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Betty B. Rogers is a 21-year-old tradesperson's assistant who enjoys theatre, horse riding and spreading fake news on Facebook. She is friendly and giving, but can also be very boring and a bit unkind.

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Our TOP 3 Core Business Competencies in 2023

Bizsquare TOP 3 Core Business Competencies in 2023

Bizsquare Management Consultants is a Singapore One-stop Business Consultancy Company set up in 2013, specializes in 3 areas of expertise:

1. Business Loan Financing – We’ve helped over 2000+ SME Business Owners to obtain any business financing they desire.

We advise SMEs about what are the best way to obtain the highest amount of Working Capital Loan Singapore with the highest approval rate.We help Business Owners structure a suitable trade line for them based on their trade cycle needs.We help them obtain Property Financing with the highest loan-to-value (LTV) ratio and the lowest rate, making our customers hassle-free from start to end.

2. Branding & Marketing Services – Many clients are seeking for avenues to get more sales and scale their business. We are here to help them in terms of building their brand awareness, generating more sales, creating a delicate marketing strategy, and eventually helping them grow their business.

3. Corporate Secretarial & Accounting services – We help our busy clients tidy up all their invoices and monthly transaction and also do the annual tax filing and annual returns filing for them. This is an area that is often overlooked by many busy entrepreneurs.

In Bizsquare, we cover a wide spectrum of services to give our clients a One-stop Quality Service where they just need to look for us and we help them cover all finance and marketing aspects of the work so they can focus on their operations side of work.

For more articles, hesitate no longer and check out our socials!

Website: https://bizsquare.com.sg/

Website: https://www.sgsmeloans.com.sg/

Facebook: https://www.facebook.com/bizsquaremc

Instagram: https://www.instagram.com/bizsquaremc/

LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

The post Our TOP 3 Core Business Competencies in 2023 appeared first on Bizsquare Group.

SME Loan Singapore 2023 – Guidance and Overview

SME Loan Singapore 2023 – Guidance and Overview

What is the best way to obtain an SME loan if you own a business that needs funding to expand?

Many Singapore banks offer this financing, but they might be confusing at first. In this article, we will discuss everything you need to know about SME loan Singapore so that you can make an informed decision about your application process.

What Does An SME Loan Singapore Mean?

Small and medium-sized businesses (SMEs) play a significant role in Singapore’s economic system and specifically, SMEs are organizations with less than 499 employees. Over 90% of Singapore’s GDP comes from SMEs with a total employee of 2 million people, making them became the foundation of Singapore’s economy.

These Enterprises Require Cash to Develop and Flourish

These businesses need financing to grow, expand or just even stay afloat in today’s competitive business environment. This is where small business loans come in handy for SME owners who may want to purchase new equipments or hire more staff members but do not have enough money on hand for such investments at any given time.

Types of SME Loans

• Business Term Loan

The most common type of business loan offers fixed monthly payments and a set interest rate over an agreed-upon term (length). The interest paid on this type of loan will usually be based on your business’ credit score as well as other factors such as your operating history.

• Invoice Financing (Invoice Factoring, Invoice Discounting)

This type of financing allows you to receive cash upfront in exchange for your outstanding invoices—meaning you no longer have to wait 30 or more days after the sale occurs before receiving payment on the invoice itself! You’ll still need a certain amount ($50K+) in outstanding invoices though so make sure yours meet this requirement before applying for this kind of financing option.

(Note: while there are some similarities between invoice discounting/factoring companies, one thing sets them apart from each other; discounting companies give clients access to their funds immediately, whereas factoring companies wait until they’ve collected all their client’s outstanding invoices before paying out any funds.)

• Working Capital Loan

This loan is normally for the working capital purpose for business expansion, for a project cost as a working capital for an existing project, or as a working capital to buy inventories.

How to Choose the Right SME Loan?

When choosing a loan, you can apply for loans that match your business needs. For instance, if you need to buy new equipments or expand your operations, then choose a loan that allows you to do so.

However, if it is just one-off expenses like paying off debts or repairing your vehicle, then there are other options available such as applying for a business term loan for immediate cashflow needs.

Also when choosing an SME loan, such as for working capital purposes; make sure that the interest rate on the loan does not exceed what is your business profit margin and will not burden your company financially in any way. For example, if your margin is 20% if the loan is 8%, it is still reasonable to take the loan and get a lesser margin of 12%, than not to do the project without any funding.

What Are the Charges/Fees Involved in an SME Loan?

If you have a good credit score and a regular cash flow from your business, then it’s possible to get an SME loan at a higher approval rate. Nowadays, most Singapore banks charge interest rates of between 8%p.a. and 11%p.a. You should also keep in mind that the processing fee is usually 1-2% of the total borrowed amount. It’s important to note that there are other charges involved with taking out an SME loan:

Early Repayment Charges: If you want to pay off your loan early, it can cost you as much as 2% of the outstanding amount. For example, if your outstanding balance was $10,000 and you repay it after one year rather than 5 years (as originally agreed), then this would equate to $200 in fees for closing out your contract early.Default Charges: If you miss any payments on your contract or fail to make reasonable arrangements for repayment after being given reasonable notice by the lender/bank/credit provider/agency etc., this may result in default charges being levied against you by the said entity which could potentially lead towards repossession of assets including residential property if necessary, so always remember this when signing up terms.

How Much Can I Borrow?

The amount you can borrow will depend on the following factors:

Your business’s cash flowYour business’s financialsYour business’s credit ratingYour director’s personal credit ratingDirector’s income

What Will the Bank Take into Consideration?

Credit Score. A business credit score is an assessment of your company’s ability to repay a loan. The higher the credit score, the more likely you are to get approved for a loan. In general, banks and other lending institutions look for businesses with at least a B rating and above.Collateral. Most banks will only offer you funding if they can secure it in case you default on your debt payments. For example, if your business has equipment or property that could be repossessed in the event of financial hardship, then this can be used as collateral during the application process (and again when taking out additional loans). This would also include assets such as inventory or accounts receivable—anything that can help secure the repayment of their investment if needed should an emergency arise later down the road.

How Do I Apply for an SME Loan?

To apply for an SME loan Singapore, you simply need to:

Get a copy of the loan application form from your bank.Fill in the application form and submit it to the bank.Wait for your application to be reviewed by the bank. If they approve your loan, they will contact you directly with more information about how to proceed with making payments on that loan and any other information that they consider relevant to your business needs.

Applying is easy, however, getting it approved is not. Do you know that if you get rejected, you will need to wait for 6 months to 12 months before you can re-apply again?

So if you wouldn’t wish to take the risk, you may consult with Bizsquare Management Consultant Pte Ltd for help and we’ll be happy to assist you.

Conclusion

Applying is easy, however, getting it approved is not. Do you know that if you get rejected, you will need to wait for 6 months to 12 months before you can re-apply again?

So if you wouldn’t wish to take the risk, you may consult with Bizsquare Management Consultant Pte Ltd for help and we’ll be happy to assist you.

Director of Bizsquare is registered Practising Management Consultant under Enterprise Singapore.

Bizsquare is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship.

The post SME Loan Singapore 2023 – Guidance and Overview appeared first on Bizsquare Group.

Why Do You Need to Engage a Business Loan Consultant in 2023?

Why Do You Need to Engage a Business Loan Consultant in 2023?

Many people ask me, what is the point of engaging a business loan consultant, when I can apply the loan myself? (That’s always happening before they started our service and they don’t know what exactly we do).

Is it worthwhile for SMEs to engage a business loan consultant to secure a business loan in Singapore? This is for business owners who are looking for business loans to finance an expansion, working capital requirement for cashflow purpose, or equipment upgrades.

What I normally tell them is; “Let’s take us as a PR consultant who helps many foreigners applying for PR, we are in a similar nature. You can always apply for PR yourself, but the chances of rejection are very high nowadays. Especially in Singapore where they are tightening the quota. We are here because we know what the financier is looking at, to get your loan approved! “

Applying for a business loan is an extremely tedious process. In fact, for many small business owners, it is a painstakingly process to start (especially when they are first-timer); due to the sheer number of requirements banks might ask for. Most SME owners do not know what the banks are looking for.

Based on my 10+ years of experience in the corporate finance industry, let me explain the role of a loan consultant.

What’s the Role of an SME Loan Consultant?

Most of the SME loan consultants in the market takes on the role of an intermediary, a “go-between” facilitator linking business owner to a prospective financier.

The person’s key role is to ensure that the loan application process from satisfying a financial institutions’ requirements down to the actual SME loan disbursement, runs smoothly.

A good loan consultant, however, not only takes on the role of an intermediary, but also an advisor to help you improve your chance of a loan approval and eventually grow your business.

What is the Benefit of Engaging a Loan Consultant?

Contacts and Network

Professional loan consultants, especially those who’ve been in the business for years, have built relationships with a large network of financiers and bankers.

They’ve known and worked with so many banks and financial institutions in the past and this gives them (and you) the advantage of knowing who would offer the best deals. A business loan consultant knows where to search for a financier who is a good match for your funding needs. He’ll find the missing piece of the puzzle.

You’re paying for the extensive contacts of a business financing specialist who have filtered through numerous bankers and have direct ready access to those bankers who are responsive and dependable.

A business loan consultant is also aware of new loan products and promotions. He would know every useful and latest information about lenders and loan programs because of his range of contacts and network. In other words, he is in the loop.

Expertise and Experience

A seasoned loan consultant will have both mastery and experience in the lending process as well as documentation.

He’s aware of the market, including indicative rates and knows the spot if a loan is over or reasonably priced. He has knowledge of the common types of collateral offered as security for loans.

He’s also aware of basic laws and regulations governing lenders and borrowers. Since he has reviewed most types of loan contracts, you can rely on him to discuss with your terms and conditions that aren’t clear to you. He can walk you through each loan provision and highlight on any business loan fees to look out for.

Background of the Founder is also important as his/her knowledge and experience can help you understand your case situation better, they also can value add your case when they have good credit knowledge.

Alternative Strategy and Practical Advice

Getting a loan through a business loan consultant doesn’t guarantee that you will obtain a loan the first time you approach a bunch of funders. In the event of banks’ rejection, your consultant can still work it out for you as he knows of other financing options. You may not qualify for a traditional bank loan, but you may get the green light for a merchant’s cash advance or a revolving credit line or other funding options.

A good loan consultant has a ready plan “B” and a string of other alternatives prepared for you just in case. He can also advise you what are the possible reasons your application is rejected and how you can improve on your credit standing in future.

Favourable Loan Terms

Many loan consultants think that presenting your loan proposal to a handful instead of a single financier is a strategic way of getting the best of the best loan terms offered in the market.

They think that by approaching multiple banks and financial institutions concurrently, you can get the best rates and payment terms.

However, while saving you time, we like to share that Bizsquare does not present your loan to all funders. Although many loan consultants do that, Bizsquare does not think that this is the right thing to do.

It is very easy to just forward your document to all the financier at once, without accessing your credit, but it does not help the SME at all.

In our opinion, a good loan consultant will have the knowledge of accessing the customer’s credit profile and business needs and recommend the correct loan package or financing product to the client. If the client needs a trade financing instead of just a simple business loan, a good loan consultant would explain the process of a trade cycle and how it will help the business.

Upon deciding the correct product, the loan consultant will share with SME the different financier that offer this product and share with them all the terms and decide the final choice with the client. Once decided, the loan consultant should apply only to 1 or 2 financiers.

There is no need to approach and compare as this only means that the consultant does not know their work and need the banker or the credit approval to tell them.An important reason not to approach multiple banks at once is that when multiple banks search the guarantor’s personal credit bureau, and the company ACRA; there will be extra searches on personal credit bureau (of the director) from the banks and this will bring down the credit rating of the guarantor. Same for company Acra searches from banks, additional searches can show the credit approval that the SME is applying for any loan at the same time and it doesn’t look good. (I am saying this from an ex bank’s credit-approval point of view)This frequency of searches from different funders in a month also showing to other funders that this company is desperate for funding and it does not reflect well if you have (for example) 8 searches in a month.

Till today, many inexperienced loan consultants still do that, and they don’t realise their problem.

The correct way to do it is to have experienced loan consultant accessing your case and understand how you can improve your credit record before you even start submitting. Even after submitting and get rejected, the consultant should be able to let you know your problem and solve it together with you; therefore, can apply for you in the next few months.

Handling the Small Details

A business loan consultant will go down to the details and assess how you would fare in the eyes of a potential creditor. They be able to point out red flags that could lower your chances of getting approved.

Different banks have different credit criteria that most SME owners are not aware of. For example, do you know that your business industry nature might affect your chances of approval as bank A might be open to a certain industry while bank B might reject the same industry?

Assisting you with the nitty-gritty of loan packaging frees you from doing the grind yourself and increase your chances of getting business loan.

Sharing the Same Interest

Most of the consultant charge their consultation fee by a percentage of the loan approved amount and this will place the interest of the SME in line with the consultant.

Beware of loan consultant who charge you an advance fee without applying the loan for you, as this is not the common practice.

By sharing the same interest, the consultant will try their best to make sure your loan gets approved and will not short change your application, as their fees are based on this.

What to Look Out for When Sourcing for a Good Loan Consultant?

 After knowing the benefits of having a loan consultant, so how do SME find a good consultant?

It’s not enough that you know the advantages of using a loan consultant. It’s also critical to deciphering which ones have your interest in mind even though they do have an established working relationship with banks and lenders.

While there are credible, professional loan consultants out there, there are also consultants who bring a bad name to the industry. Here’s a quick list of “red flags” to watch out for.

No Contact Information or Proper Business Premise

A loan consultant who does not have a contact number and an office or postal address identified with his brokerage business makes one question the legality of his business or even its existence.

Your objective is to ensure that he isn’t operating as a fly-by-night loan broker. Such brokers usually are one-man setups working from home.

Lacks Transparancy

You can ask a loan consultant how much commission he’ll be realizing when he brokers for you. You also have the right to ask about his network of lenders and important details such as the full cost of the loan he is arranging for you.

If he can’t give you clear answers or appears lacking in transparency on this info, it’s better to drop him before he’s able to gather vital info about you and your business.

Over Promises

Beware of a loan consultant who guarantees to get you a loan without checking on your financials and credit history. Don’t get blinded by these guarantees. Promising the moon and the stars despite glaring issues that could stall your loan application (i.e., poor credit standing, unstable cash flow or lack of acceptable collateral, little or no track record) raises doubts about his credibility.

You should not engage a loan consultant who talks big and are able to “guarantee” loan approval. The truth is, no matter how competent a loan consultant, no one can guarantee assured loan approval as the final decision lies with the bank’s credit approver.

No third party such as a loan consultant can guarantee approval. A responsible and experienced consultant might be able to advise you after his preliminary assessment of your financials that the chances of approval are high but not definitely not 100%.

The tell-tale signs of a fly-by-night or inexperienced business loan consultants are someone whom talks up his banking contacts or credit savviness and assures a 100% guarantee of loan approval. These consultants usually do so to seal the deal quickly.

What is the difference between Bizsquare and other Loan Consultants?

In Bizsquare, we are NOT only a loan consultant.  We strongly believe an intermediary does not add any value to your business and your application. If we cannot add value to your business, Bizsquare will be assured that we will NOT get any form of fee from you.

Unlike other business loan consultants, Bizsquare does not pass your documents from one hand to the other hand and hope that your cases will be approved. (We personally feel that this has no value add).

In Bizsquare, We practice a – Business Credit Doctor concept.

BIZSQUARE – Your Business Credit Doctor

Bizsquare is “Your Business Credit Doctor”. Our entire process is different from other loan consultants firm. We are a specialist.

Imagine you walk into a Specialist clinic and speak to our Specialist.

Here are our Bizsquare Process and Procedures:

1.             Upon signing our Bizsquare company documents, we will collect your full company information. Proceeding to do a thorough credit check on the company and all guarantors and do an initial credit assessment. (Based on Moody’s credit and Singapore Commercial Credit Bureau guideline)

2.             As our credit assessment is 85% accurate and the range of approval that we estimated are accurate.

3.             We will understand the business operational process and also do a site visit in the client’s office.

4.             We look for possible gaps and advise the Business owner on their possible ways to improve on their credit, cashflow management, business gap or other trade-related issues. This process will take the longest, as the credit improvement process normally take 1-3 months to reflect on the documents. The duration will depend on the credit standing of the business and the directors.

5.             Once the SME has resolved their issues, we will suggest the possible ways they are able to raise funds. We suggest the correct products to them based on their needs. Sometime, in a unique situation (where the funder is a private investor), we will create a customized solution for the SME based on their exact cashflow requirements.

6.             After confirming the whole strategy, we will proceed with the submission of documents and follow up on the case until the funds are received.

7.             Post-Review on the SME cashflow and advise them how to use the money in the best possible way to grow their business. (In Bizsquare, we practice the good use of the loan is to grow more money and avoid other purposes – See our article on this)

 

Why Work with Bizsquare?

a)    Gathering data and documents alone is a time-consuming task especially if the SMEs haven’t organized or updated your files regularly.

b)    Bizsquare has an internal credit process to filter possible rejected cases. Followed by advising them the right way to build their profile before submitting to the relevant banks or FI. This is very important as a rejected case will cause the company unable to apply from the same bank/funder for the next 6 months to 12 months.

c)     You might not be sure also out of the many banks and financial institutions which has the lowest rates and deal. Bizsquare will compare and make the decision together with you.

d)    Nowadays bank requests for business plan too. Making a good business plan, including realistic projections, eat up valuable time. Bizsquare can help you with your business plan.

e)    Presenting the company to banks in a way that gives them the highest chance of approval is also a form of Art.

f)       Business owners also need to answer questions from the banker. Most business owners crumbled upon and unable to answer due to miscommunication with their accountant. We help you facilitate the whole process.

g)    In the event of a rejection, we will share with you the reasons ( you will not be able to know if you apply yourself). We then help to ‘rebuild’ your profile together with you through advice to manage your cashflow.

 

In Bizsquare, we treasure long term relationships as we have many long-term customers since the year 2013 till now. We have helped many SMEs build their business cash flow and grow their business; one of our clients grew from $200k yearly revenue to now a $10 million revenue business after 6 years.

Very importantly if the loan application failed due to rejection, the SME may face up to 12 months lapse before one can apply with that funder again

Some business owners would rather brave the loan application process while others choose to outsource the task to a business loan consultant to save time and effort. SMEs never regret coming to us as they feel that the benefits of using us, cure the root of their problem.

Bizsquare is a management consultancy company fixing SMEs’ internal cash flow problems so that they can grow well and expand far. We help SMEs to settle their key cashflow problems by ways such as:

i.                 Adjusting their credit terms with their suppliers or customers

ii.                Credit collection methods and discount techniques

iii.              Find out their business loophole, cost reduction methods

iv.              Revenue generation issues

v.               Drill down into products and talk about efficiency on each product and service.

For people who don’t know what does a management consultant does, please visit here.

Director of Bizsquare is registered Practising Management Consultant under Enterprise Singapore.

Bizsquare is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship.

The post Why Do You Need to Engage a Business Loan Consultant in 2023? appeared first on Bizsquare Group.

Why Working Capital Loan is the BEST OPTION for SMEs in Singapore within 2023

Working capital loan is a business loan provided by Singapore Government to help you boost your business performance. With this loan, you may stabilise cash flow, invest in new projects and business opportunities, take advantage of early payment discounts offered by suppliers, and or improve cash collection from debtors.

This type of loan is usually non-secured, in which means that—unlike property term loans or equipment financing loans—you don’t have to put up collateral for the full amount you borrow. The flexibility of unsecured financing enables SMEs in Singapore to grow their business without pledging assets such as private home or factory equipment, and the term that a working capital loan offers is between 3 months to 5 year eventhough some lenders allow repayment based on your actual cash flow and need within the period of loan.

Various Purposes of Working Capital Loan Singapore

Aside from boosting performance, working capital loan can also be used for various purpose, including:

Increasing cash flow over pandemicSecuring inventory and suppliesAcquiring assets such as machinery, vehicles, or other productives.Immediate expense usageManaging debtorsTaking advantage of early payment discounts/programs offered by suppliers

Working Capital Loan Has an Easy Disbursement Process

When you decide to apply for working capital loan, banks will make sure that they have enough information about your business before approving a loan in order to make sure your credit standing and repayment ability of your loan. This can include your financial statements, bank statement, personal credit bureau and business plan.

Disbursement process of working capital loan is also faster than property or equipment financing as it doesn’t required to place any charge on the collateral. You only need to sign a personal guarantor for the loan and hold them liable as an individual in the event when the loan in defaulted.

Why Working Capital Loan is So Popular?

The most important thing about working capital loan in which an unsecured financing, is a type of financial loan that doesn’t involve the use of any asset or collateral as a security of guarantee. In other words, there’s no collateral against which a working capital loan can be obtained.

This type of financing option has gained popularity among Singapore-based small and medium enterprises as it provides them with flexibility while they are seeking to raise capital for their business operations. It also means that Singapore Government allow them to grow their business without pledging assets such as their home or factory equipments.

Moreover, working capital loan is not a bank overdraft nor has credit history requirements with more flexible repayment terms. Some lenders actually allow repayment based on your actual cash flow and needs within the period of your loan. Repayments may also be done in installments, or in a full a the end of term—whatever works best for your businesses.

Conclusion

If you are running small and medium business, looking for the right type of financing, then working capital loan should be the best answer. The greatest thing about this loan is that it’s flexible enough to fit your needs while also providing you with the cash booster you need to take advantages of any opportunities as they arise. If this sounds like something that might be right up your street, then we would love to hear more from you!

When you’re looking for working capital loan, whether it is for short-term or long-term requirement, Bizsquare Management Consultants can always advise and assist to obtain the best loan option in the market at your best interest.

For more articles, hesitate no longer and check out our socials!

Website: https://bizsquare.com.sg/

Website: https://www.sgsmeloans.com.sg/

Facebook: https://www.facebook.com/bizsquaremc

Instagram: https://www.instagram.com/bizsquaremc/

LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

Melvin Ho, Founder and CEO of Bizsquare Management Consultants Pte Ltd.

Fun fact about Melvin is that he likes to drink fresh milk every morning and he loves to play squash!

The post Why Working Capital Loan is the BEST OPTION for SMEs in Singapore within 2023 appeared first on Bizsquare Group.

Should You BUY A PROPERTY NOW in Singapore? | #Askbizsquare EP 12

Here is a video on the property situation in Singapore and what will or might affect you when you decide to buy a new property.

In this video, Melvin shares his perspective on what will affect property purchases for those looking to buy a new home and his opinion on whether it is the right time to purchase a new property.

Feel free to leave a comment!

We are a Singapore-based financial loan consultancy that helps property owners get the loan they need.

For more articles, hesitate no longer and check out our socials!

Website: https://bizsquare.com.sg/

Website: https://www.sgsmeloans.com.sg/

Facebook: https://www.facebook.com/bizsquaremc

Instagram: https://www.instagram.com/bizsquaremc/

LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

Melvin Ho, Founder and CEO of Bizsquare Management Consultants Pte Ltd.

Fun fact about Melvin is that he likes to drink fresh milk every morning and he loves to play squash!

The post Should You BUY A PROPERTY NOW in Singapore? | #Askbizsquare EP 12 appeared first on Bizsquare Group.

Are you AFFECTED by these 3 cooling measures? | #Askbizsquare EP 11 Part 2

Here’s a video on how the 3 property cooling measures implemented on 30 September 2022 in Singapore will affect your decision to look for a new home.

In this video, Melvin shares his take on how the cooling measures will impact the younger couple and why it doesn’t really help in the reduction of HDB prices.

Feel free to leave a comment!

We are a financial loan consultancy company based in Singapore that helps property owners to obtain the loan that they want.

For more articles, hesitate no longer and check out our socials!

Website: https://bizsquare.com.sg/

Website: https://www.sgsmeloans.com.sg/

Facebook: https://www.facebook.com/bizsquaremc

Instagram: https://www.instagram.com/bizsquaremc/

LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

Melvin Ho, Founder and CEO of Bizsquare Management Consultants Pte Ltd.

Fun fact about Melvin is that he likes to drink fresh milk every morning and he loves to play squash!

The post Are you AFFECTED by these 3 cooling measures? | #Askbizsquare EP 11 Part 2 appeared first on Bizsquare Group.

3 Property Cooling Measures on 30 September 2022 | #Askbizsquare Ep 11 part 1

Here’s a video on the 3 Property Cooling Measures on 30 September 2022 in Singapore.

Many homeowners are asking me what are the 3 property cooling measures and what does it mean? In this video, Melvin explains what it means in a simple way and how it affects us as a homeowner.

Feel free to leave a comment and we will reply to your inquiry soonest.

We are a financial loan consultancy company based in Singapore who help property owners obtain the loan that they want.

For more articles, hesitate no longer and check out our socials!

Website: https://bizsquare.com.sg/

Website: https://www.sgsmeloans.com.sg/

Facebook: https://www.facebook.com/bizsquaremc

Instagram: https://www.instagram.com/bizsquaremc/

LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

Melvin Ho, Founder and CEO of Bizsquare Management Consultants Pte Ltd.

Fun fact about Melvin is that he likes to drink fresh milk every morning and he loves to play squash!

The post 3 Property Cooling Measures on 30 September 2022 | #Askbizsquare Ep 11 part 1 appeared first on Bizsquare Group.

What You Need To Know About The New Property Cooling Measures 

Are you planning to buy or sell your property? If so, are you aware of the new property cooling measures in Singapore and how they will affect you? 

Starting from 30th September 2022, a series of property cooling measures has been put in place by the Housing Development Board (HDB), Ministry of National Development (MND) and Monetary Authority of Singapore (MAS) to moderate the demand in the HDB resale market. 

Here’s a summary of the updated property cooling measures: 

 

1. 15-month Wait Out Period For Private Property Owners

Before 30th September 2022, private property owners who sell their private properties within 6 months of purchasing a HDB flat can buy an HDB resale flat on the open market. However, this will no longer be allowed.

Private residential property owners and those who had sold a private property before applying for a resale flat must now wait 15 months before they can buy a non-subsidised HDB resale flat. 

This means that if you had exercised your Option to Purchase (OTP) before 30th September 2022, you’ll have to wait 15 months to buy a resale flat. 

So, what if you’ve already sold your private property?

Well, HDB will be flexible enough to waive the 15-month wait-out period for those who have proof that they’ve obtained an OTP to buy a HDB resale flat

All you have to do is to file an appeal to HDB with the following documents:  

Proof of Option Fee* payment 

*An option fee of $1 to $1,000 in cash is paid to the seller to ‘reserve’ the property* 

OR 

Proof of Option Exercise Fee** payment 

**Within the option period of 21 days, the buyer can exercise his OTP, which means he has legally agreed to buy the flat, and this fee should not exceed $5,000 when the Option Fee is included. Once the option has been exercised, the buyer has legally agreed to purchase the property and cannot back out of the property transaction** 

However, if the OTP has NOT been obtained before 30th September, but the resale buyer has committed to selling or has sold their existing private property, HDB will assess the situation on a case-by-case basis

In the event where the resale flat buyers are no longer eligible for the purchasedue to the 15-month wait-out period, the OTP will become invalid and void. Sellers will then be required to refund the Option Fee paid to the buyer.

Note: This measure WILL NOT BE APPLIED to seniors who are 55 and above who are moving from their private property to a four-room or smaller resale flat. 

 

2. Lower HDB Loan-to-Value Limit

For HDB housing loans, the Loan-to-Value (LTV) will be reduced from 85% to 80%. This is a further reduction in the LTV limit for HDB loans, which was previously lowered from 90% to 85% in December 2021, and now to 80%. 

This lower LTV limit will apply to both new flat and resale applications

For first-time HDB buyers and lower-income flat buyers, you may be eligible for more housing grants when buying a subsidised flat directly from HDB; or up to $160,000 when buying a resale flat; or you can use your CPF savings to pay for the flat purchase, reducing the loan amount you may need to take.

This also means that if you don’t use your CPF, you’ll have to pay more cash in advance.

Lastly, for loans offered by private financial institutions (e.g., banks), this revised LTV limit will not be applicable and their LTV limit will remain at 75%.

 

3. Changes to Interest Rate Floor

Bank Loans Interest Rate Floor

If you’re looking to take up property loans from banks and other private financial institutions, do note that the MAS will increase the medium-term interest rate floor used to calculate the Total Debt Servicing Ratio (TDSR) and Mortgage Servicing Ratio (MSR) by 0.5%.

This revised medium-term rate floor is meant to ensure that homeowners borrow wisely for their purchases in the higher interest rate environment, and that they choose a loan size appropriate for them to manage, particularly when interest rates increase.

This higher interest rate floor is applied to all property loans, not just home loans.

 

HDB Interest Rate Floor

For those who’re looking to apply for a HDB loan, the statutory board has implemented a 3% interest rate floor for calculating eligible loan amounts.

In other words, the interest rate used to calculate the eligible loan amount for HDB’s concessionary housing loan will be greater than 3% p.a., or 0.1% above the current CPF Ordinary Account (OA) interest rate of 2.5%.

In summary, the 3% interest rate floor will be applied to flat buyers who applied for a HDB housing loan at the concessionary interest rate AND whereby the commercial interest rate is charged. For example, flat buyers who are taking a second HDB housing loan and buying a HDB flat before selling their existing one. After the flat buyer has sold the existing flat and used the CPF refund and 50% of the cash proceeds received to reduce the second HDB housing loan amount, the interest rate will be converted to the concessionary rate.

Additionally, this only applies to new applications for a HDB Loan Eligibility (HLE) Letter.

The actual HDB concessionary interest rate, at 2.6% p.a., will remain unchanged from 1st October to 31st December 2022.

Conclusion

All in all, we hope that you’ve gained a clearer understanding of the revised new property cooling measures in Singapore that took effect on 30th September 2022, and how it may affect you when buying or selling your property. For further details on the revised measures, please visit the Ministry of Development website or here.

Alternatively, if you’re interested in learning more about the new property cooling measures, you can also contact us here.  

 

[Source: Ministry of Development and Seedly

 

For more articles, hesitate no longer and check out our socials!

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BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

The post What You Need To Know About The New Property Cooling Measures  appeared first on Bizsquare Group.

4 Benefits of Using Videos for Marketing

Are you still just using text and images to promote your company? Well, are you aware that video marketing is becoming increasingly important in today’s digital age? 

In today’s world, video marketing is getting increasingly simple and easy to do. With the various tools available and easily accessible, it is truly something for every business, even those without traditional video filming and editing skills and experience. When this is done well, video can be powerful for a brand to effectively communicate its message across to a wider audience

Here are 4 benefits of video marketing to help you grow your business, improve your sales and increase your conversation rates. 

1. Increase Audience’s Attention and Engagement 

Research has found that the average user spends 88% more time on websites with video content than on those with other types of content. This means that including videos on your website’s pages can actually increase the amount of time your visitors spend on it. 

As videos consist of both sound and movement, which triggers viewers’ visual and auditory senses, most people find them more enjoyable than reading text or simply looking at photos. 

Therefore, videos can better captivate viewers and interest them, retaining their attention for a longer period of time

2. Help Your Customers Understand Your Brand More Easily 

Humans generally have incredible visual abilities. They can recall a message better through videos than text. Therefore, videos are effective in helping people in retaining information. 

As such, you should consider making corporate videos, customer testimonials videos, explanation videos, educational and how-to’s, or even demo videos to better reach out and effectively communicate to your target audience. 

More importantly, if your viewers watch a video about your brand and products or services, they will more likely trust your brand as you show people, instead of telling them what your brand is about. This trust established in your viewers can ultimately lead to conversions. 

3. Multiple Ways To Create Videos

When it comes to creating video content, there are a variety of options available for you to choose from. In other words, it’s easy to find a method that will fit your company’s marketing objective. 

When we talk about creating videos, I’m sure YouTube is the first place that comes to your mind. Indeed, YouTube is an excellent platform to share your video content and communicate your message to a large audience. Hence, if you’re just getting started with video marketing, YouTube would be a great place to start. 

However, there are also other options which you can use for your video marketing strategy

Stories 

Most social media platforms such as Facebook, Instagram, and YouTube allow you to post stories that will disappear after 24h. These stories are actually great opportunities for you and your business as it is simple and cheap to create, and they allow you to speak directly to your target audience. Of course, for your stories to be effective, you need to have or are building a social media following. 

Live Videos 

In recent years, live videos have grown in popularity. Livestream functionality has now been included on platforms such as Facebook and YouTube, allowing businesses to stream live content. According to Facebook, live streaming receives six times the number of interactions as regular videos. Hence, hosting livestream can actually help businesses in increasing engagement and reaching out to a wide audience.  

Webinars 

Webinars are another excellent way to communicate to your target audience. A webinar is typically a slide deck presentation conducted through video calls. 

Webinars can be used to test a product with existing, answer specific questions about your product and services that customers may have, establishing yourself as an authority.

Due to its ability to interact and engage audiences directly, this type of video is an excellent tool for converting your audience from free trials or content to paid offers. 

In today’s world, softwares like GoToWebinar or Livestorm makes it simple for businesses to host or even automate webinars. Hence, businesses can hold webinars with ease and at their own convenience. 

4. Improve Your SEO

Research has found that high-quality video content can improve audience’s engagement level and interest, which can lead to traffic to your website. This is important because Google’s primary ranking factors include traffic and click-through rates. The more visitors and clicks your website receives, you will be pushed up the rank on Google’s search engine results page (SERP). 

Video also makes SEO easier as it is responsive across different types of devices. Many video providers, like YouTube and Vimeo, can also adjust to various screen sizes and are mobile-friendly, allowing your video to reach a larger audience. 

In SERP, Google’s algorithm is also favouring pages with video content. Hence, making it even more important for businesses to incorporate videos into their digital marketing strategy.

Conclusion

In conclusion, with the growing demand for video and its tremendous value in marketing, it is clear that video content marketing has created many opportunities for your business and can be useful in helping you to reach a large audience, increase conversions and ultimately, grow your business. If your company does not incorporate this into your digital marketing strategy, you could fall behind your competitors. 

If you’re looking to do video content marketing for your business but aren’t sure where and how to do it, do contact us here and we’d be glad to help you.

For more articles, hesitate no longer and check out our socials!

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LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

The post 4 Benefits of Using Videos for Marketing appeared first on Bizsquare Group.

What You Should Do When Building A Website

Do you think that a company’s website design is important? 

Well, a well-designed website can help you to make a strong first impression on potential customers. It can also help you engage your leads and increase conversion rates. More importantly, a good user experience website that allows visitors to easily access and explore your website can increase customer liking and satisfaction towards your brand.

In this blog, I will be sharing 4 things you should do when building your website. 

Tell Your Story 

It is the stories that connect people with your brand, not a list of facts. A website visitor who comes to your page usually wants to learn more about you. Share your brand story so that your audience can understand more about your brand, your mission, and your products and services.

Here are 5 elements that you should incorporate when crafting your brand story: 

1) Theme/Message

This is the central idea which you want your audience to remember. Alternatively, you may also see it as the message you want to convey, and this message should be clearly defined.

For instance, it could be to share and communicate your brand’s history or purpose.

2) Character

Here, the character refers to the customer, rather than the company; and the values are traits of the characters are both the brand and customers.

When developing this element, it is important to keep your target audience in mind. You should create a brand persona, where you identify the characteristics, needs, and goals of your target audience.

You may also want to incorporate your brand’s voice and personality in the “charcter”; how you want to present yourself and what you can offer so that your target audience can understand and better relate to your brand.

3) Conflict/Problem

A conflict, or a problem, is the driving force of a good story, and a story is not a story without it. Customers need to recognise that a brand sees and even better, shares their problem.

This problem can be in the form of complication, injustice, or monetary problems etc.

4) Resolution

When faced with a problem, or conflict, it is human nature to look for a solution. As such, identifying your target audience’s or character’s problem is not enough. You must show, rather than tell, how you and your brand’s products or services can help them in overcoming these challenges or problems.

For instance, present testimonials from your past customers or clients.

5) Plot

After you’ve established the message, conflict and characters, you need to think about how your story should unfold.

The story’s flow and its events are important in how your audience understands and interprets your brand story.

Given that a story emerges with the progression of events, it is vital to carefully consider the sequence of events. Ensure that you have a clear structure to bring the story forward so that you can keep your audience engaged.

Include Visual Elements 

A picture speaks a thousand words.

If your website is full of words and content and does not have any visual elements like photos or videos, you will just lose your audience’s attention. Visuals can improve user experience and make important information more digestible.

Hence, including visual elements in your website can help you build a deeper connection with your website users.

Highlight Your Achievements 

Website is a great place to build trust. Let your customers know about your past achievements, awards, certifications, and any collaborations you have had with other brands.

To potential customers or clients, it instills trust in them by demonstrating your credibility through the case studies and achievements.

To existing customers and clients, they may feel valued since they can see how active you are and how highly they are regarded when you share what they have to say about you to the public. This might increase their sense of satisfaction and attachment to your brand. Hence, you may gain lifelong customers.

Make Your Website Relevant To Your Target Market. 

Make sure that the message on your website is focused and the terms used are professional so that you will attract the right audience and leave a good impression in your visitor’s mind.

You should also ensure that your website is well-written and engaging. Poorly written text with grammatical and spelling errors may give your audience the impression that you’re unprofessional and may cause them to leave without exploring your pages.

 

Conclusion

In conclusion, website design is an important matter and should not be taken lightly. If you wish to create a new website or redesign your website, we’re here to help! You can contact us here!

 

For more articles, hesitate no longer and check out our socials!

Website: https://bizsquare.com.sg/

Website: https://www.sgsmeloans.com.sg/

Facebook: https://www.facebook.com/bizsquaremc

Instagram: https://www.instagram.com/bizsquaremc/

LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

The post What You Should Do When Building A Website appeared first on Bizsquare Group.

What You Should Do When Building A Website

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Do you think that a company’s website design is important? 

Well, a well-designed website can help you to make a strong first impression on potential customers. It can also help you engage your leads and increase conversion rates. More importantly, a good user experience website that allows visitors to easily access and explore your website can increase customer liking and satisfaction towards your brand.

In this blog, I will be sharing 4 things you should do when building your website. 

1. Tell Your Story 

It is the stories that connect people with your brand, not a list of facts. A website visitor who comes to your page usually wants to learn more about you. Share your brand story so that your audience can understand more about your brand, your mission, and your products and services. 

Here are 5 elements that you should incorporate when crafting your brand story: 

1. Theme/Message 

This is the central idea which you want your audience to remember. Alternatively, you may also see it as the message you want to convey, and this message should be clearly defined. 

For instance, it could be to share and communicate your brand’s history or purpose. 

2. Character

Here, the character refers to the customer, rather than the company; and the values are traits of the characters are both the brand and customers. 

When developing this element, it is important to keep your target audience in mind. You should create a brand persona, where you identify the characteristics, needs, and goals of your target audience. 

You may also want to incorporate your brand’s voice and personality in the “character”; how you want to present yourself and what you can offer so that your target audience can understand and better relate to your brand. 

3. Conflict/Problem

A conflict, or a problem, is the driving force of a good story, and a story is not a story without it. Customers need to recognise that a brand sees and even better, shares their problem. 

This problem can be in the form of complication, injustice, or monetary problems etc. 

4. Resolution 

When faced with a problem, or conflict, it is human nature to look for a solution. As such, identifying your target audience’s or character’s problem is not enough. You must show, rather than tell, how you and your brand’s products or services can help them in overcoming these challenges or problems. 

For instance, present testimonials from your past customers or clients

5. Plot

After you’ve established the message, conflict and characters, you need to think about how your story should unfold. 

The story’s flow and its events are important in how your audience understands and interprets your brand story. 

Given that a story emerges with the progression of events, it is vital to carefully consider the sequence of events. Ensure that you have a clear structure to bring the story forward so that you can keep your audience engaged.

2. Include Visual Elements

A picture speaks a thousand words.

If your website is full of words and content and does not have any visual elements like photos or videos, you will just lose your audience’s attention. Visuals can improve user experience and make important information more digestible.

Hence, including visual elements in your website can help you build a deeper connection with your website users. 

3. Highlight Your Achievements

Website is a great place to build trust. Let your customers know about your past achievements, awards, certifications, and any collaborations you have had with other brands.

To potential customers or clients, it instills trust in them by demonstrating your credibility through the case studies and achievements.

To existing customers and clients, they may feel valued since they can see how active you are and how highly they are regarded when you share what they have to say about you to the public. This might increase their sense of satisfaction and attachment to your brand. Hence, you may gain lifelong customers.

4. Make Your Website Relevant To Your Target Market.

Make sure that the message on your website is focused and the terms used are professional so that you will attract the right audience and leave a good impression in your visitor’s mind.

You should also ensure that your website is well-written and engaging. Poorly written text with grammatical and spelling errors may give your audience the impression that you’re unprofessional and may cause them to leave without exploring your pages.

Conclusion

In conclusion, website design is an important matter and should not be taken lightly. If you wish to create a new website or redesign your website, we’re here to help! You can contact us here

For more articles, hesitate no longer and check out our socials!

Website: https://bizsquare.com.sg/

Website: https://www.sgsmeloans.com.sg/

Facebook: https://www.facebook.com/bizsquaremc

Instagram: https://www.instagram.com/bizsquaremc/

LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

Gladys is a Social Media Strategist intern at Bizsquare Management Consultants Pte Ltd. One fun fact about her is that she enjoys dancing and has always wanted to cover different dance genres but have yet to do so.

The post What You Should Do When Building A Website appeared first on Bizsquare Group.

Why Do Investors Want Preferred Shares?

Have you ever wonder why do investors want preferred stocks?

There is no doubt that many investors prefer to own preferred stocks of a company over common stocks. Preferred stocks, as the name implies, have numerous benefits, and owning them can be a more profitable source of earnings compared to owning common shares.

What are preferred stocks?

Preferred stocks are shares that allow shareholders to receive dividends from the company before equity shareholders. Preferred stocks provide greater security and trust to investors by allowing them to earn a more reliable and predictable return on their initial investment. Here’s an overview of the advantages and disadvantages of preferred stocks as compared to common stocks, which I will explain more below:

Advantages of Preferred Shares

There are numerous privileges associated with preferred stock. These benefits include the following:

1. Better Stability in Investment Returns

As a preferred stockholder, you are entitled to regular dividend payments that are frequently more than those paid by common stocks and bonds. These payments are also made on a more consistent basis, providing additional monetary stability. When the company wants to pay out more dividends, preferred shareholders are prioritised. In many circumstances, the company predetermines dividend payments. During this time, preferred dividend payments may be suspended. However, the company will be required to pay preferred shareholders before resuming dividends to common shareholders. While buying stock in a company always carries risks, preferred stock can help to reduce those risks. If a company declares bankruptcy while you are a preferred shareholder, you will be among the first to claim assets. However, it is important to remember that bondholders still rank higher in this list of distributions.

2. The Right to Convert Your Stock

Another potential benefit of owning preferred shares is that you can convert them to common stock whenever you wish. The obvious advantage here is that you can buy common stock if the price rises. If the price of common stock increases sufficiently, you can sell this common stock for an immediate return on your initial investment. Keep in mind that if you do decide to trade your preferred stock, you will lose all of the previously listed benefits, and you will also not be able to convert your common stock back to preferred stock. This is one of the reasons why investors would favour preferred shares.

Are there Disadvantages to Owning Preferred Shares?

While preferred shares have an advantage over common stocks, there are a few drawbacks to consider:

1. Ownership of Company

As a common shareholder, you have true ownership of the company. Your name will be reflected as a shareholder on the company’s registry. On the other hand, if you’re a preference shareholder, you will not have this ownership and will not be regarded as the company’s owner.

2. Voting Rights

Voting rights is also one of the only areas where common stocks have an edge over preferred stocks. Preferred shareholders often have no voting power within the company, whereas common shareholders get a vote proportional to their level of ownership.

This is most common when a company decides to elect a new board of directors or governing committee.

As a general rule, preferred shares are safer than common stock but have fewer policies in place than bonds.

While bonds are considered safer, particularly for interest rate hedging, preferred stock comes with a variety of other monetary benefits.

This high-yielding format is one of the main reasons why investors select preferred shares.

Conclusion 

The underlying difference between preferred stocks and common stocks is mainly the voting rights and dividend yield. This substantial monetary gain is often the reason why investors favour preferred shares.

When deciding between the two, the main question investors ask is whether the increased yield makes up for the loss of voting rights. Generally, if the investor is satisfied with how the issuing company is run, the answer is often yes, they will want preferred shares. However, in rare situations, shareholders’ voting power can have a significant impact on a company’s success. In that scenario, common stock might be viewed as a more appealing option.

Hopefully, this article gives you a better understanding of preferred stocks and why investors prefer them over common stocks. If you’re interested in understanding more about other business topics, feel free to let us know and we will cover it for you. If you’re looking for a loan consultant or interested to know more, click here and we would be pleased to assist you! 

 

For more articles, hesitate no longer and check out our socials!

Website: https://bizsquare.com.sg/

Website: https://www.sgsmeloans.com.sg/

Facebook: https://www.facebook.com/bizsquaremc

Instagram: https://www.instagram.com/bizsquaremc/

LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

Melvin Ho, Founder and CEO of Bizsquare Management Consultants Pte Ltd.

Fun fact about Melvin is that he likes to drink fresh milk every morning and he loves to play squash!

The post Why Do Investors Want Preferred Shares? appeared first on Bizsquare Group.

Bizsquare’s Digital Marketing Internship Experience

An Intern’s Perspective on working at Bizsquare Management Consultants Pte Ltd

I’m Jayce, a Year 3 Marketing undergraduate at the Singapore University of Social Sciences.

I did not have a chance to Work-from-Home, but I regret nothing.

Physical interactions with my colleagues were something I always valued, and it makes learning, discussions, and meetings much more productive, efficient, and engaging compared to virtual meetings. Naturally, I was elated when I heard that I would be required to report to the physical office on a daily basis.

During my 6 months stint here at Bizsquare Management Consultants, I was always seen as a valued member of my team, and I was given heavy responsibilities not typically expected of an intern. From doing marketing collateral designs, copywriting for blogs, press releases, social media marketing, search engine optimization, and video production to communicating with clients, writing Marketing & Branding reports, and even collaborating with influencers, I have learned immensely in this short span of time, and I am truly grateful for all the knowledge and experience I have gained along the way – industry knowledge and real-world experience I could not possibly learn in school alone.

I am also extremely appreciative of the trust and autonomy that was given to me by my superiors throughout my internship. There was open communication at all times, and I had absolutely no qualms about clearing any doubts with my superiors or colleagues – something I always valued. I was entitled to my own opinions and was able to speak my mind freely on what could have been done better. At the same time, I was also open to any constructive criticisms and feedback given to me by my colleagues and I genuinely appreciated their honesty as I was able to exactly pinpoint and understand the areas I am lacking and thus, improve from there.

Bizsquare has allowed me to experience first-hand how SMEs operate in general and also further exposed me to the Consulting, Finance, and Digital Marketing industries.

To sum it all up, the skills, lessons, and friendships I’ve acquired and made here will be something I will always carry with me throughout my future career. I definitely had a pleasant and meaningful internship experience, and I would highly recommend it to any aspiring Digital Marketing student!

For more articles, hesitate no longer and check out our socials!

Website: https://bizsquare.com.sg/

Website: https://www.sgsmeloans.com.sg/

Facebook: https://www.facebook.com/bizsquaremc

Instagram: https://www.instagram.com/bizsquaremc/

LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

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How Can You Improve Your Chances Of Getting A Business Loan?

How Can You Improve Your Chances Of Getting A Business Loan?

Had enough of facing Business Loans Rejections? You’re in for luck as we have prepared a short and easy-to-understand video on how you can improve your chances of finally getting your business loan(s) approved!

Before submitting your loans, you will need to ask yourself honestly, what is my current company’s financial standing?

Here’s what you should be looking out for:

1) Personal Credit Profile

Although your personal credit bureau is more relevant to getting a personal loan, when applying for a business loan, your personal credit bureau would also be used by the bank as a gauge of your character as the director of your business. If your personal credit bureau score is good, there will be a higher chance of getting your business loan approved.

P.S. If you like to understand more about credit bureaus, you may click on the video link at the top of the video or here to understand more.

2) Company Cashflow and Debt Serviceability

You can gauge the ability of your business to pay off loans by determining your cash flow and if there is any clear planning for it. If your cash flow in your bank account shows that you can clearly pay off your monthly loan obligations (minimal risk of late payment), there will be a higher chance for the bank to approve your loan.

3) Incoming Sales

Banks would want to see that your company has a good track record of incoming sales. Having a good track record of incoming sales not only means that the service/product quality you are providing is good and highly sought after, but it also indicates that your business is receiving consistent revenue and it adds to your credibility.

Therefore, to increase the chance of approval, you need to show the bank that your company has a strong and consistent stream of revenue every month, which serves as a stamp of approval that you are able to deliver future payments accordingly.

4) Years in Business

Having a company with a longer history indicates a strong sign of stability to the lender – as many SMEs are unable to survive for more than 2 to 3 years.

Therefore, banks will prefer a business that has a minimum of 2-3 years of operational history before they choose to proceed further with the loan application.

5) Purpose of Loan

Lastly, you should know that there are various types of loans available and they are all designed for specific purposes – borrowing money to purchase inventory for your business is different from borrowing money to open a new outlet. For example, if you intend to purchase inventory, you should take up Trade Financing, and if you intend to open a new outlet, you should take up a Term Loan.

Furthermore, you will also need to know if you are looking for a short-term loan, a long-term loan, or a line of credit. 

Conclusion

Ultimately, the bank is looking at a few main things. 

1. Repayment Ability: Are you able to pay the loan?
2. Character: Will you pay the loan?
3. Fulfilling monthly obligation: Do you have enough cash flow to sustain the loan repayments?

If you are able to prove to the bank that you can meet those criteria, you will be able to get a business loan.

We hope that you’ve all learned something today! If you’re interested in applying for a business loan, we are more than pleased to help you!

For more articles, hesitate no longer and check out our socials!

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Website: https://www.sgsmeloans.com.sg/

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BizSquare is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

The post How Can You Improve Your Chances Of Getting A Business Loan? appeared first on Bizsquare Group.

Increase Your Chances of Getting a Property Loan approved

3 Property Loan Cheat Codes: Increase Your Chances of Getting a Property Loan approved

According to the Urban Redevelopment Authority (URA), the private residential property index rose strongly by 10.57% during 2021, up sharply from the prior year’s (2020) 2.21% increase.

Singapore’s housing market is undoubtedly strengthening, and the gradual upturn in the economy certainly presents an opportune time for many businesses to either purchase their own space or invest in commercial properties.

Here are 3 easy-to-follow “cheat codes” on how you can increase your chances of getting a property loan approved.

1. Reduce your Total Debt Servicing Ratio

TDSR includes monthly debt obligations, and it applies to both individuals and sole proprietors. It can be easily tabulated by dividing your total monthly debt repayments (including personal loans, car loans, as well as the monthly repayments required for your loan application) by your gross monthly income, as seen above.

There is a Total Debt Servicing Ratio (TDSR) of 55% imposed by MAS and it expects all property loans subject to the TDSR framework to not exceed the maximum TDSR threshold of 55%.

You can improve your TDSR by reducing your Monthly Debt Obligations and/or increasing your Gross Monthly Income as seen above!

How you can reduce your Monthly Debt Obligations:

Use debit cards or cash instead of your credit card 2 months before your application. You should also avoid applying for other new credit facilities 2 months prior to your property loan application, and cancel all other credit cards that are not in use. This not only helps to remove any outstanding debts and better keep track of all your bills, but it also helps in preventing the possibility of overspending and encourages good payment behavior over time, which will improve your credit score in the long run.Avoid taking on additional loans 2 months before your Property Loan application. The less you owe, the less likely you are to breach the TDSR limit.

How you can increase your Gross Monthly Income:

Declare all your additional income to IRAS, such as your income from your other freelance work (if any), rental income, bonuses, commissions, etc. to raise your effective income level.

2. Refinance your car using private hire purchase financing.

If your car is under a bank hire purchase loan, you can do a refinance to in-house loans from private financiers such as Tan Chong Motors and Abwin leasing, etc. through a dealer (Note that not all dealers can help you to do that).

This would aid in your TDSR as explained above since the debt would not be reflected in your credit bureau as Banks will not know that you have an existing Car loan.

3. Check your Loan Amount eligibility for Property Loans

Please note that there are no more IPAs in the market! Since 2019, the banks have stopped this IPA process, and yet, many “gurus” still feel the need to tell you to obtain an IPA. That is old-school thinking.

Nowadays, a banker can only help you access and give you a rough estimate for your loan eligibility amount; they are unable to give you assurance or in other words, an exact confirmation on your loan approval unless you have your Option to Purchase (OTP) secured. So, instead of trying to obtain an IPA that does not exist anymore, it would be wiser to work towards finding out your loan eligibility (do seek help from your banker or Bizsquare) based on your annual income and determine the property price range you can afford. Once the property price range is determined, it is time to find the perfect property within your budget!

We hope that these “cheat codes” are useful in providing you with valuable insights and our experienced consultants here at BizSquare will always be around to provide you with further professional advice and assist you in securing the property loan you desire.

If you’re interested in applying for a property loan, look no further!

For more articles, hesitate no longer and check out our socials!

Website: https://bizsquare.com.sg/

Website: https://www.sgsmeloans.com.sg/

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BizSquare is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

The post Increase Your Chances of Getting a Property Loan approved appeared first on Bizsquare Group.

New Updates to the Temporary Bridging Loan Programme

New Updates to the Temporary Bridging Loan Programme

Hello Business Owners!

If you’ve missed out previously on the Temporary Bridging Loan Programme (ended 31 March 2022), not to worry as it has been further extended for 6 months, from 1 April 2022 to 30 September 2022, with the parameters listed below.

(Above Information is quoted from Enterprise Singapore website

Here are some of the estimated rates from our Banking Partners (may differ on a case to case basis):

Interest Rates:

1 to 2 years tenor – 4% EIR
3 to 5 years tenor – 4.75% EIR

Processing fee:
New To Bank – 1.5% or S$500, whichever is higher
New To Loan / Existing Customer  – 1.5% 

Interest Rates:

1 to 5 years tenor – 5% EIR

Processing fee:
Standard Processing Fee at 2%
(We can try our best and help you lower it to 1.5%)

Interest Rates:
1 to 2 years tenor – 4% EIR
3 years tenor – 4.75% EIR
4 to 5 years tenor – 5% EIR

Processing fee:
Standard Processing Fee at 2%

My opinion on the above extension:

If you were to ask my opinion on the above, this would probably be the last time the government will extend the Temporary Bridging Loan. This is because the Singapore government is opening up, which leads to the rebound of the tourism industry, increased seating capacity in eateries, and ultimately, greater dining and shopping crowds everywhere. So, with the gradual recovery of the economy, it is highly likely that they don’t see the need to extend the TBLP any further. As you have noticed the word “Temporary”, it simply means that it will come to an end eventually.

What do I think of the changes in the Interest Rates:

The rates are expected to increase, it is just a matter of how much is the increase. From my 13 years in the corporate finance industry, a 4.75% p.a. EIR is still considered quite low for businesses.

If you are familiar with the “Microloan” in the past, it is already priced at 7% p.a. EIR, and it is a rate with the government subsidizing 50% risk share. Many business owners before the pandemic are also used to paying 8% p.a. EIR for working capital loans and 10.88% p.a. EIR for business term loans.

So if you ask me, I would not hesitate to tell you that a 4.75% p.a. EIR is still a good interest rate and the TBLP is definitely still worth taking if you need cashflow to roll or expand your business.

So what if it ends?

I predict that the government will still be giving us support, but to a smaller extent. Currently, we still have the EFS (Enterprise Financing Scheme) where Working Capital Loan (WCL) is available. The general direction for business owners would be to move back to WCL after the TBL has ended.

Currently, the WCL is priced at 6.5% p.a. EIR for some banks with 50% risk-sharing from ESG. However, the downside would be that WCL is capped at only $300k; and after $300k, government has just announced that they will be increasing the WCL limit from $300k to $500k from 1st October 2022 onwards, leaving you with the only $500k WCL at 6.5% p.a or the option of taking a Business Term Loan which is 8.8% p.a.

If you wish to know more about other financing schemes from EFS scheme, such as Trade Financing, Invoice Financing, or Property Financing. Feel free to contact us or check us out here.

And of course, if you are interested to apply for a Temporary Bridging Loan, click the button below to fill-up the form and we will get back to you shortly.

For more articles, hesitate no longer and check out our socials!

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Website: https://www.sgsmeloans.com.sg/

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BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

The post New Updates to the Temporary Bridging Loan Programme appeared first on Bizsquare Group.

Sole Proprietorship Vs. Private Limited Company

Sole Proprietorship Vs Private Limited

“I want to set up a company. What type of company should I set up?”

Well, if you want to expand your business, raise funds, or take on a big project, always set up a Private Limited company. The reasons are as follows:

1. Ability to raise funds

Unlike private limited, you cannot raise funds with a sole proprietor company because it doesn’t have a shareholding structure. Since the nature of the company can only consist of one owner, the owner cannot split up his/her shares to raise capital. This is due to the non-existent paid-up capital for dilution.

2. Extent of liability

If your company is accountable for a project/trade liability, a private limited company would be better as it is a separate legal entity that is distinct from its shareholders and directors. In this case, shareholders in a private limited company are not personally liable for company debts. The liability of a shareholder will only be limited to his investment in the company (which is normally paid-up capital). Whereas a sole proprietor company is owned by the sole proprietor himself without any separate legal identity of its own. The sole proprietor (owner) is personally liable for all debts and losses of the business

3. Higher tax savings

If you are making money, especially if you earn high revenue, there are more tax savings you can obtain as a private limited company than as a sole proprietor. In Singapore, there are many tax benefits to starting a business and getting a tax discount for the first 3 years. In addition, your personal expenses can be combined with your company expenses to be expensed out from your earnings to receive higher tax savings.

4. Transferability of ownership

In a private limited company, it is easy to transfer your ownership. You can always transfer or sell your shares to another owner (succession planning or selling of business), only if you are in a private limited company. In corporate law, a private limited company last perpetually. Unlike a private limited company, a sole proprietorship cannot last in perpetuity, the registration of a sole proprietorship has to be renewed either at the end of one or three years. Even if the registration is dutifully renewed, the business will still come to an end once the business owner either retires or dies.

Conclusion

With that said, I personally feel that one should always set up a private limited company if you wish to expand and grow your business. Certainly, there are also advantages to operating as a sole proprietorship, such as the ease of establishing the company due to the fewer requirements. However, I suggest that you should only start a sole proprietorship if your business is a part-time hustle, and you are not serious about it. Otherwise, I advise you to always start a private limited company because the benefits far outweigh the cons of it. If you wish to succeed in growing a big and profitable business, then we should think and act like one.

For more articles, hesitate no longer and check out our socials!

Website: https://bizsquare.com.sg/

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LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

Kah Hwee is a digital marketing intern at Bizsquare Management Consultants Pte Ltd. One fun fact about her is that she always creates TikTok videos but never posts them publicly.

The post Sole Proprietorship Vs. Private Limited Company appeared first on Bizsquare Group.

What You Should Know On The Increase in CPF Contribution Rates

What You Should Know On The Increase in CPF Contribution Rates

Hello Business Owners!

In the Budget 2022 speech, Finance Minister Lawrence Wong announced an increase in the CPF contribution rate for senior workers aged 55 to 70 years old in order to increase their retirement incomes and improve retirement adequacy. The first increase in CPF contribution rates for older workers was already implemented earlier this year, on 1st January 2022, and the second increase will be applied on 1st January 2023.

Here is a summary of the changes in the CPF contribution rates that you MUST know:

The adjustments to the CPF contribution rates that will occur on 1st January 2023 will only apply to employees aged 55 to 70, while all other age groups will remain unchanged. You can refer to the graphic below for a more detailed description of the changes.Employees earning more than $500 to $750 per month will continue to contribute to their CPF at the same rate as before.For Singapore Permanent Residents (SPRs) in their first and second year, the graduated contribution rates will stay unchanged.
 


How does the revised CPF contribution rates for senior workers affect you as a business owner?

The increment of CPF contribution rates, which is intended to enhance senior workers’ retirement income, also implies that you have to contribute more to your employees’ CPF. Simply put, the adjustment in CPF contribution rates actually raises your labour costs.

However, as with this year, a one-year CPF Transition Offset (CTO) will be automatically supplemented for the 2023 increments to cover half of the increase in employer CPF contribution rates. You will not be required to apply for it. For more information on the CTO, you can visit here.

Despite the government offset, hiring senior workers aged 55 to 70 will cost you more than it did previously. While employing senior employees can help diversify the workforce, it is apparent that if you continue to recruit senior workers in the future, your operating costs will rise, making your business less profitable.

As illustrated, the cost benefits of hiring senior workers provided previously have been reduced. With the cost increase, you should reconsider recruiting senior workers. As compared to the seniors, a younger employee is more likely to possess up-to-date skill sets and knowledge, as well as be more in sync with current market sentiments. Therefore, it will be cheaper and more advantageous to hire a younger employee as you will not have to train them from the ground up.

Having said that, many seniors are constantly undergoing training classes and upgrading themselves in various areas in order to remain relevant with the current market and trends. Hence, if a senior person can deliver the same value as a younger employee, you should definitely consider hiring them. More importantly, this will also be less costly for you.

All in all, we hope that you’ve gained a clearer understanding of the updated CPF contribution rates that will be taking effect in the coming year and how it will affect you as a business owner. For further details on the increase in CPF contribution rates, please visit the CPF website or here.

For more articles, hesitate no longer and check out our socials!

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BizSquare is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

The post What You Should Know On The Increase in CPF Contribution Rates appeared first on Bizsquare Group.

What Should Singapore Business Owners Do During High Inflation Period?

What Should Singapore Business Owners Do During High Inflation Period?

Hello Business Owners!

As food prices and cost of goods are getting more expensive, do you find it challenging to survive your business? Don’t worry; we’ve got you covered. We’ve created a short video to share with you some pointers and suggestions on what you can do during this inflation period.

Before you start worrying, consider the following four pieces of advice to help you improve your business:

Keep Enough Cash on Hand

As the cost of food, gas, and transportation has soared, the government has raised interest rates to combat this inflation. As a result of this increase in interest rates, the cost of capital in the market will also rise. Therefore, having more cash on hand boosts your ability to make purchases at a lower price. For example, if you have more cash on hand, you have the option to pay in advance and receive early purchase discounts.

Hence, it is crucial and advantageous to retain enough cash on hand during this time.

Reduce Manpower Cost

You can aim to reduce your manpower costs, but how do you go about doing that? You can seek to hire overseas employees from neighboring nations with lower salary scales than Singapore’s, such as Malaysia, Indonesia, the Philippines, and Vietnam.

Besides employing foreign employees, you can also streamline your business’s internal process flow. Simply put, hire and/or cross-train your employees such that they are capable of performing a variety of tasks across different departments. In this way, your employees would be able to help one another out whenever necessary.

Build Higher Customer Retention Rate

As compared to acquiring new clients, it is more advantageous to focus on retaining your existing client base. This is because it is easier to speak to your current clients and you can trust them in terms of making payment. By focusing on your existing client base, you will also be able to reduce marketing costs and PR expenses.

Get a Business Loan

Within a few months, the temporary bridging loan with an interest rate of 4.5% to 5% per year will be removed, leaving you with either a working capital loan of 6% interest rate or 10% business term loan. As the interest rate will rise, it would be wise to take up the temporary bridging loan now while you still have the chance. As a business advisor, I would suggest that you secure a temporary bridging loan now while it’s still available. You are also able to use this temporary bridging loan to do a restructuring of your existing loans.

P.S. If you would like to find out more about restructuring of loans, you may click on the video link at the top of the video or here to understand more.

Conclusion

In conclusion, to obtain the upper hand, make sure you maintain and have access to a sufficient amount of cash. Internally, you should also make an effort to cut labour costs and streamline operations to improve the productivity of both your workforce and business operations. Lastly, we would suggest that you can take the temporary bridging loan if you can before it matures. 

If you’re interested to know more, click the button below and we are more than pleased to help you! 

For more articles, hesitate no longer and check out our socials!

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BizSquare is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

The post What Should Singapore Business Owners Do During High Inflation Period? appeared first on Bizsquare Group.

LIVE on Aug 15, 2022 | Start-up PITCH with SHIPP – A Dating App

ATTENTION everyone

Bizsquare will be hosting our first-ever LIVE event on Monday, 15th of August 2022 The details are as follows:

Bizsquare’s LIVE Pitch Event:

Date: 15th August 2022Time: 3:00PMPlatforms: Facebook, Instagram, YouTube & TikTok

This live will include a business pitch by the CEO of SHIPP, Jason Yah, followed by a QnA session with our CEO, Melvin Ho, and his other panel of judges. Besides that, we will be conducting a LIVE beta testing of the SHIPP app. FYI, SHIPP is an online dating app that introduces a novel innovation to the world of online dating. Do join our LIVE to learn more about their business!

Also, follow our Facebook page and Instagram, and subscribe to our YouTube channel for more updates on the LIVE event!

For more articles, hesitate no longer and check out our socials!

Website: https://bizsquare.com.sg/

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LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

The post LIVE on Aug 15, 2022 | Start-up PITCH with SHIPP – A Dating App appeared first on Bizsquare Group.

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