While the government has changed a little since Elections 2020, their policies to help many local businesses survive amidst this pandemic and economic downturn has been nothing short of amazing. In this article, we’re going to share with you how to innovate in a crisis, enhance your business plans and strategy through the Enterprise Development Grant, crisis-proof your business through eCommerce, leverage on the push towards digitisation and build your digital marketing capabilities. If you’re a Small to Medium Enterprise (SME) who has been Google-ing “how to use EDG”, “how to apply for EDG”, “EDG guide for businesses” or even “government programmes to help SMEs”, this article for you. This article for those who see this grant as a chance to innovate during a crisis and come out ahead of the curve.
Rediscover your strengths
When it comes to innovating during a crisis, discover where your strengths are or re-discover where your key areas are. In a dynamic market, consumer habits are always changing. For example, shoppers have switched almost entirely to eCommerce to avoid going out and mingling at crowded places. Having the ability to recognise and analyse these new consumer insights can help give companies the competitive edge to innovate new business practices, offer new products or services, automate tasks and stay competitive in this new economic climate hit by COVID-19. This is where the grant can come in to help fund new areas of growth, and the review and redesign to make your workflow more efficient.
In short, after you’ve made key findings of your company strengths, the grant can help support your organisation’s usage of automation, product development and review and redesign processes.
Evolve your offerings
Did organisations like Apple and Microsoft survive on selling the same product for years? I think not. Think back to when Apple’s iPhone transformed tech and changed the world, what a game-changer it was and how much did it shift Apple to the top of the food chain? Similarly, while you may not invent the next iPhone-esque product, by evolving your products and services to meet your consumers’ new needs, you can tap on the Enterprise Development Grant to develop innovative technology and products with the aim of commercialisation. Just look at Singapore Airlines (SIA), they began innovating and planning for “flights to nowhere” and quickly explored options to increase alternative revenue sources right when Covid-19 hit. What’s the outcome? They brought the in-cabin experience out — to homes via home delivery service!
Scaling your business
In recent times, the speed at which governments, organisations and business have moved to help mankind battle COVID-19 has been astonishing. In just 24 days, gaming firm Razer Singapore set up a face mask manufacturing line in Singapore amid COVID-19 shortage. The Singapore government has also been taking steps to source for new ideas to build our food security capabilities, this is another example of process redesign to identify areas of improving efficiency and stability.
Leveraging on opportunities
COVID-19 has been a reset button for many. While some have seen it as a way to stop and think about the future, others have seen it as an opportunity to grow or forge partnerships. Competitors and different industries have started to give back and even set aside differences to work together. Learning point? Having the ability to look for opportunities, work together and pivot your organisation can help shape policies, drive success and help you survive hardship. Organisations do benefit from an agile working culture that adapts quickly.
Thriving, not surviving
At the end of the day, these grants are just tools to help you innovate, build strong business strategies and grow your tech capabilities. Making the most of your business comes from innovation and willing to prioritise it, to grow after this crisis. Speak to our strategy consultants to see how we can best help you innovate.