just benefit the environment, it eases up your financial load. Energy-saving solutions like Seng Hong Trading’s range of power savers can minimise electricity usage by tracking the active power used.
In addition, grants and schemes like the One-Year Accelerated Depreciation Allowance for Energy Efficient Equipment and Technology (ADAS) allow businesses to replace their equipment with energy-efficient alternatives, writing off the capital expenditure.
Consider cost-saving options like mobile pooling, which allows you to maximise the amount you spend on your team’s mobile expenses. StarHub’s SmartShare mobile pooling service, for instance, has helped businesses save up to 50% of phone bills.
SMEs can also select a host of bundled solutions specially tailored to save costs. For example, instead of paying for IT hardware like laptops and necessary productivity tools like Microsoft Office in separate bundles, opt for a Device Subscription Service. This provides not only your IT needs but includes tech support in one cost-effective package.
If your SME is a DBS Business Account holder, you can enjoy even more savings by combining your broadband, mobile and office line needs into one bundle. The DBS Power Hub package not only gives you great value on connectivity deals with the Smart Office Suite, it also cuts 25% off your SP tariff rate.
SME centres in Singapore offer quality assistance at little to no charge. Through these centres, SMEs can get consultation on anything from marketing and branding to financial management and overseas expansion
Singapore has one of the most conducive environments for startups in the world, even ousting the likes of Silicon Valley for top spot in talent generationii. This is in part due to the rich variety of government incentives used to nurture the entrepreneurial spirit. From enabling automation with the Automation Support Package, to support during overseas expansion with the Market Readiness Assistance Grant, SMEs are covered at every stage of growth.
There are also a plethora of alternative options, like bank loans, crowd-funding and Venture Capital opportunities that have propelled local businesses like Gamora to the forefront of the market.
Even though the recent Budget 2017 might have tightened costs for businesses, there are still numerous ways SMEs can save and counter rising costs to grow, even in a bleak economic environment.