Everything You Need to Know About the Productivity Solutions Grant
Technology is not all about complexities, and high-end solutions. You can begin with easy and simple steps to digitize your business processes and improve your business productivity. The government of Singapore has offered to support such digital transformation through the Productivity Solutions Grant (also known as the PSG). This grant is meant to help SMEs navigate through the common challenges such as lack of time, inadequate funding, and lack of expertise.
About the Productivity Solutions Grant
The Productivity Solutions Grant is a government incentive to help support companies and small and medium-sized enterprises (SMEs) who are interested in digital solutions that can help simplify their business processes. The grant offers 80 percent funding support to businesses, companies, and industries with an annual turnover of less than $100 million and with not more than 200 employees.
It is focused on embracing IT solutions for select companies. This includes companies dealing with landscaping, food, engineering, logistics, and finance issues. It comprises three central grants: SPRING Singapore’s Innovation and Capability Voucher, the National Parks Board’s Landscape Productivity Grant, and the Infocomm and Media Development Authority’s SMEs Go Digital. However, if your business does not fall into any of the categories mentioned above, you can still apply for it through other adoptable solutions such as human resources and customer relationship management, which are standard services offered across many different sectors.
What the PSG Offers
The government of Singapore, through the Productivity Solutions Grant, allocates funds every year to help SMEs to improve their productivity. It also offers industry-specific solutions and promotes the use of IT solutions in areas such as data analytics, and financial and customer management. The grant has also been integrated with ITMs (industry transformation maps) to promote partnerships between local businesses, governments, and industries.
IT solutions have experienced tremendous growth in the past couple of years, thanks to social media marketing, search engine optimization, and online marketing. Most companies or businesses that are experiencing financial difficulties and a poor return on investment, tend to have poor social media marketing strategies. Enterprises require a significant amount of investment to maintain competitiveness, particularly when it comes to online marketing strategies, which can be supported by the PSG.
Through the PSG companies can adopt computerized accounting workflows, which not only helps maintain data and information accuracy, but also gives you space to focus on other areas of your business.
Requirements for Eligibility
For a business to qualify for the grant, it has to be registered and operating in Singapore. It also has to have at least 30 percent of its shareholders local to the city state, and the IT solution or equipment acquired should be used within Singapore. These requirements are good news for local companies and SMEs as it gives them access to funding which can help them improve their productivity.
The PSG Helps Businesses Remain Competitive
For you to apply for the Productivity Solutions Grant’s funding, you need to have a sound strategic objective and an excellent business plan. It would help if you also had a creative brief which can be used by your advertising agency. A creative brief entails the business scope, deliverables, and goals. It gives detailed information on targeted audiences or clientele, and your business values.
There are a number of pre-approved vendors for the grant, such as Shopify, aZaaS, and Pericom Imaging to name just a few. The PSG may be a government tool aimed at boosting economic growth, but it also provides funding support to SMEs to the tune of 80% to help take advantage of solutions provided by private sector companies.
To apply for the grant, you first have to select the appropriate IT equipment or solutions that your business needs to boost production. You can access the list of viable solutions from Tech depot on the small and medium-sized enterprise (SME) portal.