Capability Development Grant. Build business capabilities to sharpen your competitive edge

Transcription

1 Capabiity Deveopment Grant Buid business capabiities to sharpen your competitive edge 1

2 Buid up your business with the Capabiity Deveopment Grant The Capabiity Deveopment Grant (CDG) is a financia assistance programme designed to hep SMEs buid their capabiities across 10 key business areas. SMEs can use the CDG to defray up to 70 per cent of quaifying project costs (e.g. consutancy, training, certification, equipment and software costs) for upgrading initiatives in areas ike increasing productivity, process improvement, product deveopment and market access. To encourage more SMEs to buid their business capabiities, the appication process for grant support of $30,000 or ess has been simpified. SMEs can ook forward to simper appication forms and reduced documentation requirements for such projects. TECHNOLOGY INNOVATION BRAND & MARKETING STRATEGY DEVELOPMENT BUSINESS EXCELLENCE SERVICE EXCELLENCE PRODUCTIVITY IMPROVEMENT CAPABILITY DEVELOPMENT GRANT (CDG) BUSINESS STRATEGY INNOVATION ENHANCING QUALITY & STANDARDS INTELLECTUAL PROPERTY & FRANCHISING HUMAN CAPITAL DEVELOPMENT FINANCIAL MANAGEMENT Eigibiity SMEs can appy for the CDG if they meet the foowing criteria: Registered and operating in Singapore; Have a minimum of 30% oca sharehoding; and Have group annua saes turnover of not more than $100m or group empoyment size of not more than 200 empoyees. 2

3 BRAND AND MARKETING STRATEGY DEVELOPMENT BRAND DEVELOPMENT SMEs can use brand deveopment as a strategy to enhance business competitiveness, identify their unique proposition and differentiate themseves from their competitors. A we-panned and executed brand strategy can hep SMEs grow market share, increase brand vaue, buid customer oyaty, and even attract and retain taent in the competitive marketpace. Conducting a brand audit Deveoping a brand position across key products/service offerings and target segments Deveoping a brand strategy and roadmap Deveoping a visua identity system to aign a customer touch-points and reinforce brand strategy Conducting brand advisory and education to ensure interna aignment MARKETING STRATEGY DEVELOPMENT An effective and we-executed marketing strategy heps SMEs define their market position, identify business priorities, and understand their target audience. It provides carity and strategic direction to their marketing efforts, incuding the deveopment of marketing messages and budgets, and can resut in better customer acquisition and retention rates. Conducting market research Defining target market(s) and market positioning across key products and services Prioritising business and marketing objectives Deveoping a marketing strategy Estabishing an impementation roadmap to achieve marketing objectives BUSINESS EXCELLENCE SMEs can enhance their management systems and processes by conducting a comprehensive organisationa review, and formuating a strategic deveopmenta roadmap to improve organisationa performance. Deveoping a comprehensive organisationa review based on the seven Business Exceence (BE) framework categories Formuating a strategic deveopmenta roadmap, based on findings from the organisationa review Preparing for and undergoing a BE certification assessment (i.e. Singapore Quaity Cass, Peope Deveoper, Singapore Innovation Cass, Singapore Service Cass) within 12 months from project start date 3

4 BUSINESS STRATEGY INNOVATION SMEs can adopt various innovation methods and toos, such as Business Mode Innovation, Design Thinking, Open Innovation and Service Innovation, as part of their business pans to sove operationa probems, deveop new products, enter new markets, or even improve customer engagement. Identifying organisationa strengths and weaknesses through structured anaysis Identifying, prioritising and deveoping ideas to tap on market trends and opportunities Deveoping strategic roadmaps for introducing new products and services, enhancing customer engagement and experience, improving organisationa cuture and expanding to new markets ENHANCING QUALITY AND STANDARDS By adopting internationa or industry standards, SMEs can improve processes, enhance the quaity of their products and services, increase competitiveness and access new markets. Acquiring and adopting various certifications and standards such as: ISO Certification on Business Continuity Management Systems ISO Certification on Food Safety Management Systems ISO Certification on Energy Management Systems API Certifications (Oi and Gas Industry) AS 9100 Certification on Quaity Management System (Aerospace Industry) FINANCIAL MANAGEMENT SMEs can enhance their financia management capabiities to deveop financia resiience and better manage their financia resources for sustainabe growth. Deveoping a financia framework Formuating a financia strategy to vaidate and enhance expansion pans Deveoping measures and contros to meet financia chaenges and achieve financia objectives Impementing corporate financia systems and processes to enhance financia resiience Deveoping a framework to support inorganic growth, such as through mergers and acquisitions, and fundraising 4

5 HUMAN CAPITAL DEVELOPMENT Deveop a strong human capita foundation for business sustainabiity by strengthening eadership, adopting effective HR practices, cutivating a strong corporate cuture, as we as attracting and retaining the right taent. Depoying HR management and deveopment processes and best practices in the foowing areas: - Manpower Panning - Recruitment and Seection - Compensation and Benefits - Performance Management - Training and Deveopment - Taent Management and Succession Panning - Organisation Cuture - Empoyee Engagement and Communications - Empoyee Vaue Proposition - Other HR management or deveopment areas Strengthening eadership capabiities of senior management and buiding a pipeine of future eaders for business growth and sustainabiity INTELLECTUAL PROPERTY AND FRANCHISING SMEs can everage on their Inteectua Property (IP) to deveop a competitive advantage and yied sustainabe profits. This incudes the creation, ownership, protection and commerciaisation of IP, and the deveopment of franchising systems to repicate successfu business modes. Estabishing IP management capabiities, incuding: - Auditing an existing IP management system - Deveoping an IP strategy - Deveoping and vauing an IP portfoio - IP training and education - IP research and inteigence services Deveoping and impementing a franchising system Auditing a franchising system 5

6 PRODUCTIVITY IMPROVEMENT SMEs can impement initiatives and projects to improve workfow processes and efficiency, and optimise resource aocation for productivity gains. Engaging Productivity Consutants to streamine business processes and enhance workfow design Optimising manpower panning and aocation Impementing projects to increase the efficiency of business operations Intensifying and use and improving and productivity (under the Land Productivity Grant) SERVICE EXCELLENCE SMEs in the food & beverage, heathcare, hospitaity, retai, transport and trave industries can strive for service exceence by embarking on innovative projects to enhance their service eves and drive customer satisfaction. Engaging service exceence consutants to review and/or design service systems, in the foowing areas: - Service mission, service vaues and service strategies deveopment - Service bueprints and standards deveopment - Service audits (e.g. customer satisfaction surveys, mystery audits) - Preparation for Singapore Service Cass certification Impementing technoogica soutions to enhance service process efficiency and customer oyaty in the foowing areas: - Mobie or sef-service systems - Customer Reationship Management systems and/or data anaytics soutions TECHNOLOGY INNOVATION SMEs can strengthen their technoogy innovation capabiities to deveop critica technoogy, products and services that enhance market competitiveness and profitabiity. Leveraging technoogy for new product deveopment Appying technoogy in nove ways for the deveopment of new saes channes or business modes Engaging technoogy experts from A*STAR, Centres of Innovation, Poytechnics, and other institutions to deveop SME s in-house R&D capabiities Embarking on joint or individua projects to impement new technoogy that resuts in significant improvements to service deivery or productivity 6

7 How to Appy? Step 1 Identify the business and growth needs of your company and the business capabiity area which requires upgrading at Step 2 Discuss your project with an SME Centre business advisor. Ca to make an appointment (optiona). Step 3 Identify a soution provider and/or consutant to discuss project impementation detais and prepare your CDG appication. Business Advisor Step 4 Prepare your CDG appication. This incudes your company s atest ACRA form, audited financia statements, project proposa, reevant quotations for your project cost items, and consutant s proposa for projects invoving consutancy. CDG appication Step 5 Submit your CDG appication onine via your SingPass account at the SPRING Grant Porta grantporta.spring.gov.sg. SPRING Grant Porta For more information, pease visit or ca to make an appointment with an SME Centre business advisor. 7

8 SPRING Singapore 1 Fusionopois Wak, #01-02 South Tower, Soaris, Singapore Te: , Fax: