2014 a better year ahead for SMEs with PACT

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Own a small or medium business or planning to start one? You may stand a chance to benefit from a new initiative under the PACT (Partnerships for Capability Transformation) Circle.

At the Business Excellence Awards ceremony, Acting Prime Minister Teo Chee Hean announced this programme, which is said to be able to “help develop win-win partnerships”, according to Channel News Asia.

SPRING Singapore is an agency under the Ministry of Trade and Industry that has been responsible for helping Singapore enterprises grow and not to mention the many success stories from its numerous initiatives.

Business Excellence initiative

Developed by SPRING Singapore, the Business Excellence initiative is an existing programme launched to assist organisations with strengthening their management practices and improve business performance. There is an estimate of 830 organisations actively involved in this initiative, progressing and improving in the business excellence framework.

PACT Circle

With the Business Excellence framework setting a successful precedence, the PACT Circle by SPRING Singapore offers more support and assurance for SMEs in such competitive times for business. According to SPRING Singapore’s website, for the PACT Circle programme, it “will work with Large Organisations (LO) to identify and implement collaborative projects between the LO and local SMEs.”

There would be 20 large organisations, including Keppel Shipyard, United Overseas Bank, Housing and Development Board, and the Infocomm Development Authority of Singapore, participating in this programme.

 With the expertise and guidance from these large organisations, SMEs are able to benefit in at least three ways. Through collaborations with large organisations, participating SMEs are set to enjoy an increase in productivity, capability, and opportunities in developing innovative products or solutions. With such hard to come by opportunity, small and medium business owners should seize it for only some 100 SMEs would stand to benefit from this initiative.

Start Your Own Company

Talk about sustaining a competitive edge and a guided long term growth, 2014 does seem promising for small and medium business owners indeed. If you have been hesitant to start your own business, perhaps the PACT Circle is a huge push factor for you get the legwork rolling with our Singapore Company Registration Services.


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