Find grants, funding and support programs from across government to help your business grow and succeed. When searching for funding in Neo Tiew Singapore, keep in mind that you’ll generally need to meet certain criteria to be eligible, and that aside from funding assistance, many programs can help your business by building your skills and knowledge.
In addition, the job search process can be mentally and emotionally challenging, not to mention the financial opportunity costs of not working in Neo Tiew is usually high.
Common scenarios include fresh graduates looking for their first full-time job; mature workers hoping to start a new phase of their career; or those who got retrenched and wish to find employment.
Unlike in the past, where people work for the same employer for the entire duration of their working lives, the working adults of today will find themselves in the market for a job much more often.
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Sources of business finance can be studied under the following heads:
(1) Short Term Finance:
Short-term finance is needed to fulfill the current needs of business. The current needs may include payment of taxes, salaries or wages, repair expenses, payment to creditor etc. The need for short term finance arises because sales revenues and purchase payments are not perfectly same at all the time. Sometimes sales can be low as compared to purchases. Further sales may be on credit while purchases are on cash. So short term finance is needed to match these disequilibrium.
Sources of short term finance are as follows:
(i) Bank Overdraft: Bank overdraft is very widely used source of business finance. Under this client can draw certain sum of money over and above his original account balance. Thus it is easier for the businessman to meet short term unexpected expenses.
(ii) Bill Discounting: Bills of exchange can be discounted at the banks. This provides cash to the holder of the bill which can be used to finance immediate needs.
(iii) Advances from Customers: Advances are primarily demanded and received for the confirmation of orders However, these are also used as source of financing the operations necessary to execute the job order.
(iv) Installment Purchases: Purchasing on installment gives more time to make payments. The deferred payments are used as a source of financing small expenses which are to be paid immediately.
(v) Bill of Lading: Bill of lading and other export and import documents are used as a guarantee to take loan from banks and that loan amount can be used as finance for a short time period.
(vi) Financial Institutions: Different financial institutions also help businessmen to get out of financial difficulties by providing short-term loans. Certain co-operative societies can arrange short term financial assistance for businessmen.
(vii) Trade Credit: It is the usual practice of the businessmen to buy raw material, store and spares on credit. Such transactions result in increasing accounts payable of the business which are to be paid after a certain time period. Goods are sold on cash and payment is made after 30, 60, or 90 days. This allows some freedom to businessmen in meeting financial difficulties.
(2) Medium Term Finance:
This finance is required to meet the medium term (1-5 years) requirements of the business. Such finances are basically required for the balancing, modernization and replacement of machinery and plant. These are also needed for re-engineering of the organization. They aid the management in completing medium term capital projects within planned time. Following are the sources of medium term finance:
(i) Commercial Banks: Commercial banks are the major source of medium term finance. They provide loans for different time-period against appropriate securities. At the termination of terms the loan can be re-negotiated, if required.
(ii) Hire Purchase: Hire purchase means buying on installments. It allows the business house to have the required goods with payments to be made in future in agreed installment. Needless to say that some interest is always charged on outstanding amount.
(iii) Financial Institutions: Several financial institutions such as SME Bank, Industrial Development Bank, etc., also provide medium and long-term finances. Besides providing finance they also provide technical and managerial assistance on different matters.
(iv) Debentures and TFCs: Debentures and TFCs (Terms Finance Certificates) are also used as a source of medium term finances. Debentures is an acknowledgement of loan from the company. It can be of any duration as agreed among the parties. The debenture holder enjoys return at a fixed rate of interest. Under Islamic mode of financing debentures has been replaced by TFCs.
(v) Insurance Companies: Insurance companies have a large pool of funds contributed by their policy holders. Insurance companies grant loans and make investments out of this pool. Such loans are the source of medium term financing for various businesses.
(3) Long Term Finance:
Long term finances are those that are required on permanent basis or for more than five years tenure. They are basically desired to meet structural changes in business or for heavy modernization expenses. These are also needed to initiate a new business plan or for a long term developmental projects. Following are its sources:
(i) Equity Shares: This method is most widely used all over the world to raise long term finance. Equity shares are subscribed by public to generate the capital base of a large scale business. The equity share holders shares the profit and loss of the business. This method is safe and secured, in a sense that amount once received is only paid back at the time of wounding up of the company.
(ii) Retained Earnings: Retained earnings are the reserves which are generated from the excess profits. In times of need they can be used to finance the business project. This is also called ploughing back of profits.
(iii) Leasing: Leasing is also a source of long term finance. With the help of leasing, new equipment can be acquired without any heavy outflow of cash.
(iv) Financial Institutions: Different financial institutions such as former PICIC also provide long term loans to business houses.
(v) Debentures: Debentures and Participation Term Certificates are also used as a source of long term financing.
These are various sources of finance. In fact there is no hard and fast rule to differentiate among short and medium term sources or medium and long term sources. A source for example commercial bank can provide both a short term or a long term loan according to the needs of client. However, all these sources are frequently used in the modern business world for raising finances.
To support Singaporeans based in Neo Tiew in these aspects, here are the government grants and resources that you can utilize. These programs are administered by Workforce Singapore, a statutory board under the Ministry of Manpower.
A service excellence seminar will give you the competitive advantage you need to survive in a tough business climate. In today’s customer-oriented business environment, people skills are critical for personal and organizational success.
Likewise, a customer service excellence seminar gives you the skills you need to communicate professionalism, gain respect, enhance customer relationships and secure an overall competitive advantage through customer service excellence.
How you handle your customers can directly affect your individual goals as well as your team’s and company’s performance.
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Companies of all sizes can benefit from a variety of local, state and federal funding assistance programs to improve their quality management systems and upgrade employee skills. This broad definition covers ISO, Six Sigma, Lean, change management, leadership and basic skills training. Some of these programs offer matching funds while others provide tax credits. A few even bestow outright grants. However, gaining access to - and understanding - these funding programs can be a daunting task. That is why it pays to select a management consulting firm that knows how to navigate these often bewildering waters.
A Multitude of Funding Programs are Available to U.S. Companies
Funding assistance programs are designed to cover everything from maintaining high employment in local areas, to helping American companies combat foreign competition. Some state programs are even designed to counter out-of-state challenges by domestic competitors. Most programs offer financial assistance to upgrade employee skills and operating efficiency through training.
Typical Qualifying Criteria for Funding Assistance
Although most funding assistance programs are aimed at domestic manufacturers, financial help is also available for other industries that are facing foreign competition.
It is recognized that ISO, Six Sigma, Lean Manufacturing, change management and leadership training are key elements in continuous improvement, and streamlining key business processes. Since these disciplines yield results that strengthen domestic businesses, they are favored by many funding assistance programs.
Situations that typically qualify for some form of funding assistance include:
Examples of Nationwide Programs
Manufacturing Extension Partnership (MEP)
MEP is a nationwide network of not-for-profit centers in nearly 350 locations nationwide. Their sole purpose is to provide small and medium sized manufacturers with the services they need to succeed. The centers, serving all 50 States and Puerto Rico, are linked together through the Department of Commerce's National Institute of Standards and Technology. Centers are funded by federal, state, local and private resources to serve manufacturers.
Trade Adjustment Assistance (TAA)
Established by Congress in 1974, TAA is managed by business professionals who understand manufacturing. TAA focuses on providing financial assistance to import-impacted manufacturers. TAA offers 50/50 cost sharing of projects aimed at improving a manufacturer's competitive position. Specifically, these matching funds are applied toward the cost of consultants. Funds can be used for on- or off-site employee training. The eleven TAA centers throughout the country work with eligible firms in marketing, production, management and many other areas.
Under certain circumstances, other federal agencies also provide funding for employee training and skills upgrading. The Environmental Protection Agency and Commerce Department are just two examples.
Examples of State Programs
Most states have funding programs for the purpose of improving competitiveness in a global economy and business retention. Here are a few examples:
California Employment Training Panel (ETP)
ETP is a California State agency that is designed to fund training which meets the needs of employers for skilled workers, and the need of workers for good, long-term jobs. The program supports the California economy, primarily by funding the retraining of incumbent, frontline workers in companies challenged by out-of-state competition.
Illinois Employer Training Investment Program (ETIP)
ETIP supports Illinois workers' efforts to upgrade their skills, in order to remain current in new technologies and business practices. This enables companies to remain competitive, expand into new markets and introduce more efficient technologies into their operations. ETIP grants may reimburse Illinois companies for up to 50 percent of the cost of training their employees.
New York State Industrial Effectiveness Program (IEP)
IEP is a grant available to small and medium-sized manufacturing firms and industry groups within New York state. This grant provides up to $50,000 for companies to obtain a wide variety of management consulting training support. Many organizations have accessed this funding for Lean Manufacturing and ISO quality systems training.
New Jersey Customized Training Grant Program (CTGP)
CTGP enhances the creation and retention of skilled jobs in New Jersey through comprehensive workforce training. The aim of the program is to upgrade skills, and enhance the knowledge and work-related abilities of New Jersey workers. It also focuses on improving the overall productivity, and economic well-being of employers. Today, over thirty-million dollars is available for Customized Training Grants.
Local County and City Programs Abound Too!
Many counties and cities offer incentives in the form of tax credits and other benefits to ensure that local companies remain financially healthy. Local governments support actions that create robust economies, and keep their tax base from moving elsewhere. Upgrading employee skills through ISO training, for example, enhances competitiveness and contributes to company growth--a saleable proposition to tap into many local funding programs.
Acquiring Funding Assistance for ISO and Other Training Requires Expertise
Each funding program has its own qualifying criteria and paperwork. The paperwork and processes involved are sometimes confusing and often intimidating. And packaging successful submissions often requires the assistance of an expert familiar with the targeted program.
The typical steps in pursuing financial assistance are to:
The main obstacle for companies seeking funding assistance is a lack of familiarity with funding programs and the qualifying criteria. Finding the right program--and then preparing a funding proposal in the proper format--takes expertise that is outside the mainstream of most companies. Administering approved funding and complying with program regulations are also proficiencies lacking in many businesses.
It Pays to Align your Company with a Knowledgeable Consulting Firm
A management consulting firm that is well-versed in obtaining assistance funding for ISO and other continuous improvement skill-based training can dramatically cut costs for their clients. There is no substitute when it comes to successful experience with these programs--the hand that guides must be steady and sure.
Performing a comprehensive training needs analysis, finding the best funding program, navigating intricate paperwork and helping clients satisfy qualifying criteria requires seasoned expertise. Selecting a consulting firm that has a successful track record also gives clients confidence to proceed with training or other quality management projects, knowing that their funding proposal will likely be approved.
Experienced management consulting firms keep abreast of changing regulations and trends. They know how to expedite proposals, and overcome bureaucracy to successfully secure funding. And they issue status reports along the way, so that their clients are fully informed. Moreover, knowledgeable management consulting firms are proactive in advising their clients of funding opportunities and how these can be leveraged.
If a company is interested in getting financial help, it pays to partner with a consulting firm that has a successful track record in obtaining funding assistance. More established management consulting firms, like Change Management Consulting, have strategic relationships with dedicated resources that perform funding program management for their clients. This relieves them of the administrative burden. These assets closely monitor a client's compliance with the funding program's regulations. They efficiently manage data entry, tracking, reporting and invoicing. Knowing the ropes, they help clients maintain positive cash flows by expediting the release of program funds.
Who Should Attend ?
Thelearningtobefearless advocates that you belong to any of this you should consider attending such skill enhancement programs. Small business owners, customer service representatives, technical and support personnel, field service representatives, account managers, credit and billing specialists, as well as managers who want service excellence training.
How You Will Benefit ?
You would be able to deliver better, faster service, and increase customer satisfaction through a customer service excellence seminar. You will learn how to gain repeat business in Neo Tiew Singapore.
In addition to all this you should often check the Government jobs portal that aims to provide Singaporeans and Permanent Residents (PRs) with free job search service that matches them to jobs based on their relevant skills.