SINGAPORE – Restaurant owner Isrudy Shaik knew he had too much on his plate when he tried to open outlets overseas, so he used a key ingredient to make the endeavour far more palatable – an SME Centre business adviser.
Asking for support was a no-brainer for Mr Isrudy, given the daunting challenges he faced venturing abroad.
Apart from the costs of bringing his upscale halal restaurant to markets like Malaysia and the Middle East, he also needed to understand the food and beverage regulations in each destination.
“Honestly, from my background, I am from the fine arts industry. I’m not able to do this by myself,” said Mr Isrudy, the founder of the Asap & Co steakhouse.
Help came in the form of Ms Nur Nadhirah Nor Azhar, who has been advising the firm since 2019, when it was a home-based operation.
Ms Nadhirah used the SME Centre’s internationalisation diagnostic toolkit to assess the company’s financials and other operational requirements before drawing up a blueprint for its expansion.
“This toolkit helped them to assess their readiness, to work on some of their weak points (and) strengthen their foundation in Singapore,” she said.
Internationalisation is one focus of around 10 SME Centre toolkits, which also cover areas such as digitalisation and artificial intelligence.
The centres were set up in 2005 to offer general advisory and support for small and medium-sized enterprises (SMEs). The 10 centres, which are run by trade associations and chambers in partnership with EnterpriseSG, help around 25,000 firms a year.
As Senior Minister of State for Trade and Industry Low Yen Ling noted at the SME Centre Conference on July 30: “With deeper insights, business advisers can more effectively suggest collaboration opportunities and proactively identify potential partners that align with the enterprise’s objectives.”
The toolkits help firms to improve their capabilities, have greater operational synergy and achieve economies of scale, Ms Low added.
SMEs can also be referred by their advisers to specialist partners, such as the SME Pro-Enterprise Office, which was established under EnterpriseSG in March to help firms navigate government regulations, including those in emerging sectors where guidelines are unclear or being developed.
Ms Low also announced the creation of a new Centre for Enterprise Financing Advisory, which will be jointly set up by EnterpriseSG and the Singapore Business Federation.
It will serve as a hub for SMEs to receive tailored financial advice and connect with a network of financiers and investors.
Firms will also get resources and training programmes to improve their financing capabilities.
The support comes amid economic uncertainty sparked by US tariffs that have altered the business landscape.
Asap & Co’s business development manager, Ms Mariam Moni, noted: “The (SME Centre) toolkit has helped us a lot. Initially we wanted to go in (to new markets immediately) and then... with the news, we were like... hold back.
“Let’s just clean and refine our plan before we proceed.”
SME Centre advisers have also helped precision engineering firm Speqs Manufacturing transform its business model.
The maker of components for products like dialysis machines saw its profits taking a hit as suppliers elsewhere in Asia were selling components at a lower cost.
“If we were to keep doing component manufacturing, I think we will most probably not be around as time goes on,” said managing director Ron Mao. “How to compete with India and Vietnam and all these places? Surely we’re going to lose. So we’d better do something that is sustainable, like say, get a product.”
An SME Centre has stepped in since, and is now helping the firm to create an offering in the biomedical space.
Source: https://www.straitstimes.com/business/smes-to-get-more-support-at-dedicated-centres-financing-advisory-hub