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HOW TO STAY AFLOAT | Tea Time With Amee Recap

Hello everyone! Ameerah here. As promised, here is the recap of the first episode of Tea Time With Amee.


On the first episode, we discussed on how to stay afloat amidst this pandemic. Here are a few pointers from us at Common Space.


1. SHIFTING/MODIFYING YOUR BUSINESS GOALS/KPIS

Remember to use the traditional form of 5Ws 1H (What, Where, When, Why, Who and How). Of course, use only those that are in lined with what you need.

WHAT - What are your goals? Can they be changed? Is it time sensitive or life changing?

HOW - How will you be hitting our goals or KPIs? This is where you look into changing your way of getting there.

WHEN - When is the most feasible dateline? Can the company afford to extend any KPIs?

WHO - Who will be directly and indirectly affected with the change? Will this result with a negative or positive impact? If there is a negative impact, how can the management fix it?

WHERE - Where can you host your new goals/KPIs? It is highly suggested for you and your company to go online through social medias to further increase your brand awareness and boost sales at the same time. However, take note on WHICH social media platform is most beneficial to your company. Take into consideration your target audience.


2. GRANTS, LOANS AND OTHER HELPLINES FOR BUSINESSES

The first thing you should be doing is to check whether your line of business ahs been suspended. You can check it here: covid.gobusiness.gov.sg.


Next is to read up and get updated on the different grants applicable for the different industries. Below are some of the grants that we have gathered so far:

  • Hong Leong Finance – EmpowerSME

(https://www.hlf.com.sg/sme-and-corporate/loans/covid-19-loan-relief.html)

  • Job Support Scheme

(https://www.iras.gov.sg/irashome/Schemes/Businesses/Jobs-Support-Scheme--JSS-/)

  • SEP Income Relief Scheme - $3,000 each in May/July/October

(https://www.mom.gov.sg/newsroom/press-releases/2020/0327-about-88000-to-automatically-benefit-from-self-employed-person-income-relief-scheme)

  • Enterprise SG – SME Working Capital Loan

(https://www.enterprisesg.gov.sg/financial-assistance/loans-and-insurance/loans-and-insurance/enterprise-financing-scheme/sme-working-capital/overview)

  • Enterprise SG – Temporary Bridging Loan

(https://www.enterprisesg.gov.sg/financial-assistance/loans-and-insurance/loans-and-insurance/temporary-bridging-loan-programme/overview)


Below are some of the initiatives that the government of Singapore has passed on to help our certain business:

  • Enhancement of property tax rebate

  • Deferment of income tax - for the next 3 months

  • Rental waivers (for hawker centres managed by NEA)


3. SPREAD THE CARE AND POSITIVITY

In light of a global scaled pandemic, it is always assuring to check up on your friends or families that do own businesses. Better yet, check on your competitors too! It is important to understand that we will not be looked on as weak for checking up on one another! Remember to join online flea markets that are currently popping up on various social media platforms! Below are just some Instagram accounts that will help you promote your products (in time for Ramadhan and Hari Raya) FOR FREE!

  • @singapurawillbeok

  • @bazaarrayasg2020

  • @onlinebazaarsg

  • @virtualbazaar2020


I hope this post will help you in your ways of staying afloat during this trying time. Til then, chin up and stay safe!


x, Ameerah

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