Speech by MOS Low Yen Ling at the MOU Signing Between Nanyang Polytechnic’s Singapore Institute of Retail Studies and the Bosses Network

Mr Andy Hoon, Chairman of Bosses Network and Kim San Leng F&B

Mr Tan Tong Hai, Chairman, Board of Governors, Nanyang Polytechnic

Mr Russell Chan, Principal and CEO of Nanyang Polytechnic

Distinguished Guests

Ladies and Gentlemen

Introduction

1. Good afternoon. I am delighted to join you to mark the renewed partnership between Nanyang Polytechnic’s Singapore Institute of Retail Studies (fondly known to many as “SIRS”), and the Bosses Network, which comprises over 10,000 SMEs in Singapore. In the last 4 years, SIRS has supported the Bosses Network with training in retail, business and digital commerce, as well as study missions and the annual learning cruise. This partnership has facilitated the learning and growth of SMEs from various industries. These efforts have also gained strength under the leadership of Mr Andy Hoon, the Chairman of Bosses Network.

2. Today’s MOU will deepen the collaboration between SIRS and Bosses Network and see both parties co-design and co-curate a range of training programmes. Members of Bosses Network will be able to seek guidance on business transformation and digitalisation from SIRS’ consultancy, talent support programmes and government schemes. Each year, a comprehensive cycle of training activities will be conducted. This will take place for 5 years, starting in August 2023.

3. By working closely with Bosses Network members, SIRS’ training personnel will gain first-hand insights into the challenges faced by SMEs. These valuable takeaways and industry understanding will allow SIRS to incorporate authentic and relevant case studies into their training programmes.

Deepening Our Skilled Workforce

4. As a CET Institute under the Government’s Continuing Education & Training (CET) Masterplan, SIRS has supported close to 8,000 businesses in their training needs.

5. SIRS acts like a one-stop gateway for members of the Bosses Network. Its training programmes, consultancy services, and ecosystem partnerships are positioned towards supporting companies’ business development as well as innovation needs. This means Bosses Network members can access a suite of solutions from SIRS – from how to maximise manpower to innovating business models and adopting technology.

6. Merlin Goldsmith is one company that has benefited from the guidance and training provided by SIRS. Its Director, Ms Janice Chin, took part in SIRS’ courses such as those that taught participants how to get onto the e-marketplace, conduct a live stream and boost social media engagement, as well as visual merchandising. Since then, Merlin Goldsmith has used Livestream to sell its products and onboarded various e-commerce channels. These additional platforms have led to a 10% increase in their online sales.

Partnerships for Greater Business Agility and Adaptability

7. Unidbox Hardware is another example of a heartland business that leveraged the Bosses Network’s partnership with SIRS to innovate and overcome business challenges. Shortly before the Covid-19 pandemic, Unidbox’s sales were already slowing down. Business got worse when its outlets had to close during the height of the outbreak. Despite having an online presence, the company did not know how to position its web business to seize emerging opportunities.

8. Unidbox recognised the need to quickly master e-commerce as part of its business model. Its Director Mr Wong Hing Kong approached SIRS for advice and help. This led him to register his staff and himself for the Workforce Skills Qualifications Diploma in Retail Operations by SIRS. Following the training and engagement with SIRS, Unidbox saw its revenue grow by 100% from 2019 to 2022.

Readying Businesses for the Future

9. With the new MOU, the next lap of collaboration between SIRS and the Bosses Network will cover omnichannel and digital marketing strategies; social and conversational commerce; cross-border business extensions and internationalization; and retail sustainability.

10. Some members of the Bosses Network have already ventured into these areas, after a joint study trip to the Alibaba headquarters in Hangzhou. The trip in 2019 organised by SIRS and the Bosses Network provided participants with first-hand insights into new retail, marketing and branding concepts, as well as cross-border commerce and big data. The insights inspired transformation and motivated the bosses to revamp their businesses.

11. One of those on the study trip was Sai Hing Medical. Using what it learnt from Alibaba, the TCM store successfully pivoted from the traditional distribution model to a hybrid B2B (business-to-business) and B2C (business-to-consumer) distribution model. Sai Hing Medical expanded its presence online, adopted new sales channels and used live streaming to drive sales. These changes led to a spike in their social media following, from having tens of followers to several thousands of followers in a short period. They were also delighted as each of their live-stream marketing sessions led to sales of a few hundred wellness soup packets.

Conclusion

12. I am certain that the new MOU between SIRS and the Bosses Network will guide and lead many businesses to develop and expand their horizon of success. Congratulations on the next level of your partnership! I look forward to your collaboration bringing our SME bosses and local enterprises to greater heights!

13. Thank you.