8 strategies to increase sales of your retail store

Increase retail store sales

Retail business is one wherein the retailer does not manufacture goods on his own, he buys goods from a wholesaler or a manufacturer and sells it to the end user that is the customer. The following factors need to be considered before starting a retail store / Increase Retail Store Sales;

  • Do you know what you want to sell
  • Do you know your customer
  • Choosing the right location
  • Understand the regulations
  • Understand your competition
  • Location costs
  • Final considerations

Retail marketing is the process by which the retailer attracts the customers to his products and services. He promotes awareness and interests in the minds of the customers for his products and services. For eg: Department stores selling a wide variety of products, supermarkets, franchises etc.

Every retail business will face a downfall, it could be any reason blame it on the pandemic or downfall in the economy the retail sales will come down, in this blog we are going to discuss how to increase the sales in the retail stores.

How to increase sales

8 Tips on how to increase sales in the retail store.

Covid-19 has changed the concept of retail business. The traditional methods of selling may not apply anymore, businesses need to adapt the emerging online trends to stay in business and to increase their sales. Keeping in mind this scenario let us now discuss the tips on how to increase the sales in the retail store.

1.Make the customers feel safe in your store.

Keeping the pandemic in mind, the customers should get the confidence in coming to your store. They should feel that your store is safe for them in this situation. They should educate their customers on the safety measures practised in their store via social media , email marketing, the stores website, mobile app etc.

2.Ensure that your store is listed in the online searches

Many people turn to Google to buy things, so make sure that people find your business when they are trying to search, for eg: ensure that your business is listed in Google, Yelp, Facebook and other platforms where people generally come and search. Also ensure that necessary information like name of the business, business hours, reviews, and contact details are included so that people can easily check and reach out.

3.Implement click and connect

This option has been very successful in driving more sales to the business. Generally people select something but when they actually come to pick it up they end up buying something else. There are more than 50 per cent chances that sales increase when the person comes to pick things in the store.

4. Mobile ordering

In this pandemic, people mostly do not want to visit stores so mobile ordering has proven to be a boon to these customers. Panic filled customers look out for stores that can offer mobile ordering facilities even for basic necessities which has definitely driven towards increasing the sales in the store.

5. Hire passionate employees

Hire employees who work with passion. Invest in staff who are smart as it is they who are going to do the selling. They should have good knowledge about the products. Appreciate your staff, treat them as important members, make them an important part of your business. Train them with good communication skills, industry and product knowledge etc.

6. Be customer centric

You need to understand your customer first if you need to be customer centric. It is important to concentrate on the pricing and the product but it is even more important to be customer centric. Unless you understand the needs of the customer you will not be able to sell more.

7. Loyalty programs


Reward your customers with simple loyalty programs which will help to retain them and also serves as a form of referral program for your business. This can also help to increase your business.

8. Communication

Finally the most important aspect is communication. There are various forms of communications now. SMS, Whatsapp, Facebook etc can be chosen to communicate with your customer. Delivery messages, loyalty rewards, new offers etc can be shared with the customers.

Conclusion.

To sum it up, to increase the sales, the combination of all the factors need to come in one place. It is not just one factor. You need a good location, you need good employees, good communication, loyalty programs, etc. so it is a combination of all the factors that helps to increase the sales.

Here mentioned some detail about how to use retail business software for retail business.

7 Steps to recruit foreign workers for your Retail Business in Singapore.

Recruit Foreign worker

Hiring the right employees is an important decision that a business needs to make once the company is incorporated. The few important questions that any company might want to answer before hiring employees or Recruit Foreign worker like;

  1. What are the labour laws?
  2. What are the laws to hire foreign employees
  3. What does hiring an employee cost?
  4. What are the statutory requirements
  5. Are there any recruitment guidelines to be followed?
  6. Are there any restrictions on the number of employees hired ?
  7. Is there any distinction in hiring full, part time and contract employees?

In this blog we are going to mainly deal with how to hire or recruit foreign workers for your Retail business.

Under the employment Act, the employees must have a valid work permit visa to work in Singapore. The employer should apply for a work permit on his/her behalf. There is a restriction on the number of employees that can be hired by the employer.

Classification of workers

The workers can be classified into

  1. Skilled workers – fr eg: engineers, doctors etc who are given an employment pass
  2. Semi-skilled workers – for eg: technicians, chefs etc who are given an S pass
  3. Unskilled workers – for eg: domestic help, construction workers etc who are given a work permit.

Work pass in a Glance

Suitable forSkilledSemi skilledUnskilled
Remuneration>3000>2000<2000
ValidityIssued for 1-2 years , renewableIssued for 1-2 years , renewableIssued for 1-2 years , renewable
Quota SystemNo20 percent of the workforceVariable
Dependants PassYesYEsNo
REstriction on NationalityNoNoYes
LeviesNoForeign Worker LevyForeign Worker Levy

Singapore Work Permit Schemes For Foreign Professionals

1.Employment pass scheme

2.Personalised Employment Pass SCheme

3.S Pass Scheme

4.Miscellaneous Work Pass Scheme

5.Other Immigration Visa Schemes

PROCEDURE FOR APPLYING

 1. EMPLOYMENT PASS

StepRequirementsOutcome
1. Employer/EA submits an applicationWritten consent from the candidate to apply for Employment Pass Fill out application on EP Online$70 application fee Check status of application online after 3 weeks If pass is approved, log in to EP Online and print the in-principle approval (IPA) letterIn-principle approval or rejection letter  
2. Employer/EA gets the pass issuedMake the request on EP Online within 6 months of IPAPay $150 per issued pass, and $30 per Multiple Journey Visa (if applicable)Print notification letter, which is valid for 1 month from date of issue and should be given to the candidate to facilitate travel while waiting for the pass card Take note if candidate has to register fingerprints and photograph.Notification letter
3. Candidate registers fingerprints and photograph (if required)Candidate has to register within 2 weeks after pass is issued (if required)Make an appointment for the candidate to visit the Employment Pass Services Centre (EPSC). Take note of items candidate should bring: original passport, appointment letter, notification letter, documents specified in the IPA and notification lettersAcknowledgement of card delivery
4. Authorised recipients or candidate receive(s) the cardEmployment Pass card will be delivered to the given address 4 working days after registrationEmployment Pass card
5. Employer returns old card (if any)Candidate’s old pass card (if any) must be posted back to the Work Pass Division of the Ministry of ManpowerUse EP Online to confirm MOM received old card  

2. S PASS

StepRequirementsOutcome
1. Employer/EA submits an applicationWritten consent from the foreign worker to apply for S Pass Fill out application on EP Online$60 application fee Check status of application online after 3 weeks If pass is approved, log in to EP Online and print the in-principle approval (IPA) letterIn-principle approval or rejection letter
2. Employer/EA gets the pass issuedMake the request on EP Online Pay $80 per issued pass Print notification letter, which is valid for 1 month from date of issue and should be given to the candidate to facilitate travel while waiting for the pass card Take note if the candidate has to report to MOM Services Centro – Hall C to register fingerprints and photograph.Notification letter
3. Candidate registers fingerprints and photograph (if required)Candidate has to register within 1 week after pass is issued (if required)Make an appointment for the registration Take note of items candidate should bring: original passport, appointment letter, notification letter, documents specified in the IPA and notification lettersAcknowledgement of card delivery
4. Authorised recipients or candidate receive(s) the cardS Pass card will be delivered to the given address 4 working days after registrationS Pass card
5. Employer returns old card (if any)Candidate’s old pass card (if any) must be posted back to the Work Pass Division of the Ministry of ManpowerUse EP Online to confirm MOM received old card  

3. WORK PERMIT PASS

StepRequirementsOutcome
1. Employer/EA submits an applicationWritten consent from the foreign worker to apply for Work Permit Fill out application on WP Online$30 application fee Check status of application online after 1 weekIn-principle approval or rejection letter
2. Employer/EA prepares for worker’s arrivalPrior to worker’s arrival: Purchase security bond (for non-Malaysian workers)Purchase medical insurance for worker After worker’s arrival: Register worker’s residential address using Online Foreign Worker Address Service (OFWAS)Send worker for medical examination by Singapore-registered doctor within 2 weeks of arrivalComplete Security Bond formSecurity bond, insurance, etc.
3. Employer/EA gets the permit issuedMake the request on WP Online Pay $30 per issued Work Permit Print notification letter, which is valid for 1 month from date of issue and should be given to the foreign worker to facilitate travel while waiting for the Work Permit card Take note if worker has to report to MOM Services Centre – Hall C to register fingerprints and photograph.Notification letter
4. Candidate registers fingerprints and photograph (if required)Worker has to register within 1 week after pass is issued (if required)Make an appointment for the registration Take note of items worker should bring: original passport, appointment letter, notification letter and documents specified in the letterAcknowledgement of card delivery
5. Employer or authorised recipients receive the cardWork Permit card will be delivered to the given address 4 working days after registrationWork Permit card
6. Employer returns old card (if any)Worker’s old pass card (if any) must be posted back to the Work Pass Division of the Ministry of ManpowerUse WP Online to confirm MOM received old card  

KEY FEATURES OF EMPLOYMENT ACT

FEATURESMANAGERSEMPLOYEES EARNING>2000EMPLOYEES EARNING <2000
Max hours per week40-50 hours40-50 hours44 hours
Max days of work per week556
OvertimeNot applicableAs per contractMax 72 hours per month
BonusAs per contractAs per contractAs per contract
Paid Annual LeaveAs per contractAs per contractVariable
Maternity Leave16 weeks16 weeks16 weeks
Annual childcare leave6 days6 days6 days
Public Holidays11 days11 days11 days
Termination NoticeAs per contractAs per contractAs per contract
Medical InsuranceAs per contractAs per contractAs per contract
Probation period6 months6 months3-6months

CONCLUSION

Companies hire foreign employees due to the non availability of skilled local talent and therefore have to resort to hiring foreign manpower.

for more details : Reachautoerp

The e-mail marketing guide – 5 practical tips

Table of contents:

  • Introduction
  • What is email marketing?
  • Why email marketing?
  • Create lead magnets
  • Have a content plan
  • Provide more value to your readers
  • Personalise emails
  • Segment your list
  • Conclusion

Email marketing has been a part of every successful marketing campaign for a long time.  

Here is the reason – email is the most effective way to connect with your audience and also build relationships with them. 

In 2023, it is estimated that 4.3 billion people will be using emails. This tells us why emails are the way to reach your audience!

Emails also have more response rates compared to other marketing channels.

In this article, we will help you to set up your email marketing campaigns which will help you generate more leads and eventually grow your business.

If you are a marketer or a business owner trying to grow your list of emails, write amazing business letters to your audience, get more subscribers to your blog, and also increase email open rates – then this email marketing guide is for you.

What is email marketing?

Email marketing is the practice of communicating with the audience, customers, and possible business partners via email.

Email marketing consists of the set of activities like sending newsletters, promotional campaigns, exclusive offers and deals, and also brand announcements.

Why email marketing?

Here are a few reasons why email marketing always works.

  • Most of the customers check their emails on a daily basis.
  • The distribution channel is totally owned by the business owner i.e you decide the list of people you’re reaching out to.
  • The conversion rate and ROI of email marketing is much better than any other channel.
  • Personalisation works wonders in email marketing.
  • The responses from customers are higher with emails compared to other marketing platforms.

Below or five practical email marketing tips that will help you grow your business.

  1. Create lead magnets

Creating lead magnets is the best way to grow your email marketing list.

Lead magnet is something that is great which you give for free to your audience.

The usual formats in which it is given away are PDFs, videos, articles, webinar, consultation, free trials, and infographics.

The cost of creating lean magnets is usually very minimal or it doesn’t cost at all. All you need in place is a good content strategy and a great content creator.

Here are a few factors that make a good lead magnet.

  1. Content should be easily consumable.
  2. The content should make the audience’s life easier.
  3. It should be highly relevant to your prospects.
  4. It should be actionable and applicable for your audience.
  5. The lead magnet should be available instantly.
  1. Have a content plan

Email marketing doesn’t mean sending called emails to your prospects alone.

Your email marketing campaigns should be well-planned and offer a variety of content for your audience to consume.

The different type of content you can offer to your audience are

  1. Newsletters
  2. Limited time Offers
  3. Blog posts
  4. Feature updates (products)
  5. Videos

Standing out by creating different types of content is a good thing but, the quality of the content is what matters to more.

All these different types of content should be pipelined in your email marketing calendar and then sent out to your audience based on their persona.

  1. Provide more value to your readers

Emails have been in the digital marketing space for a long time and all top brands have made the best use of it.

How do you stand out and win more business?

Here are few tips that can come in handy in providing more value to your email subscribers.

  1. Research your competition by subscribing to them. This helps you in getting a better understanding about your audience.
  2. Make sure the content you sent to your audience is well researched, actionable, and makes them enjoy reading it.
  3. Have a great designer in your team. This changes the game totally. E-mails are all about giving a good reading experience to the subscriber.
  1. Personalise emails

Personalisation in emails has become an important factor in recent times.

A few basic personalisation tactics in emails are including the subscribers name, making the content copy in such a way that it is based on the subscribers location or area of interest.

Personalisation comes in effect when you are targeting a particular buyer. So the first step should be to have different buyer personas and create content based on the funnel they fit in.

The interesting fact about personalisation in email campaigns is that it is a proven thing that they increase the open rates and have a significant impact on the ROI. 

The three main factors that contribute to a personalised email are:

  • The emails come from a person and not a brand or company.
  • The emails are relevant to the user.
  • The emails or not just a waste of time and actually have an impact.
  1. Segment your list 

To get started with segmenting, the first step is classifying your email subscribers based on the buyer persona levels.

Once you have identified the different buyer personas in your audience, create segments or groups to send personalised emails to your subscribers.

Have detailed targeted messages for your subscribers and it will be easy to track the progress of your campaigns since we have classified them based on their buyer personal levels.

This way you are also increasing the click through rates and email opens of your campaign.

Conclusion:

Email marketing campaigns are a proven way to deliver incredible value to your audience and also grow your list of prospects and leads.

To sum up this email marketing guide, here are a few pointers that can help you:

  • Have a well planned email calendar
  • Email valuable content to your subscribers
  • Send personalised emails
  • Segment your audience based on their buyer persona
  • Repeat what works best with your audience. 

We hope our guide for email marketing consisting of the best tips was useful to you.

We would love to hear from you.

What is your best email marketing technique?

for more details : Moiboo Business Automation Software

Top 5 cars Owned by Celebrities in Singapore

Ever wondered what kind of money the celebrities earn  from being actors, or tv hosts or social celebrities or models.The only way to gauge this, is from the cars they drive, or the vacations they take or the houses they live in.In this blog we are going to talk about the Top 5 cars owned by the Top 5 celebrities in Singapore

The Top 5 Celebrities on our discussion are’

1.Zheng Ge Ping

2.Chen Han Wei

3.Jamie Yeo

4.Edmund Chen 5.Jeanette Aw

1. Zheng Ge Ping

Zheng Ge Ping is a famous Singaporean Actor and Executive Producer. He owns a Citroen C4 Grand Picasso.

Top 5 cars Owned by Celebrities in Singapore - Zheng Ge Ping

2. Chan Han Wei

 Chan Han Wei is one of the respected actors in Singapore. He switched to a BMW 1 Series vehicle from a BMW Z4.

Chan Han Wei

3. Jamie Yeo

Jamie Yeo is a TV host, anchor, model, radio DJ and actress. She is the owner of an AudiS5  and a Landrover.

Jamie Yeo

4. Edmund Chen

Edmund chen is one of the most prominent and popular Singaporean Actor. He drives a Honda airwave

Edmund Chen

5. Jeanette Aw

Jeanette Aw is a filmmaker, Author and an actress. The actress drives a Mazda2.

Jeanette Aw

Conclusion

Some celebrities flaunt their lifestyles in lavish cars and vacations but some maintain a low profile life. There is a saying “A true luxury is a reward for investing in and developing a real asset.

Do you want to automate your business, Use Moiboo business automation software Singapore.

Houses of Top 5 Celebrities in Singapore

Ever wondered where the celebrities live? Do they live in palaces or big mansions? This is a question that we keep asking every time we see a  celebrity Here is a write up with the top 5 celebrities in Singapore and the places where they live.

The Top 5 Singaporean Celebrities in our discussion are Jeanette Aw, Jade Seah, Mark Lee, Pierre Png and Andrea Chong.

Jeanette Aw

Jeanette Aw, well known as Ou Xuan born on June 28th, 1979 in Singapore is an actress, filmmaker and author. Jeanette Aw’s house is a 5 room condominium apartment with white interiors and is one of the most stylish homes owned by celebrities.

Jeanette Aw

Jade Seah

Jade Seah was born on 6th April, 1983, she is a Singaporean model , host and actress. Jade lives with her fiance in a vintage penthouse at Tanjong Katong which was initially a one shop house with a high ceiling transformed into a two storey house which makes it look more spacious. “ kudos to the creativity”.

Jade Seah

Mark Lee

Mark lee was born on October 16th 1968 in Singapore and holds the position among the list of most popular and richest  Comedians. Mark Lee has a spacious 5 room condominium at Upper thomson road for 2680 sq.ft where he stays with his family. He believes his apartment is a great value for money. He spent $2.2million for this five room apartment.

Mark Lee

Pierre Png

Pierre Png was born on 29th October 1973 and is a famous Singapore Comedian actor. Pierre Png and his wife are savvy property investors.Pierre’s new terrace has gymnastics rings and his bedroom is one of the most romantic kinds where he has a customised headboard with curtains to change the mood of the room with just the fabric.

Pierre Png

Andrea Chong

Andrea Chong also known as Drea Chong born on 25th March 1992, is a Singaporean blogger and influencer. Owing to her social media status, she is selected as the ambassador of H&M and Pandora. Andrea has a well equipped mini house with all the facilities and the favourite spot in her house which she calls the “ collectors desk” which is a collection of all the travel souvenirs.

Andrea Chong

Conclusion

Be it a celebrity or a common man, there is a very famous saying ““Home is where love resides, memories are created, friends always belong, and laughter never ends”.

Top 10 Expensive Office complex in Singapore

Singapore is a small nation with a huge impact on the financial system of the world. It has the most mature capital markets and is the fifth largest international financial centre in the world. Singapore is the easiest to get around with the taxis, buses and efficient MRT.

Summary

Why do you need an office?

Advantages of having an office in Singapore?

Top 10 Expensive Office Complex in Singapore

Top 10 Expensive Office Complex in Singapore

Having a common workplace first of all provides a professional image to the business, a common workplace gives the employees a place to share their creativity and innovate, it also helps them maintain a border between work and life (i.e.) there is proper work life balance. Employees get inspired by one another which happens very less in the case of remotely working employee

Advantages of having an office in Singapore?

  • Singapore is a well-developed free market economy based on trade, finance and manufacturing. It has a robust economy.
  • The tax systems are very attractive
  • A Singapore tax resident company does not suffer from double taxation
  • Singapore allows 100 percent Foreign ownership
  • Ease of incorporation and operation
  • Support for start-ups in the form of Grants

1. Fraser Towers

NameFraser Towers
Location182 Cecil Street, 069547, Singapore
WorkspacesPrivate workspace, Business Concierge, Virtual office, Meeting & Conference, Co-working
Contact+65 6956 9000  

2. Marina Bay Financial Centre Tower

NameMarina Bay Financial Centre Tower
LocationLevel 11, Marina Bay Financial Centre Tower 1, 8 Marina Blvd, 018981
WorkspacesPrivate workspace, Business Concierge, Virtual office, Meeting & Conference, Co-working
Contact+65 6653 4688

3. Ocean Financial Centre

NameOcean Financial Centre
LocationLevel 37 & 40, Ocean Financial Centre, 10 Collyer Quay, 049315, Singapore
WorkspacesPrivate workspace, Business Concierge, Virtual office, Meeting & Conference, Co-working
Contact+65 6808 6288

4. One Raffle Quay

NameOne Raffles Quay
LocationLevel 25, One Raffles Quay North Tower, 048583, Singapore
WorkspacesPrivate workspace, Business Concierge, Virtual office, Meeting & Conference, Co-working
Contact+65 6622 5888

5. Six Battery Road

NameSix Battery Road
LocationLevel 42, Six Battery Road, 6 Battery Road, 049909, Singapore
WorkspacesPrivate workspace, Business Concierge, Virtual office, Meeting & Conference, Co-working
Contact+65 6232 2777

6. The Gateway West

NameThe Gateway West
LocationLevel 35, The Gateway West, 150 Beach Road, 189720, Singapore
WorkspacesPrivate workspace, Business Concierge, Virtual office, Meeting & Conference, Co-working
Contact+65 6727 6888

7. German Centre

NameGerman Centre
Location109 North Bridge Road, Singapore 179097
Workspaces5-storey office block with a basement car parking levels catered for business park activities
Contact 

8. Funan Office Towers

NameFunan Office Towers
Location25 International Business Park Rd, S(609916)
WorkspacesOffice space for rent in Funan Office Towers is an excellent choice for MNCs seeking premium office space in the central area.
Contact 

9. Maple tree Business city

NameMapletree Business city
Location50, 60, 70 & 80, Pasir Panjang Rd, (S)117440
Workspacestotal floor count of 30-storey will be one of the tallest business park buildings in Singapore and the other 3 adjoining blocks of MBC 50, MBC 60 and MBC 80 having 5, 6 and 8 levels
Contact 

10. Tai Seng Office Space

NameTai seng Office Space
Location18 Tai Seng Street Singapore 539775
Workspaces50,000 square feet with core-to-window depth of 20 m offer businesses flexibility in designing efficient work spaces.
Contact 

Conclusion

For a business to succeed your customers need to trust you, having an office gives any business that physical identity to it. The customers develop a trust as the office gives a physical identity to the business. An office informs your clients and employees who you are.

If anybody wants to automate your business end to end, Moiboo is a best business automation software in Singapore.

Availing government grants in Singapore

Top 5 Women entrepreneurs in Singapore

Singapore is one of the desirable places for people to start new businesses the main reason being the support extended by the Government in the form of Grants, co-working spaces and a wide network of international investors. In the recent years women have have also evolved in the field of business. In this article, we are going to walk through the Top 5 Women Entrepreneurs in Singapore.

Summary

  • Who are the Top 5 and how they became successful.
  • What are the characteristics of a good entrepreneur?
  • Tips to be successful entrepreneur

Top 5 Women Entrepreneurs in Singapore

1.Tan Hooi Ling

Tan Hooi Ling

NameTan Hooi Ling
AccomplishmentsCo-founded singapore based Transport Company grab

Tan Hooi Ling alongwith Co-founder Anthony Tan in started the transportation company called grab which has expanded to nine countries in 9 years and has created jobs for millions of people along the way. Service to the society being her motivation she started an app called the grab care during the pandemic for the healthcare professionals which was an on demand ride during the pandemic.

2.Ankiti Bose

Ankiti Bose

NameAnkiti Bose
AccomplishmentsFirst Indian to found a Billion Dollar startup

Ankiti Bose is a 23 year old Business woman whose company Zilingo is a e-commerce portal that gets majority of its revenue from B2B business. During this pandemic Ankiti chose to share in Linked in that Zilingo would be supplying personal protection equipments like medical grade suits for hospitals, N95, KN 95, surgical masks, medical gowns across India, Indonesia and Singapore.

3.Rachael Lim

Rachael Lim

NameRachael Lim
AccomplishmentsC0 Founder of Love Bonito

Rachael started with an intention to change people’s perception on fashion, she wanted to innovate, bring in new ideas, her main focus was to cater to the modern Asian women. Soon she became an online retailer with original designs and is now found in 21 stores in Singapore, Malaysia, Indonesia , Cambodia and Hongkong.

4.Gillian Tan

Gillian Tan

NameGillian Tan
AccomplishmentsLeads two Video Production Networks

Gillian Tan leads two of the most successful online video production networks called Munkysuperstart pictures and clicknetwork. They produce online reality videos related to travel, shopping, beauty etc.

5.Charlotte Chen

Charlotte Chen

NameCharlotte Chen
AccomplishmentsRecently founded body care brand

Charlotte Chen recently founded Everyday for Everybody a Australian sunscreen and body care brand established in 2018. Prior to this she was an investment banker, she co-founded spottly an online platform where users can collect and share photos from their vacations, she also provided marketing strategies to companies like Dolce & Gabbana.

The characteristics of a good entrepreneur are;

  • Dont take no for an answer- how many ever refusals you face or receive you should be prepared to dust it away and find an alternative solution. Fear of failure should never get over you.
  • Finding a good mentor can prove to be a great advantage, learning from your own mistakes is also a good learning.
  • Always stay hungry and ambitious, you should have the desire to grow.
  • Always adapt to change, new processes, new technology will make your business more efficient and stronger
  • Businesses will like to work with people they like and trust so try to build a good business relationship
  • Hire people who share your vision and passion
  • Trust your gut instinct, not just your spreadsheet.

Conclusion

Becoming a successful entrepreneur doesn’t happen overnight or through a magic spell, ample amounts of hardwork and sheer dedication is required to transform you into that successful entrepreneur.

Top 10 books to Read for Entrepreneurs

Table of Content:

1. Introduction:

2. 10 Amazing Books for Entrepreneurs:

   1. The 7 Habits of Highly Effective People by Stephen Covey

   2. Zero to One By Peter Thiel & Blake Masters

   3. Think & Grow Rich By Napoleon Hill

   4. Rework By Jason Fried, David Heinemeier Hansson

   5. The Lean Startup – Eric Ries

   6. The 4-Hour Workweek by Tim Ferriss

   7. Built to Last: Successful Habits of Visionary Companies by James C. Collins, Jerry I. Porras

   8. Lean In: Women, Work, and the Will to Lead by Sheryl Sandberg, Nell Scovell

   9. Thinking, Fast and Slow by Daniel Kahneman

   10. The $100 Startup by Chris Guillebeau

3. Conclusion:

Top 10 books to Read for Entrepreneurs

Introduction:

Successful entrepreneurs usually share similar qualities – self-discipline, decision-making skills, straightforward approach towards the problem, consistency, time management, etc.

It is always not necessary to start the business by possessing all these qualities. However, in a short span, one must learn these to see success in their business. There are many ways to learn the high-end attributes of entrepreneurs. You can gain it via your own experience or from reading the experience of others. It is excellent to read the books, understand and implement them in your business.

If you are a startup business looking for good books to read, then here is the list for you.

10 Amazing Books for Entrepreneurs:

The 7 Habits of Highly Effective People by Stephen Covey: This is a self-help book published long back, in 1989. Yet, the ideas given in the book by Stephen Covey are beneficial for entrepreneurs these days. The seven habits listed are – being proactive, beginning things by knowing its end result in the mind, putting first things in the first place, thinking of win-win strategy, early understanding and later to be understood, synergize, and finally sharpen the saw.

Stephen Richards Covey was not only an author, but he was also a successful businessman and a keynote speaker. Earlier, in 1996, Covey was named one among the “25 Most Influential People” given by Times magazine. Stephen says through this book that there are no shortcuts for success. Only through hard work its possible to achieve success. Adding to this, one cannot worry about things that are happening beyond our control—for example, climate changes or people’s opinion about your business, etc. But you can change the things that lay within your reach – your attitude, habits.

The seven habits listed in the book are significant for any entrepreneur to lead a prosperous business.

Zero to One By Peter Thiel & Blake Masters: “Brilliant thinking is rare, but courage is in even shorter supply than genius.”

“Monopoly is the condition of every successful business.”

These are some famous quotes by Peter Thiel. Zero to One book has handy information for startup businesses. By reading this book, the entrepreneurs can learn about selling strategies in business, marketing your product, and planning techniques to develop your trade. He says that entrepreneurs must have a definite vision to raise their business from zero to one. If you have ideas to start a business, then never miss reading this book.

Think & Grow Rich By Napoleon Hill: Do you know that this book was published long back, 1937. But still, the book is considered a masterpiece for entrepreneurs. Nearly 100 million copies of this book have been sold globally. The outline of the “Think and Grow Rich” is, if you want to achieve anything, then think about it deeply in your mind. As the mind is the master of the entire body, it will never stop you from believing and act to achieve success. Through this book, Napoleon Hill says that thoughts and desires will motivate you towards action. You must have faith in yourself, thinking that you can work for action. Think & Grow Rich is one of the must-read books for entrepreneurs.

Rework By Jason Fried, David Heinemeier Hansson: The book teaches several lessons for businesses. Sometimes, entrepreneurs might have felt that they made a mistake in any part of the business – either it may be in marketing or goal setting. And through this book, they can learn to avoid those mistakes henceforth in business. The author says that planning for a very long time is a mere waste of time. Sudden ups and downs in a business is very normal to happen. One has to anticipate it and take relevant precautions for it. Therefore, entrepreneurs must know to be flexible. And “Rework” says that delaying things will also lead you towards failure. Plan and execute it on time. Undoubtedly, Rework gives high-impact training for entrepreneurs.

The Lean Startup – Eric Ries: The lean startup principle is “Lean startup isn’t about being cheap (but is about) being less wasteful and still doing things that are big.” If you plan to start any business – low-investment, large scale business, or online, prepare a business plan that really works. “Planning for a business” seems to be an old boring formula. But certainly, without it – a business can topple to failure. The lean startup also teaches the value of innovation which brings in a new approach towards target customers. The points given in the book were very lucid and objective. Simply following the ideas of “Lean startup” will bring success for startup businesses.

The 4-Hour Workweek by Tim Ferriss: The three main things that the readers can extract from the book would be,

 – One must be effective in resolving problems rather than being efficient as there is a difference between them.

 – Secondly, entrepreneurs must spend time to validate all their business ideas. The validation will help them to figure out whether it is significant for their business or not.

 – Make your life less complicated to deal with effectively.

Businesses must not think that spending more hours in business will give good results. Instead, the time spent must be more productive. Smart work is always better than hardwork. Everyone would agree that the 4-hour workweek is one of the best books for entrepreneurs.

Built to Last: Successful Habits of Visionary Companies by James C. Collins, Jerry I. Porras: After six years of research, the author gave practical guidance for companies and startups to do an everlasting business. This book clearly illustrates the timeless qualities that entrepreneurs must possess. The explanation is so precise with real-time examples for better understanding the current business trend. This is one of the business books that entrepreneurs must read from cover to cover. Jerry I.Porras is a professor and well known for writing many other books. The book’s objective is to make the company overcome the competition and last for a long time in the industry.

Lean In: Women, Work, and the Will to Lead by Sheryl Sandberg, Nell Scovell: The book brings revolution among women entrepreneurs. Many highly skilled and talented women leave their job or business and opt to be a homemaker. Every entrepreneur may face failures due to mistakes that happen in business. However, learning from those mistakes is a must. Even if you are not prepared, you must be ready to take up the opportunities when they come your way. Later develop the skills and gain the confidence to do that work successfully. The author explains the success and the likeability.

Thinking, Fast and Slow by Daniel Kahneman: Surely, there are many things to learn from the book. This is a book of decision-making. Here I like to list some of the key points from the book. There are two ways of thinking – gut reaction and critical thinking. People usually spend their time in the first one. As many people are really not interested in statistics, they blindly conclude. The other things that you can learn are over-confidence and over-optimism.

The $100 Startup by Chris Guillebeau: Leading a good life is seeking adventure and trying to solve the purpose of living. The author, at his young age, has travelled to lots of countries. Sometimes, people rewrite the operating rules according to their comfort level. And this actually doesn’t seem right. Hence one must learn to work according to the corporate rules instead of rewriting them. Read and enjoy many other niche things tutored by the author.

Conclusion:

It is not enough if you read the books and leave that advice to fly in the air. If you are about to start a business and like to build your skills, then definitely follow the authors’ tips and advice. I hope this list of books will impress the entrepreneurs and motivate them to become industry leaders.

For more business related details, Please visit : www.moib0o.com

Availing government grants in Singapore

Top 10 Movies to Watch for Entrepreneurs

Table of Contents:

1. Introduction:

2. Best Movies for Entrepreneurs:

   1. The Wolf of Wall Street

   2. The Big Short

   3. The Social Network

   4. Boiler Room

   5. MoneyBall

   6. Steve Jobs

   7. The Pursuit of Happiness

   8. The Founder

   9. Joy

   10. Office Space

3. Conclusion:

Introduction:

Movies for Entrepreneurs

Entrepreneurs need the motivation to travel in the path of business successfully. And one surprising source of motivation would be through movies. Watching the “entrepreneur characters” on the big screen will make you imagine that character and motivates you towards business. Some movies are not just for relaxation, but they will help you to stimulate yourself.

Here are ten movies that entrepreneurs can watch, enjoy and get motivated.

Best Movies for Entrepreneurs:

The Wolf of Wall Street: The storyline of the movie is a real-time incident that happened. The audience liked the movie, and it became a hit on the large screen. If you couldn’t see the movie or read the book “The Way of the Wolf,” the book for entrepreneurs, then read further to know the takeaways. Jordan Belfort is a stock broker who rose to a very high position in the Wall Street of fame and fortune due to his natural talent for sales. But he did so by compromising on many ethics. He suffered the consequences as well. The movie shows that Jordan Belfort employees are good workers and ready to leave anything (even life) for their boss. Judging a person due to his past experience would be a wrong call. Entrepreneurs must note that (in the movie) social gatherings will happen. And it is really a creative idea for businesses looking out to develop the organization’s culture. Finally, fun at the workplace is not a bad thing. It is appreciated to enjoy and relax for some time during the working hours.

The Big Short: This is the movie based on the book “The Big Short: Inside the Doomsday Machine.” The movie was nominated for Academy Award for best picture, AACTA International Award for Best Film, Critics’ Choice Award for Best Picture, and more. The movie also won awards, including Academy Award for Best Writing, BAFTA award for the best-adapted screenplay, Critics Choice Movie Award for Best Comedy, and more.

What One Must Understand from the Movie:

– Even if someone says that it is good to invest in a particular stock, do some research on your own and then invest the money in it. Blindly believing the words might break the trust upon them if things go wrong.

– If it is easy to climb the success ladder, then everyone in the world will do that. But one must remember success comes only through hardwork and dedication towards work.

The Social Network: The movie teaches lots of lessons to startup entrepreneurs. Hence if you lack time to watch the film, get the lessons from here.

– You need not worry if you are a college dropout. Still, you can be successful in life without education if you are ready to build your skills. To say with some remarkable examples, Bill Gates, Steve Jobs, Ralph Lauren, and Mark Zuckerberg are college dropouts. However, due to their hard work and talent, they have gained a reputation in their respective industry.

– If you think that you have good business ideas, then don’t wait for time to make miracles. It would be best if you took responsibility to build your own empire. As per the proverb, “Time and Tide Wait for None,” you cannot achieve anything if you keep on waiting for time and opportunities to come and knock on the doors.

Boiler Room: One of the all-time favorite movies for many of us. Ben Younger is the director of this film, and it is nominated for many awards. The movie’s 120 minutes is totally power-packed and brings the audience to the corner of the seat. Here are the takeaways waiting for you.

– Do you believe in creating new things? Then entrepreneurs must create a unique learning system whenever they recruit employees. Straightforwardly, if one wants a learning employee, then making a learning atmosphere is necessary. Moreover, the employee must also not be preoccupied with already learnt experience. As technology is evolving, they must be ready to unlearn and accept new things in the industry.

– Work, work, and work. As that is the standard norm for all entrepreneurs. Though relaxation is essential, it must not drive away your passion only in dreams. To make it come true, one must throw the hard work.

MoneyBall: The must-watch movie for entrepreneurs. The film gives new perspectives towards team management. Not everyone will be ready to take up your words. When you like to implement changes, there will be some people around you who would be opposing the changes. But when you are clear in your thoughts, then proceed without hesitation. Secondly, to win the game, it is always not mandatory to select only the top-performing players, but it is on training given to them. The startups must know that choosing the right candidates and firing the under-performing ones is also essential. Watch the movie whenever you find the time, and I would challenge it to motivate you towards entrepreneurship.

Steve Jobs: In real life, entrepreneurs cannot reach success in business without seeing failure. In the Steve Jobs movie, it is explained well, and most of the film showcases the failure of Steve Jobs, founder of Apple. To become a strong entrepreneur, you must learn to face failures and problems in life as there is no shortcut for it. He didn’t complete this graduation, and hence he lacks in qualification and skills as well. Later on, he started to learn without leaving self-confidence. The movie explains how this businessman sees success after lots of struggles in his professional and personal life. As per the proverb “Great Ones are Always Not the Good Ones,” Steve Jobs proves it to be.

The Pursuit of Happiness: It is always important to listen to others’ opinions and self-evaluate them. It is not fair to ignore opinions in business. However, one can neglect the doubts that others have about you. For example, your relative may say that you cannot start and run a company successfully and never waste time. Instead of getting disappointed, ignore the comment. And struggle hard believing in you. Chris Gardner, in this movie, does the same. The film is all about the incredible bond between a father and son. And it also teaches us that life is not so easy all the time. The pursuit of Happiness is a thought-provoking movie that people in business must watch.

The Founder: For people in business, loyalty is the most significant thing to follow. He must be loyal to everyone – customers or employees or shareholders or partners. If the businessmen are not dedicated to anyone on this list, running a business will go in vain. The movie shows how the brothers started a fast-food restaurant and worked to run it successfully. Earlier, there were many flaws in the restaurant business. Many times, food arrived late, and it was not hot. People were also left uncomfortable eating the food sitting inside the vehicle. After research, two brothers (McDonald) planned to start a fast-food restaurant that could overcome all these issues that were happening in regular restaurants.

The brothers researched a lot – in restaurant design, the business plan. They iterated several times before taking a decision. Initially, during the beginning of the McDonald era, people refused to accept the fast-food concept as they were accustomed to ordering the food and receiving it by sitting inside the car. Later what happens is the story.

Joy: The movie is all about the woman entrepreneur named Joy Mangano, who involves gaining knowledge about the business. Most of the time, she was without a job and had a housewife rather than an entrepreneur seeking business success. Raising an organization is not an easy job. Instead, it requires dedication and fighting spirit to survive in the competition. And that is what Joy does in the movie. The woman entrepreneur seeks success in the industry. She tries hard, asks for advice from many other experts in the industry, and runs continuously towards reaching her goal. You will surely get a fantastic experience by watching the movie.

Office Space: The movie hit the large screen in 1999. Yet, the impact of it remains fresh to date. It’s been two decades now since the movie’s launch, and here are the niche things to learn from it. Micromanaging is hardly possible at work. Because there would be many works on the priority list to handle immediately hence micromanaging becomes tedious. Proper communication plays a vital role in building a business. Taking rest is also equally important for entrepreneurs.

Conclusion:

In day-to-day life, entrepreneurs might have heard others’ opinions – arrange for capital, think of a business, plan or do hard work. And many times, comments like “You cannot do, “hat,” “You are wasting money,” or “get back from this business” will also bother you a lot. The best entrepreneurs’ quality is to filter both the positive and negative comments and to believe their self-confidence. These movies will surely help you in one way or another in your business path. Hence if you have time, just try to watch these movies.

For more details about entrepreneurs, Please visit our site: Best start up business advice & Tips for entrepreneurs in Singapore

Some relevant links: Government Schemes for Startups in Singapore

How to Open a Business Bank Account in Singapore? Top 3 Banks to consider

We know choosing a corporate account for your business is not an easy task. If your business is based in Singapore, it becomes more challenging as the city is popularly known as Asia’s financial hub. Although there have been some setbacks in its finance sector due to the outbreak of COVID-19, reports indicate a massive surge is yet to come.

            Singapore is one of the most stable countries globally in terms of economy as the government has a regular flow of revenue and keeps itself away from foreign debts. SMEs (Small and medium-sized enterprises) plays a major role in accelerating the economic growth of Singapore.

Opening Business Bank Account
Table of contents:
  1. Here’s what you need in order to open a business bank account in Singapore
  2. Curated tips that will find helpful while opening a corporate account bank account in Singapore
    1. Ensure that you have every paperwork required
    1. Analyze the bank before proceeding
    1. Check if your bank is accessible
    1. Are the working hours of the banks suitable for your business
    1. Go for the bank that offers fully automated services
  3. Top three banks that you can consider to open a business account in Singapore
    1. Development Bank of Singapore (DBS)
    1. United Overseas Bank
    1. Standard Chartered Bank
  4. Conclusion
Here’s what you need in order to open a business bank account in Singapore:

            Well we can’t mention the specifics for sure as it solely depends on the policies of your bank. Sometimes your passport and nature of the business can also play a role in opening a business account. Some banks also allow Singaporeans to open a corporate account without any documents or signatures.

            However, some papers are mandatory to open a corporate account irrespective of the bank. If you are someone who is looking forward to opening a business bank account in Singapore, here’s what you will need.

Note: Every copy of the document you provide must be certified.

  • Residential address proofs of directors, signatories, and ultimate beneficiaries of the company (must be dated within the last three months).
  • A copy of your company’s Certificate of Incorporation.
  • Passport copies of directors, signatories, and ultimate beneficiaries of the company.
  • A copy of your company’s business profile from the Registrar of Companies.
  • A copy of your company’s constitution.
  • Get your bank account forms signed by the endorsers.
  • Get resolution from your board of directors sanctioning the account opening and signatories of your account.
  • If you are looking forward to opening offshore accounts, get the certificates of incumbency and good standing.
Curated tips that you will find helpful while opening a corporate bank account in Singapore:
Ensure that you have every paperwork required:

            Irrespective of your business niche and locality, you must have the required paperwork ready to proceed without any hassles. Before proceeding to choose your bank, double-check for the authenticity and validity of your documents.   

Analyze the bank before proceeding:

            It would be better if you choose to open your business account with a bank that has high creditworthiness. Analyze their standards of confidentiality and check for their presence in the global market. Seeking advice and suggestions from others will help in narrowing down your choices.

Check if your bank is accessible:

            Certain banks operate only in the upscale and industrial areas of Singapore. Overseas banks in Singapore have their policies and exhibit a restricted presence in the market. It would be better if you choose a bank that is situated close to your office.

To make things easier for your employees, ensure that you choose a bank with a high number of ATMs across various parts of the city. By joining hands with the right bank, you can get several financial benefits.

Are the working hours of the banks suitable for your business?

            You might wonder what the working hours of a bank have got to do with your business. Well, the nature of your business plays a dormant part and so it would be better if you know the working hours of your bank.

Most banks operate from 9:00 AM to 4:00 PM on weekdays and 9:30 AM to 12:30 PM on Saturdays.

Go for the bank that offers fully automated services:

            Online checking facility is the new trend with banks that has been making lives easier lately. With the introduction of online cash management tools, you won’t have trouble with giving your payroll checks, sending invoices, collecting payments, etc.

Top three banks that you can consider to open a business account in Singapore:

            Here are the summarised details of the top three banks in Singapore that we think will be ideal for you to open a business account. Learning about their history, operations, scale, etc., will help in making a refined decision. In order to give an idea of it, here is a quick overview of the top three banks in Singapore.

Development Bank of Singapore (DBS):

            The Singapore government set up the Development Bank of Singapore Limited in 1968 to take over the industrial financing activities. Formerly the Economic Development Board had control over it, and ever since the power was transferred, DBS was exhibiting a dominant behavior in the market. They offer a wide range of corporate and personal banking services.

United Overseas Bank:

            United Overseas Bank (UOB) was earlier known as United Chinese Bank and was established in 1935. It was renamed in 1965 after the independence of Singapore and had been showing progressive growth ever since then.

Currently, UOB is the third largest bank in Southeast Asia and has over 500 branches across 19 countries. Along with personal and commercial banking products, they also provide private banking and asset management services. 

Standard Chartered Bank:

            Standard Chartered Bank is a British financing institution that dates back to 1958. With over 1,200 branches across 70n countries, it has evolved as one of the largest banks in the world. Although they stepped on to Singapore soil in 1859, they received a Qualifying Full Bank (QFB) license from the government in 1999.

            The Standard Chartered Bank provides various services such as trade finance, cash management, lending, securities services, etc. It also provides private banking services for several high profile clients through its exclusive banking division.

Conclusion:

            As Singapore is welcoming more and more international businesses, it has become a land of non-exhaustive business opportunities. With plenty of options to choose from, opening a business bank account in Singapore is not a painful process as you assumed, given that you have the required paperwork.