With access to various digital technologies and tools, SMBs today have the potential to grow rapidly. In fact, many businesses in Singapore are using technology to automate processes and drive productivity. A 2020 study by Enterprise Singapore found that more than 80% of projects implemented through the Productivity Solutions Grant had yielded cost savings, time savings and revenue gains. Retail, food and beverage, and construction were the top three sectors that benefited most.

If you are keen to adopt IT solutions in your business and drive growth but need some financial assistance, the Productivity Solutions Grant (PSG) might be helpful.

What does the Productivity Solutions Grant cover?

The Productivity Solutions Grant provides SMBs in Singapore with financial support to adopt IT solutions, equipment and consultancy services. It funds up to 50% of the qualifying costs of adopting these solutions, capped at S$30,000 per financial year.

The solutions are aligned to industry roadmaps such as the Industry Transformation Maps (ITMs) and Industry Digital Plans (IDPs) and pre-scoped by government agencies such as Enterprise Singapore, National Environmental Agency (NEA) and Singapore Tourism Board (STB). The solutions could be specific to sectors such as retail, food, logistics, precision engineering, construction and landscaping industries. Or they could be applicable for businesses across industries, such as in areas of customer management, data analytics, financial management and inventory tracking.

To be eligible for the grant, an SMB should

• Be a business entity registered and operating in Singapore
• Have at least 30% local shareholding
• Have an annual sales turnover of less than S$100 million OR have a workforce of under 200 employees
• Use the IT solutions or equipment purchased or leased in Singapore 

What solutions are covered under the PSG?

SMBs can use the PSG to adopt solutions that are either specific to their sectors or general solutions that apply across industries.

• Sector-specific solutions
  Specially curated by sector lead agencies, these are aligned to roadmaps such as the Industry Transformation Maps (ITMs) and Industry Digital Plans (IDPs). For example, in the advanced manufacturing sector, these could involve IT solutions for equipment monitoring and data collection, quality management, computer-aided design (CAD) and computer-aided manufacturing (CAM) among others. In the food services sector, it could be used to adopt IT solutions for digital and online ordering, payments, queue management and e-procurement systems.
• General solutions
  Solutions that are applicable for all companies across industries, these can be adopted to improve business productivity and managing various operations. For example, digital marketing solution packages can include services in search engine optimisation, social media advertising and digital marketing strategy development.

Or it could be used to adopt cybersecurity solutions such as endpoint protection and unified threat management. Singtel offers these solutions under PSG, in collaboration with IMDA and Enterprise Singapore. Going with Singtel also means you get access to a team of specialists to help with your business needs. 

• Streamlining ordering for food service businesses
  To illustrate another type of business that may benefit from PSG-supported solutions, consider a restaurant or food delivery provider. To stay competitive and top of mind among consumers, it is critical for them to make sure that orders are consolidated for dine-in, pick-up or delivery.
  
  There are various solutions available under PSG that provide such businesses with POS systems integrated with eCommerce stores as well as in-store QR ordering. In addition, F&B operators can also explore CRM tools that help with running marketing campaigns and promotions to attract and return customers.
  
  
• Preventing losses due to cyber attacks
  Cybersecurity solutions can also be helpful for businesses in their growth journey. A targeted cyber attack can derail your business growth in many ways, with downtimes interrupting normal sales operations and breaches resulting in loss of customer data, reputation damage and financial penalties.
  
  But with endpoint security solutions for example, your business can benefit from protection for your mobile devices to desktops and laptops. Unified threat management solutions on the other hand can be used to detect rogue devices and internal vulnerabilities for maximum protection round the clock.

These are just some of the many ways in which SMBs can take advantage of the Productivity Solutions Grant. To find out which solution suits your business, look through the list at gobusiness.gov.