Covid times are tough for everyone, especially for the small businesses no matter where you are. We thought of highlight some thoughts and resources that may help provide some respite amidst these torrid time.
Here are 3 ways, how you can get Financial Assistance better during Covid times.
1.Reducing your Costs.
These 3 words probably never have been as important to business as now. I am sure you are reviewing your finances daily, maybe even every few hours. Cashflow, expenses are terms that never leaves you. It’s very crucial that you analyse your costs and make necessary changes.
Below are some ways highlighted that may help you with this process.
List all your fixed and variable cost. To understand better, lets first define the fixed and variable cost components.
Generally, depending on your industry and business, it’s easier to cut variable costs, let us address that first.
Are you able to find a cost effective way to manufacture or ship your products? Is there a way to negotiate sales team’s commission and inceltivize them in some other ways? Can you reduce overhead like printings, electricity? Can any of your fixed costs become variable (like outsourcing some parts of your business)?
If there’s a time to practice running a lean business, it’s now.
Don’t focus on profit and losses now. Under normal circumstances this is the norm, but now things are different.
Maximising conversions should take priority, reduced spend & manage your working capital requirement smartly.
Research done by Deloitte had these findings.
“Smart companies are shifting their focus from the income statement to the balance sheet. Of the three elements of supply chain working capital–payables, receivables, and inventory–, supply chain executives have a tendency to focus on inventory. But, in order to minimize working capital requirements during challenging times, it’s important to apply a coordinated approach that addresses all three areas.”
2. Look at Government Grants and assist programs
During Covid-19, Singapore Government released a series of SME and Business assist schemes to help Singapore registered companies tide over these times.
From Wage supplements to payouts, there are various types of help provided by the government to business in Singapore.
Below infographic from MOF summarises some of them.
You can find more such related help from the government by visiting this gobusiness GOV Assist Site.
3. Get Financial Assistance
Over 14,000 business have closed down just in the last couple of months. It is a scary figure. The main reason being cashflow challenges.
Majority of the business do not become eligible for a lot of grants and business loan, two most common factors are listed below:
- The balance sheet has ups and downs with profit and losses. With such fluctuation results, many financial institutions are not ready to give the loans.
- Many companies are below the stipulated financial or operating thresholds for them to be eligible for Grants.
Thankfully there are companies like Cash In Asia who step in to help in such cases, which form 75% of the small businesses in Singapore.
Cash In Asia is the first lending company in the FinTech Space who has received the ISO 27001 Certification.
Featured in “The Asian Banker”, partners with the Singapore Fintech Association and other reputed associations.
Cash in Asia is more like you business partner, helping solve your business challenges.
This is how we operate:
- We will verify your business information as stipulated by MAS and Singapore Government, and will offer you a cashline. Which is readily available to you within a few hours to withdraw directly.
- However the advantage is, you do not need to start repaying the entire amount. Depending upon how much you withdraw from the account you would be given an option of flexible or fixed repayment options to help you, the difference in the rate of interest.
- As your credit history with us build, every 60 days we do an audit and increase your borrowing threshold.
So here you have a company, which is genuine, you pay only when you withdraw even after loan approval, and we are with you at every step of the way.
If you have any questions do contact us through email or whatsapp given below!
Connect with us!
22 Sin Ming Lane,
Midview City #07-77,
Tel: (+65) 6635 5668
WhatsApp: (+65) 9222 6868