2020 was a tough year across the board for most businesses, whether you run an online or offline business. With the year coming to an end, there’s still plenty you can do to save on your expenses to prepare for a new start in 2021!
📌 Receive up to 80% funding support on digital and productivity solutions with PSG.
PSG stands for Productivity Solution Grant, and was first announced at the Supplementary Budget 2020 by the Singapore government. The grant is aimed at encouraging enterprises to continue their digitisation and productivity upgrading efforts. Businesses can receive up to 80% of funding support for eligible costs - this maximum support level will be applicable from 1 April 2020 to 30 September 2021.
There are a number of solutions you can claim for, including customer management, data analytics, financial management and even inventory tracking. Shopify subscription fee is an approved solution, and you can receive up to 80% of support for Shopify plans. That’s a lot of money to be saved.
If you want to find out more about the grant, we’ve written an entire blog post about it, including a step by step guide on how to apply here.
📌 Outsource tasks if you don’t have a need for a full-time team member.
In uncertain times like this, life still has to go on.
As a business, you’ll still need accounting, social media management and even administrative tasks. However, hiring a full-time employee can come with a huge financial responsibility, including paying for CPF contributions, insurance payments and other benefits. It can also be a mental strain as a business owner and an arduous responsibility since your employees’ livelihood is in your hands.
To still keep certain areas of your business running without too much of a financial commitment, you can consider hiring a virtual assistant or a freelance expert to help with certain areas of your business.
📌 Create remote work processes, and have your team members work from home indefinitely instead.
Rental can end up being a hefty fee for most businesses, even when it comes to office space. While there are a number of co-working spaces around in Singapore, the most popular being WeWork, that can still set you back by at least $500 per person. This can lead to significant financial overheads for your business, so how about taking your team remote?
Remote work has turned into the new norm with the pandemic, and will not only save your business money in the long run but can also increase productivity when done right.
📌 Don’t forget to always stay up to date with the Singapore government’s grants.
Start-ups and SMEs are seen as the powerhouses of Singapore, and is probably why the Government tries to support the growth and sustainability of these entities as much as they can. Leveraging on these schemes helps to keep your costs at a minimum.
- ACE Startups by SPRING Singapore
- Productivity and Innovation Credit by the Inland Revenue Authority of Singapore
- Financial Sector Technology and Innovation Scheme by the Monetary Authority of Singapore
- ComCare Enterprise Fund by the Ministry of Social and Family Development
- Technology Enterprise Commercialisation Scheme
- Early-Stage Venture Funding
📌 Get your business finances in order, and be sure to get rid of any hidden interest and fees!
Aspire is Southeast Asia’s #1 business neobank that serves modern businesses with convenience and simplicity to manage their finances with the Aspire Business Account. Opening an account is free, 100% online, and done within 5 minutes. The Aspire Business Account comes with a virtual corporate card with the market’s lowest FX rates (0.7% on Visa rates), no annual fees involved!
Jumpstart has partnered with Aspire to provide merchants with a corporate card that allows you to earn 5% cashback* on Shopify, online marketing and a list of popular Software-as-a-solution (SaaS) solutions. You can save up to S$42.55 per US$1,000 spent on Shopify alone!
Find out more here, and we’re happy to be sharing this treat with you as we start off 2021.