3 Must Have Tech Tools for Singapore Businesses
In 2024, running a business can be challenging. Especially if you’re a small business in Singapore.
The National Business Survey 2023/2024 by the Singapore Business Federation revealed that rising costs and resource limitations are top challenges for businesses, especially SMEs.
While a large part of a business’ success ultimately depends on a huge range of factors – think product quality, customer service, marketing effectiveness, and operational efficiency, and of course, leadership – we try to help out where we can.
Here are three essential (and free!) tools GovTech created that can help businesses streamline operations, saving time and yes as the saying goes – money.
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Business Grants Portal
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GoBusiness
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TradeTrust
Get the help you need via the Business Grants Portal
For a small business owner, there can be a dizzying amount of grants which can become information overload, which then in turn, translates into inaction. Well, that’s where the Business Grants Portal comes in.
This is a resource that brings together government grants for businesses, making it easier to find and apply for grants. This portal streamlines the application process and helps businesses manage and accept grants more efficiently. By leveraging the Business Grants Portal, businesses can explore grants that alleviate financial stress and enable them to maximise profits.
Some useful grants to consider:
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The Productivity Solutions Grant (PSG) was launched to help businesses enhance their processes with technology.
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The Enterprise Development Grant (EDG) provides SMEs with funding to support the cost of qualifying projects, including the adoption of technology and innovation.
The Market Readiness Assistance (MRA) grant provides funding support for eligible costs to help SMEs enter new markets.
Simplify digital interactions with the government using GoBusiness
Starting or managing a business can sometimes feel like navigating a labyrinth
of regulations. But don't fret – you can rely on GoBusiness,
the go-to platform that gives you access to a wealth of government information
and services to help you navigate your business journey.
On GoBusiness, you can easily identify the licences and permits your
business requires from a comprehensive list, and seamlessly apply for them
via the GoBusiness Dashboard.
No more sifting through multiple sites or portals - you can find more
than 200 licences across various government agencies in one place. There’s
also GoBusiness Licensing,
which you can use to submit applications for various licences and permits
from different government agencies simultaneously, saving you valuable
time and effort.
There’s also GoBusiness IP Grow which is designed to empower businesses in safeguarding their ideas and innovations as they transform and grow. It offers a comprehensive suite of intangible assets and intellectual property (IA/IP) service directories, resources, and personalised recommendations to help businesses navigate the complex IA/IP landscape.
(These are just some of the few features on GoBusiness, check out the site to learn more!)
Take B2B to the next level with TradeTrust
TradeTrust is a framework designed to enhance the trustworthiness of electronic trade documents. It integrates globally recognised standards with public blockchain technology, enabling seamless interoperability across digital platforms for governments and businesses.
In simple terms: It's kind of like a digital envelope for businesses, helping them to make their trade documents verifiable (Verifiable Documents) and/or transferable (Electronic Transferable Records - ETR) easily and securely. At the same time, the documents are portable and effective across digital systems.
Using TradeTrust, business owners can enhance the trustworthiness of the documents that they issue, reducing the risk of someone faking their documents because the issuer and integrity of the documents are cryptographically protected. Similarly, business owners who receive TradeTrust-protected documents from their business partners can be assured that the received documents are not fake and have not been tampered with.
These remove the need for repetitive checks by the various trade ecosystem parties to verify whether the documents/information received are legitimate.
Why use TradeTrust?
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TradeTrust ensures your digital documents are legally recognised across countries, saving you potential legal hassles and costs.
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By using globally accepted standards, TradeTrust streamlines your operations, reducing the need for expensive custom solutions and making it easier to work with partners worldwide.
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TradeTrust follows international rules, helping you avoid costly compliance issues and ensuring your technology meets legal requirements without expensive modifications.
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Built on open-source code and leveraging Distributed Ledger Technology (DLT), TradeTrust offers cost-effective integration options, allowing you to connect seamlessly with other systems and streamline your processes without breaking the bank.
Embrace tech to boost productivity
While these tools are not a silver bullet, they can be valuable resources for businesses looking to cut costs and boost profits. By leveraging these tools effectively, businesses can improve their competitiveness and overcome the challenges they face locally – and with enough luck, perhaps internationally as well!
From us at the GovTech team, have a good business year ahead!
