Today, technology has incorporated the use of high-end and expensive solutions. You can start at a lower level by automating the simple existing processes in your business to improve its productivity. The Singapore Government has introduced the Productivity Solutions Grant (PSG) in a move to encourage and support businesses in their transformation journey. The transformation requires a massive investment in digital marketing and more long-term commitments. The productivity solutions grant will help companies to purchase and adopt new technological solutions in an aim at remaining competitive in digital marketing. The Productivity Solutions Grant is dedicated to supporting the business firms that are interested in adopting information technology solutions and equipment’s to make their business processes more effective and efficient. This article will go through all what you need to know about the Productive Solutions Grant.
The Productive Solutions Grant is focused on adopting internet technology solutions in several selected industries. These include retail, finance, logistics, engineering, food, and landscaping industries. PSG has brought together three types of existing grants including national parks board ‘s landscape grant, spring Singapore innovation voucher, and Media Development Authority‘s SMEs Digital programme. The Government simplified the overall awards into one main PSG. You can now apply for the support under one grant scheme. These solutions have been previously pre-copied by the Government mentioned above agencies. However, in case your business SME does not readily fit any of the industries, PSG offers some adoptable solutions such as digital customer relationship management and human resource management that cuts across all sectors.
The PSG provides one of the significant financial breakthroughs to most companies. According to the global commercial banking, adopting technological changes in your business is essential as it brings cost benefits that enable the state to attain sustainable growth in the long run. The programme offers about seventy percent funding support to the Singapore companies. This will give them a chance get into long-term digital technology investments. The tech Depot can provide the list of the readily flexible solutions. Companies that want to undertake the schemes can apply the Productivity Solutions Grant for a more substantial one grant scheme. Among the support of pre-approved solutions, to be streamlined into a productivity solution grant include the SMEs Go digital programme.
The Government of Singapore is ready to allocate about $110 million in financial assistance to the company that will get into the modernisation strategy of their business through the Productivity Solutions Grant. The Government has integrated PSG to work together with industry transformation maps (ITMs) in a motion seeking to promote partnership between the industries, the local business, and the Government. Why is ITMs integration necessary? Industry transformation maps act as the guideline in the determination of Government digital transformation support. The Singapore Government can group industries as a group of six through ITMs. This collaboration is critical in making Singapore home of productive and innovative SMEs.
The revolution of IT solutions is fast growing through the incorporation of social media marketing, online marketing, and search engine optimisation. In that case, most of the businesses downfall is as a result of poor digital marketing strategy. Company development ‘requires a vast lead generation investment to keep it competitive in online marketing. Online marketing has become a huge investment for small and big investors and has had tremendous growth especially in Singapore. About fifty-five percent of Singaporeans accessing the internet use their devices to search or purchase products. This proves the need for the companies to apply for the production solution grants to try and sell their business brand to the demographic market.
A solid SEO foundation is crucial in making sure your business delivers. A necessary SEO audit provides a tool that guides you on the online marketing areas you need to focus. SEO gives your website an online presence. This makes it simple for individuals looking for you to quickly find you and convert from visitors to clients. Many tools provide an SEO overview. However, knowing how to perform the basic SEO audit using free tools is a skill that will ensure your time on SEO is beneficial. You are the one who knows your business best than any other hence being able to perform a basic SEO audit will profoundly empower you.
Today, business digital transformation and automation is crucial in all business firms. Your business cannot afford to work manually in calculating and keeping its marketing records. The Government is funding for innovation of these local businesses through PSG. The grants will provide a computerised accounting that is more accurate and gives the online marketer more room in concentrating on other business matter. Additionally, use of automated transactions places your business at the exposure of a larger area of online users. You can gain access to more potential buyers and also gives you an ideal platform for company marketing campaigns.
Your company is your brand. The social media, e.g., Facebook will never be your company and while it may be a popular and best advertising platform, that might change in the future. The social media will build your business brand, or you may not have the same popularity in the coming days. You, therefore, need to have a marketing strategy that you will progressively build your business brand in unlimited duration. To have a business without a real webpage regarding an available, lead generating website with a blog feature is a cynical mistake. The PSG enables you to make changes to your business platforms frequently. The static sites that give you overnight traffic after posting are already outdated.
How does the Productivity Solutions Grant help SEMs remain competitive? Businesses need productive employees in ensuring that their services or products offered are effective and efficient. Search engine optimisation is arguably a perfect strategy for business development. You need to appear in the search engines top and first page. SEO helps to promote high traffic and lead generation.
A creative project brief is required for effective execution by your advertising agency. You should have well aligned strategic objectives and niche tactics for you to apply for the PSG. A creative brief involves documenting the project scope, goals and all deliverables. A creative brief gives details on the target audience, their current beliefs, what you want them to believe and why they should believe in it. You should ensure your online agency contributes to the strategic planning and give it time for iteration. This will allow the full input of all the agency workers in the organization.
The PSG may be a Government tool in aiming for economic growth. The Government provides a finding of up to seventy percent to the SMEs. Other companies have raised offering to fund businesses with a quite reasonable amount in countering the PSG. This increases competition between local businesses resulting in industrial growth. A good example is Innovation and Capability Voucher (ICV). Many Singapore digital agencies offer search engine optimisation services. They provide experts that work to fix your website errors. These companies are experienced in digital marketing and are aware of the extensive and intensive deployment of appropriate keywords and ads on the website in a move to attract more leads. Huge online traffic will be generated through SEM and SEO. The affected solution providers will direct their SME clients apply for the PSG support on business grant portal.
How Do You Become Eligible for Productivity Solutions Grant?
SMEs companies are eligible to apply for the PSG grant if they are registered and based in Singapore. Additionally, the information technology solutions or equipment’s, lease and purchase will be in Singapore. The SME applying for the grant should possess a minimum local shareholding of thirty percent. Another condition for the SEMs applying for the grant is that their annual turnover should not be exceeding $ 100 million. More so, the company’s employee should not exceed two hundred employees.
How Do You Apply for Productivity Solutions Grant?
To apply, you will go through the list of supportable solutions featured on Tech Depot. Select the relevant solutions that are useful in your business. You will then obtain a quotation from a pre-approved vendor who will supply you with the IT solution and equipment. Finally, you will submit your grant application through the business grant portal. You should ensure that you register to get a CorpPass account. Below are the steps on how to apply the PSG.
#1. Login into The Business Grants Portal
The portal has clear details requesting you to register with CorpPass. Click on the register tab to immediately register with CorpPass.
#2. Use the CorpPass To Login to The Portal.
Click the login tab at the bottom right hand and fill in the CorpPass logins. These include an entity ID, CorpPass ID, and password.
#3. Click on Get New Tab
After your login into PSG account, there three options depending on what you want to do. You can either edit company profile, get a new grant or learn to apply. Click on get new tab middle tab.
#4. Choosing on The Industry Sector
The new window that opens requests you to choose the industry sector that fits best in your business. The options include landscape, services, building and construction, logistics, tourism, food and beverages, retail, manufacturing and engineering, information technology, media, and others.
#5. Click on Select Grant After Choosing Your Business Industry Sector.
Cricking on select grant brings two options on the display. You should choose the second option that features upgrading the critical business areas, adoption of technology, improvement of business processes and raising of service standards. Do not select the option stating that you want to make your business international and establish its overseas presence.
#6. Choosing of The Grant Type
The next window brings options about the best description of the area of your company you will develop using the grant. Among them include service excellence, human capital development, financial management, branding and marketing, standards adoption, pre-scoped productivity solutions, and business excellence. You should choose the pre-scoped productivity solutions option.
#7. Proceed Tab
This section has some vital information for you. It makes you aware of the requirements for completing the grant application. You will need your vendor’s quotations and the product brochures. The grant application attachments and company profile should not be more than fifty MBs in size. You should scroll down the page and click the on proceed tab.
#8. Verification of Your Eligibility Status
The page has a list of the things you must meet to qualify for the grant. Below is the query on whether the applicant meets the eligibility criteria. You should tick the yes option to verify that you are eligible for the grant and click next.
#9. Completion of Business Information
It is mandatory for you to fill in the contact details including your name, job title, and contact number.
#10. Proposal Details
You should search for the IT solution option and select the IT solution. Fill in the required questions. Infusionsoft CRM is ideal in filling in with the customer relationship management.
#11. Uploading of Vendor Quotation
Fill in scale-up marketing Pte. Ltd at the vendor details additionally, upload the supporting documents and selected vendors quotations. Each document should not contain more than ten MBs.
#12. The Purchasing Cost
The purchase price should include all the delivery, installation and training charges. Enter the purchasing cost and click on ‘next.’
#13. Answering Questions on Potential Business Impact.
You need to answer questions including how the solution will change how you do things. More so, you will answer questions about productivity gains on how your task will be more efficient after the grant. Answer the questions and click next.
#14. Review of Declarations and Acknowledgement
You are supposed to go through the contents of consent and acknowledgment. If you agree with the acknowledgment, tick the consent tab and click ‘review.’
#15. The Final Declaration
You should check and review all the items to confirm that they are correct. If everything is as you would like it to be, make the final declaration and click the bottom ‘submit’ icon. You have successfully applied for the Productivity Solutions Grant.
In conclusion, productivity solutions grant promotes the Singapore SMEs in various sectors in their journey towards improved competitiveness, higher productivity, and digitalisation. The grant will in future have an option to incorporate more IT solutions and equipment. The introduction of PSG will see Singapore rise to become a global city through digital productivity, innovation, and skills.