Singapore’s Key Industries to Benefit from S$84m Service Excellence Injection: http://www.SingaporeStartup.com

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Singapore’s move to bolster service excellence efforts will result in multiple benefits for companies and the Singapore brand, reports SingaporeStartup.com.

Singapore Offshore Company Formation

Service excellence is the game-changing ingredient through which Singapore will create equal opportunities for enterprises and secure the collective future of its economic prosperity.

Go-the-Extra-Mile for Service (GEMS), a secretariat consisting of SPRING Singapore, Singapore Workforce Development Agency (WDA) and Singapore Tourism Board (STB), has recently committed to an S$84 million injection to bolster service excellence efforts over the next five years. The funding will help enterprises within six of the country’s key service sectors participate in Customer-Centric Initiative (CCI) projects as well as provide comprehensive training for their employees. SingaporeStartup.com - a leading Singapore offshore company formation portal - is confident that this move will contribute to the flourishing of corresponding industries as well as the overarching Singapore brand.

Enterprises operating in retail, F&B, healthcare, tourism, hospitality and land transportation industries stand to benefit the most. SingaporeStartup.com asserts that improved service levels has the propensity to impact enterprises and industries in three ways - 1) by accelerating sales growth 2) by increasing productivity and competitiveness and 3) by increasing brand presence and mindshare.

Data from EnterpriseOne shows that companies that participated in CCI projects saw a significant improvement in their bottom lines. In 2008, 20 companies have reported an estimated S$150 million increase in sales a year after participating in CCI-funded projects. In addition, a 2009 study conducted by the National University of Singapore recorded that the sales growth of CCI companies in retail and F&B industries were leveraged by an estimated 45% vis-à-vis that of their peers. A recent news report has also added to the growth story when it announced that the first two sectors to benefit from CCI funding i.e. retail and F&B sectors have demonstrated y-o-y sales growth of 10% and 5.2% respectively in May this year.

Commenting on the uptrend, Mr. Darren Leow, senior member of the SingaporeStartup.com team opined, “The healthy growth of the first two CCI-funded sectors indicates that accelerated growth of healthcare, tourism, hospitality and land transportation industries is imminent in the years to come. Company formation in Singapore is easy, red-tape for conducting business is non-existent, taxation is one of lowest in the world and infrastructure is world-class. All these positive factors contribute significantly in making Singapore an attractive jurisdiction for setting up a business.”

Further analysis by http://www.SingaporeStartup.com indicates that small to medium enterprises (SMEs) stand on equal footing as bigger, more prosperous entities to take advantage of the CCI grants and radically transform their businesses. “The additional injection is testament to Singapore’s holistic approach to business excellence by way of service excellence. An open and vibrant economy such as ours is characterized by high competitiveness as enterprises big and small compete to gain market share. Therefore, more often than not, smaller enterprises with great products and services do not get to the growth levels they deserve. Service excellence is therefore the game-changing ingredient through which Singapore will create equal opportunities for enterprises and secure the collective future of its economic prosperity. On a broader level, service innovation will not only increase mindshare of Singapore-bred brands; it will ultimately boost the overarching Singapore brand,” added Mr. Leow.

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