5 Money Saving Tips to Newly Incorporated Singapore Business
The start-up ecosystem of Singapore is fertile ground for budding entrepreneurs from across the globe. Every year, an umpteen number of businesses jump onto the start-up bandwagon of the city-state. It makes sense that a newly incorporated Singapore business too has to go through a rough phase in the initial days of company incorporation. Right from finding skillful talent to obtaining a fund, starting a company is more like riding a roller-coaster.
Despite having a pro-business environment, many new companies in this island nation face challenges to sustain in the long run. More often than not, the key challenge is the financial struggle. This blog will outline this very aspect and provide money saving tip to the start-ups so that they do not face problem in managing the fund. In this line, you may also take suggestions from experts of Singapore incorporation services.
1 Plan an Effective Budget for Your Business:
If your budget has already been planned prior to company registration Singapore, you may reconsider and restructure it based on certain start-up tactics. Try to trim overhead expenses as much as possible and spend only on essential aspects. For example, since Singapore legislative allows a business to represent its residential address as registered company address, you can start working from home for the time being. Before renting an office space (which is usually an expensive matter), let your business grow bigger. Precisely, plan a smart budget for your business taking into account various aspects of business and keep your company running smoothly.
2 Avoid Using Expensive Services:
Until you are in start-up mode, you are advised to search for low-cost alternatives of the expensive services. For instance, you can use open source software instead of licensed software at the very onset of your Singapore business incorporation. However, the licensed version of the software can be bought in the later days to maintain the business standards. Similarly, avoid using expensive marketing agendas. As an alternative, the public relation can be a better option as it is as much effective as advertising.
3 Hire Smart Employees with less experience:
It is a certain fact that the experienced employees are assets of a business. Their contribution towards the growth and development of the business is immeasurable. Nevertheless, it is not meant that inexperienced employees are dull and incompetent. Start-up businesses are advised to hire capable employees who are well-qualified, efficient and eager to do better work. They usually look for entry-level positions and salaries, which can save money from your business budget.
4 Outsource the Non-core Activities:
It may seem counter-intuitive, but outsourcing of accounting, taxation, audit, and payroll which are non-core tasks is highly advantageous for business in the long run. The cost of in-house employees (salaries, allowances, insurance, training cost, office space and etc.) can eat up a large chunk of your business budget. Whereas, outsourcing is a low-cost alternative. In fact, when you outsource to the professionals, you have the security and assurance that the activities are done with their expertise. You can expect to get more quality work from outsourcing than the in-house employees.
5 Tap the Government’s Cash Grant Schemes:
In a bid to encourage aspiring entrepreneurs of start-up businesses, the Singapore government has doled out a host of cash grant schemes. ACE start-ups scheme, TECS (Technology Enterprise Commercialization Scheme), iSTART ACE scheme, iSPRINT, ComCare Enterprise Fund (CEF) and New Initiative Grant (NIG) are to name a few. Most of these grants are introduced to encourage investments in innovation, research, and developments. Depending on qualifying criteria and disbursement method, you can file the application to tap any of these cash grants. It is apparent that when you leverage such schemes, you can keep your business cost at a minimal threshold.
Are you using any of aforesaid money saving tips to keep your business thriving in Singapore? If not, what are you waiting for? Explore the opportunities, exploit the tips and experience the success of your business.