SME Spotlight

Discover the unfiltered narratives of fellow SMEs as they open up about their experiences and recount the challenges they encountered while growing their business.
It’s #MoreThanNumbers.

From Intuition to Insights:

Scaling a Startup with Confidence

Chef Siang
Co-Founder, 3 Embers

From intuition to insights:

Scaling a startup with confidence

Chef Siang
Co-Founder, 3 Embers

#MoreThanNumbers,
It’s Strategic Planning

Meet Chef Siang, the trailblazer of the catering business, 3 Embers. His start-up journey started with a small team but quickly gained momentum. As demand grew, so did the complexity of managing various aspects: inventory, staffing, menus, and so on. Amidst success, a financial challenge emerged – numbers weren't aligning. Scaling a business demanded more.

To what extent did this challenge, in a way, stop the growth of the company due to uncertainty?

I'd rate it 8 or 9. It's undeniably crucial. Starting a startup means focusing on operations, clients, events, and perfecting food and service – those are top priorities.

Once the business grows, you have more resources in a way. Are you sure we’re making this bottom line?
Sometimes when I looked at the P&L, I was like “Cannot be leh. Something is not right somewhere.”

How has it changed since engaging Singapore Corporate Services?

Definitely the processes. They brought in the right people to help us grow. We've sat down with folks like Eheng and Veron, who guided our finances. We dove deep, fixing issues and finding overlooked details—like delayed payments and unrecorded transactions. With a strong foundation, we're more confident about our finances. We can even forecast margins and other key indicators, which we never did before. This helps us plan ahead – deciding on new projects or letting some go. It's like having a clearer view of the path ahead.

Do you feel like now you can stay on top of things?

It's much clearer and more efficient. It safeguards us from overbuying or overcommitting. We can keep an eye on our funds and know if we're running low. Also, we handle taxes like GST better. Those things are important too.

Singapore Corporate Services brought clarity to our cash flow and in practical terms, it means regaining control.

With a more structured financial strategy, we're better positioned to confidently pursue business growth and expansion.

Not Sure Where to Begin?

Schedule a 30-minute discovery call to discuss new business opportunities in Singapore.

From heritage to next-gen:

Adapting to capture new markets

C.W Teo
3rd Generation Business Owner, Teck Huat & Co.

#MoreThanNumbers,
It’s Business Opportunities

Meet C.W, the builder of a multigenerational business, Teck Huat & Co. What started as a provisional shop has now grown into a dynamic lifestyle hub. Growth today looks different, especially since they've expanded internationally, including a new office in Myanmar. With a wide range of products and seasoned staff members, the question arises: how can the tried-and-true evolve to suit the demands of today's business landscape?

What was the turning point that indicated a necessary shift in managing your accounts?

At that time, we were coming back to Singapore after establishing a strong presence in Myanmar. It was a period of significant expansion. While we could get by in the past on annual or monthly data, today's landscape demands quick decision-making. Our reporting process was a mess, due to manual invoicing and processes. Reports take a long time to generate, leading to delays and financial discrepancies, including untracked fund diversions.

There was a loss of sales because we couldn't meet customers' demand for quick delivery. Not having a dashboard to track this inefficiency really slowed down our operations.

How did this transition impact your operations?

As a company rooted in history and values, we were cautious about exposing financial data externally. We sought a solution that not only streamlines our processes, but also empowers us to scale efficiently. Working with seniors, we must take a very agile and systematic approach—scan to digitise. It has changed how the team works. Now the staff do not have to do double work, there are minimal errors in invoicing, income is tracked in real-time, and so on.

What potential advantages do you think SCS will bring as your business expands?

There was an instance when SCS uncovered a trend of escalating costs in a business unit. Rapid action was possible, preventing potential financial risks. Initially driven by the need for financial visibility, our journey soon became one of empowerment and transformation, promoting accountability, eficiency, and scalability.

Singapore Corporate Services helped us achieve a 75% increase in efficiency and nurtured a culture of accountability.

With SCS and Xero, it is a set of networks. As we add new business units or brands, we are able to integrate them into the existing accounting system with ease.

Not sure where to begin?

Schedule a 30-minute discovery call to discuss scaling up your company in Singapore.

From local to global:

Setting brands up for e-commerce success

Zoe Zuo
Founder, Innovative Hub

#MoreThanNumbers,
It’s Business Advisory

Meet Zoe Zuo, a self-starter who has brought a homegrown e-commerce venture global. An exclusive partner to Alibaba.com in Singapore and a partner in Vietnam and Malaysia, Innovate Hub is not just about selling; it’s a bridge that connects SMEs to the world of e-commerce. With business expanding and grant projects increasing, the challenge looms: how can she navigate the complexities of cash flow, revenue recognition, and evaluating new businesses?

How have things changed over the years?

When we initially started, our financial processes were handled in-house, given the limited B2B transactions we dealt with. And, like most SMEs, a significant concern was the confidentiality of information if we were to outsource our accounting. Also, would they understand our business? Most of our solutions are under PSG pre-approved solutions, so we are dealing with many government projects which often have a waiting period to get reimbursed.

At that time, I faced a challenge with recognising revenue, especially for services that stretched for a year. Figuring out how to delay payments or use similar strategies was an issue. We have to plan our cash flow really well because these projects take a long time to complete.

How about your overseas ventures? Did you encounter any challenges when implementing
Xero across your operations?

For me, it's about transparency and accessibility, especially when I'm on the move or abroad, like in Vietnam. We handle things such as creating invoices and keeping track of sales right in the system. Xero is not popular in Vietnam so the SCS team has been assisting our in-house accountant, ensuring compliance and that the yearly reports in Vietnam match the ones we have in Singapore.

Can you share specific instances where the insights influenced important business decisions or helped you manage your finances more effectively?

The most useful part of Xero for me is invoicing and reports. Reports break down clearly which parts of our business are performing. This helps us choose what to focus on. For example, if we start something new, the report will show if it's making money after six months. If not, we think about whether it's a good idea or not.

Singapore Corporate Services helps us minimise risks and seize opportunities in new ventures.

Partnering with Singapore Corporate Services is a game-changer. In our monthly reviews, their insights guide decisions, mitigate risks and keep us financially resilient.

Not sure where to begin?

Schedule a 30-minute discovery call to discuss scaling up your company beyond Singapore.

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Advisory

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