An admirable trait of any successful entrepreneur is the ability to remain optimistic, to always see the glass half full when others see it half empty. So in 2009, we have seen many instances of local entrepreneurs who have taken on the challenges of the economic climate, and seen the recession as an opportunity to better position themselves for growth.
While some companies were cutting back on human resources, they chose to hire more staff in the year. They took the quiet period during the downturn as an excellent opportunity to enhance training and prepare the company for the inevitable upturn when it comes. Some took advantage of the lull to upgrade their IT systems to streamline processes for greater efficiency, while others join forces to strengthen their position and remain competitive. The brave ones even start their businesses in what had to be arguably the worst year to do so, having recognised an impassable opportunity presented by emerging trends.
Rewarding the entrepreneurial spirit
All of these SMEs found their own unique ways to remain competitive, and for some, their resilience paid off with the awarding of prestigious accolades that recognised them for their overall business performance, resilience, innovation and competitive spirit despite the recession.
One of Singapore's most prestigious business accolades and the oldest award for entrepreneurship is the Entrepreneur of the Year Award. Co-organised by the Rotary Club of Singapore and the Association of Small & Medium Enterprises (ASME), this coveted award honours local entrepreneurs who have shown outstanding performance as business owners in their chosen field of entrepreneurship.
ASME also jointly organises the Singapore Prestige Brand Award (SPBA) with Lianhe Zaobao to recognise Singapore brands that have managed their brands effectively through various branding initiatives. Achieving this esteemed mark of success is a significant milestone in the branding journey of any local brand.
Another prestigious award up for grabs is the Enterprise 50 (E50). Jointly organised by The Business Times in collaboration with KPMG Singapore, and supported by the Infocomm Development Authority of Singapore, International Enterprise Singapore and SPRING. E50 Awards isthe definitive list of the 50 most enterprising privately held local companies in Singapore each year. The E50 Awards continues to be a mark of prestige and recognition for entrepreneurship and business excellence in Singapore.
Congratulations to deserving winners
We offer our congratulations to all winners of business awards in 2009. We feature here some of the deserving wins in the year and hope that they serve as inspiration to all of Singapore's SMEs that achievements are possible, whatever the business climate.
Binter & Co Pte Ltd
LEAVING THE COMPETITION FOLLOWING IN THEIR TYRE TRACKS
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Mr Marcus Lim, General Manager, Binter & Co |
A familiar name in the Enterprise 50 list over the last seven years, Binter & Co Pte Ltd has progressively risen in the rankings, this year achieving a place in the top ten.
Mr Marcus Lim, General Manager of Binter & Co, a tyre distributor set up by his grandfather, attributes the company's ongoing success to its consistent top-down approach, its diversity of product range and its strategic and highly targeted marketing campaigns. "We believe that lean is mean," Mr Lim explains. "We spend a lot on marketing but we spend wisely, mostly in targeted sponsorship of motorsports."
While the economic downturn wielded its global devastation, Binter & Co remained largely unscathed as Mr Lim explains, "We hold a wide range of tyre products and brands to cater to every user and every budget, so even if our customers cut costs and opt for cheaper models in the downturn, they still buy from us."
Good inventory management also plays its part, made possible by the ERP system the company was able to implement with its SPRING grant.
Now in its third generation, this family-owned business continues to innovate with Mr Lim in the driving seat. "I used to work in Detroit, the Motor City, and could see how big the online tyre industry was there. I recognised that by setting up an online portal in Asia, I would finally be able to fix pricing for the industry in what has previously been a non-transparent pricing market," Mr Lim explains of his drive to implement his online portal, www.tyrepac.com "We have made this site easy to navigate so anyone can go in and order the right tyre for their vehicle, even if they know nothing about tyres. Three clicks are all it takes, and we even offer a mobile service in Singapore, Hong Kong, some parts of China and Malaysia, where we will deliver and install the tyres for them."
Binter & Co continues to aim for pole position in an industry that has become more dynamic as technology has progressed. Having secured a larger share of the market with its online portal, Binter & Co is mapping out its growth strategy moving forward, with an eye on Vietnam as a developing market. With Mr Lim behind the wheel, get set for an exhilarating ride.
Greenpac (S) Pte Ltd
THE GREEN WAY TO SUCCESS
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Ms Susan Chong, CEO, Greenpac |
Making "saving the environment" its business has paid off well for Greenpac, a local company specialising in packaging solutions that are not only environmentally friendly, but beneficial to bottom lines. The company's fortunes have stayed stable through the financial turmoil, thanks to the inventiveness of its strategies and practices. Instead of manufacturing its own line of products, the organisation works with world-leading suppliers of environmentally-friendly packaging solutions, customising the green alternatives towards the unique needs of its clients.
Greenpac's unconventional business thinking has brought accolades and awards. It has won the E50 award for two years, and CEO, Ms Susan Chong was named the Top Entrepreneur of the Year in 2008.
Doing things differently is a mantra held close to the heart of the organisation, and practised diligently across the ranks from top to bottom. Beyond being a service provider, Greenpac leads the "Go Green" charge by example. Every aspect of its business operation is conducted in greener ways wherever possible. Says Ms Chong, "We believe firmly in practising what we preach."
Ms Chong also credits Greenpac's success to her team's adaptability. "We are eager to evolve, and our staff is willing to embrace change. This has allowed us to move into new areas of business and other markets," she says. Although the credit crunch has forced some of Greenpac's clients to fold their businesses, the seven-year-old SME is finding new ground both locally and overseas.
"We are offering our services to many industries, including defence, broadcast, medical and pharmaceutical. We are also seeing many new opportunities overseas. Besides our existing markets in U.S.A and Europe, Japan is also showing promise," reveals Ms Chong.
Recession or no, agility, commitment and integrity are the three traits that promise Greenpac's continued success as it helps industries adopt crucial sustainable business habits.
Koufu Pte Ltd
A MASTER OF REINVENTION
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Mr Pang Lim,
Founder and Director, Koufu |
Koufu refers to the Chinese belief that it is a person's good fortune to feast on good food. That is precisely the consumer experience food court operator Koufu intends to offer through its vast array of dining concepts in Singapore and overseas. Founder and Director, Mr Pang Lim, is today affectionately known in Singapore as the "King of Coffee Shops" due to his management and operation of 34 food courts, 10 coffee shops, 8 Dim-sum style cafes and 6 fast food outlets. He also has two franchise operations in Jakarta International Airport and Artha Gading Mall in Indonesia.
Koufu's fundamental concept is "Better Food, Better People, Better Life" - a concept very much brought to life with its operations of Punggol Plaza and Fernvale Point, two modern shopping malls that cater to people's daily needs. "Venturing into real estate has allowed us to operate our food courts more efficiently," explains Mr Pang.
This entrepreneurial approach to business is one reason that Koufu has found itself on the E50 list for the fifth consecutive year. Mr Pang attributes his success to his ability to constantly reinvent the business. During the economic downturn, while other businesses were cutting back, Mr Pang saw an excellent opportunity for him to add yet another five food courts to his empire in the space of a few months and to introduce two new concepts to food court dining, the I-Foodcourt and Singapore's first Green food court.
I-Foodcourt is being developed to adapt to the changing lifestyle of customers. It offers free wireless connections for PC and phone internet customers as well as 24-hour access to tenants for live CCTV coverage of their stalls. Its Market Street outlet currently has the I-Foodcourt concept on trial and Koufu is currently in talks with NETS to set up a cashless payment system.
Another positive reinvention of the food court concept is Koufu's Marina Bay Sands Food Court, the first Green food court in Singapore. Its stalls will not only use recyclable packaging, but packaging and detergents that are 100% bio-degradable. This extends to its construction and installations as well. The wood used in construction will be from registered sustainable sources, and Koufu will also use Energy-Efficient Exhaust Systems, energy-saving lights and air circulation systems.
"Our flagship Green food court will help us to develop future models for all our future foodcourts," explains Mr Pang, But perhaps what it even more revolutionary about this food court is that it will put together the Best Street Food Masters of Singapore, and also those from our Southeast Asian neighbours. The stalls will be a "Who's Who" in the food scene, and is touted as the Food Icon of Singapore, or even perhaps a regional Gourmet Beacon.
Samwoh Corporation Pte Ltd
EXCELLING WITH INNOVATION AND INTEGRATION
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Mr Elvin Koh Oon Bin,
Managing Director, Samwoh |
From a three-man lorry-driving team providing basic transportation services back in the early 1970s, Samwoh has morphed into a conglomerate of over 20 companies servicing the construction industry. While transportation and logistics still remain part of its services, the corporation today focuses on a much bigger picture with four main divisions of business: constructor for civil and infrastructure works; materials supplier to the construction industry; sustainable materials supplier; and manufacturing of construction products.
Top of the 2009 E50 Award list, Samwoh owes its success to two key strategies: Integration and Innovation. By adding to its business over the years to expand its services to cover the gamut of civil engineering and construction industry needs, Samwoh has become an integrated, one-stop solution to the entire industry. Not having all its eggs in one basket is a key reason why Samwoh has been able to weather the downturn, as Mr Elvin Koh Oon Bin, Managing Director for Samwoh explains, "Shortfalls in one business area can be compensated for by the strengths in another."
Samwoh's commitment to provide innovative technologies, excellent products and services, and competitive pricing has made them the market leader of their fields. Their move to become an integrated player in the civil engineering sector also came at a time when there was a growing demand for a one stop supply and service provider for civil engineering needs. This reduces the need for their customers to interface with many parties, thereby resulting in greater convenience. Such flexibility and timely reaction to their customers' needs has enabled Samwoh to maintain their competitiveness and relevance in an ever-changing landscape.
Samwoh also constantly look for new technologies and innovations to improve and grow their business. With its edge in civil engineering, continuous introduction of new techniques and products, the company is well positioned for the growth in the civil engineering sector. The sector is highly promising with a slew of long term projects slated to be introduced by the public and private sectors.
With the support of Ministry of National Development (MND) research fund, Samwoh has recently embarked on an ambitious and forward-thinking project to build a first building structure in the region from up to 100% recycled concrete aggregate (RCA) - the Samwoh Eco Green Building. The building would be home to the Samwoh R&D Centre.
"In the past, when buildings were demolished, the rubble was either discarded or used for land filling. But today, through our extensive R&D work, we have found ways to recycle the waste to produce RCA to replace natural aggregate for structural concrete," explains Dr Ho Nyok Yong, the Technical Director of the company.
A groundbreaking accomplishment in modern construction and design, Samwoh Eco Green Building sets a positive direction for sustainable design for the future - a future where nothing need go to waste.
Star Furniture Pte Ltd
ALWAYS A REFRESHING CHANGE
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Mr Kenny Koh, Managing Director,
Star Furniture |
For Mr Kenny Koh, Managing Director of Star Furniture Pte Ltd, the secret to longevity lies in constant innovation. This manufacturer, exporter and retailer of quality furniture was founded in 1981 and now operates factories in China and Malaysia as well as 40 retail stores in Malaysia, China, Taiwan and Singapore.
Providing a one-stop furniture solution through its pioneering retail concept, Star Living Mall, Star Furniture showcases its four major brands: Zen Tradition, Mondi Lifestyle, Star Furniture and its high-end collection - Lucano, each with its own unique brand positioning. The company launches new furniture collections every quarter to keep the brands fresh. With the innovation of Mr Koh and his team, there will certainly be more to come.
Like most companies this year, Star Furniture was impacted by the economic slowdown. "It was the worst recession we have ever faced," recalls Mr Koh, "heeding the call from the government, we took steps to reduce costs including across the board scaled pay cuts in order to avert cutting jobs." Due to the close teamwork and effective communication practices of the company, the temporary measure was supported by staff, and today all salaries have been fully restored except for that of senior management and directors. "Things are certainly looking up, but we are not out of the woods yet," cautions Mr Koh, "so we will remain prudent going into 2010."
While it was a challenging year, Star Furniture used the slowdown to its advantage, designing a new concept in retail to boost sales and prepare for the upturn. "BEDz Store is our new bedding concept, a store-within-a-store boutique, and has been implemented in every Star Living Mall," Mr Koh explains.
Star Furniture, this year achieving its fourth consecutive award on Enterprise 50 list, will continue to innovate, supported by its strong R&D department Koh explains how the company markets its new designs, "We also showcase our designs at international exhibitions, and this gives us great international exposure as we continue to build our brands overseas in places like Western and Eastern Europe, Canada, Mexico and the Middle East."
Looking ahead, Mr Koh will be seeking further expansion of his export markets like Ukraine and Russia as well as devising more innovative marketing strategies for retail. Mr Koh will continue to inspire his strong teams as they continue to brainstorm new ideas in preparation for the upturn.
Star Controls Engineering Co. Pte Ltd
IT'S TIME FOR CHANGE
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Mr Patrick Lim, Managing Director,
Star Controls |
ASME Entrepreneur 2009 for Enterprise, Mr Patrick Lim didn't have awards on his mind when he started Star Controls Engineering Co. Pte Ltd in 1996. In fact, before that time, he hadn't considered owning a business at all.
Stationed in Beijing, working for a multinational company (MNC) back in 1994, Mr Lim found himself the only expat employee who could speak Chinese. Subsequently, this lingual advantage took him away from his engineering post and he spent most of his time engaged in sales for the company. When the MNC expanded to Shanghai, Mr Lim was sent to run the office there. Having picked up entrepreneurial skills needed to run the business over two years on the job, it suddenly occurred to Mr Lim, that if he could run the business for the MNC, he could run it for himself. The rest, as they say is history.
Star Controls, a distributor of control equipment to the process industry, started as a six-man operation back in 1995 with a turnover of $3 million and grew 30% year on year to today's 150-pax operation turning over $100 million a year. "What differentiates us from our competitors in China is that we are customer-driven. Our focus is on customer service excellence, and when our customers come to us with problems, we are committed to finding the solution," explains Mr Lim. As a result, Star Controls has a loyal client base.
Its excellent after-sales service is well appreciated by its customers. The company established its Shanghai Service Organisation few years ago to better provide after-sales service for its clients across Asia. Mr Lim says, "We replace any valve that is found faulty after purchase. This one-time unconditional guarantee gives our customers the added confidence."
Mr Lim attributes his winning of the ASME Entrepreneur Award 2009 for Enterprise and his second consecutive E50 award to the way he has set up the management of the company. "We employ quality people. Only with a top notch team that understands our customers' needs, can we provide the best solutions for them. Our engineers support us in the sales, installation and maintenance of the equipment. In addition our management style is more westernised, which, coupled with our Chinese knowledge, gives us an edge on our competitors," adds Mr Lim.
Probably the most important factor in Mr Lim's success is his vision. "Change is a constant. As such I am committed to getting my people prepared for change. It is difficult to change people's mindsets if they are stuck in their ways, but Star Controls provides the opportunities for those willing to open up to change," explains Mr Lim of his Obamaesque philosophy. The company also brings in new staff regularly to manage change, as the saying goes, it's hard to teach old dogs new tricks, so new blood is also important to keep the momentum going.
"In fact we used the time during the economic downturn to prepare our people for the massive changes we have planned ahead." Now that Mr Lim has a Business Development Director on board to further develop Singapore and the region's business. The company has also taken advantage of various training schemes to equip its employees with the necessary skills. "Our next step is to develop Star Controls into a global brand," says Mr Lim of his plan for the company in the next five to ten years.
Whatever change comes his way on the journey ahead, one thing is for sure, Mr Lim will be ready for it.
