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Female Founders: Overcome the Gender Gap & Obtain Funding

The topic of funding for female founders has gained significant traction in recent years, as the issue of gender inequality in the workplace has come to the forefront of public consciousness. While women have made progress in terms of starting businesses and securing funding, there is still a long way to go. In this article, we will discuss the challenges female founders face in terms of accessing funding, and what can be done to address this issue.

Challenges faced by female founders

Securing funding can be a daunting task for any entrepreneur. However, female founders face unique challenges during this process separate from their male counterparts. Some examples of funding challenges unique to female entrepreneurs include:

  • Unconscious bias on the part of investors
  • Underrepresentation in the investment community
  • Different expectations regarding qualifications
  • Difficulty finding mentors or advisors
  • Access to fewer resources

Unconscious biases and underrepresentation both lead to female founders being overlooked by investors. As a result, women often receive significantly less funding than men, even when they have similar qualifications and business ideas. The inability to receive adequate funding creates a vicious cycle as women who do not receive funding struggle to gain traction and build successful businesses, making it even harder for them to attract investment in the future.

The qualifications women need to meet when seeking funding also pose a unique barrier. Investors often place higher expectations on female entrepreneurs’ track records, i.e., the ability and extent to which they can demonstrate success or their connections in their specific industry. Meeting these expectations can be particularly challenging for women starting their first business. Women often will have not had the same opportunities as their male counterparts to build up their qualifications and experience.

These challenges can make it harder for women to succeed with startups and can contribute to the overall gender gap in terms of funding and success.

What can be done?

  • Increase awareness and understanding regarding the challenges women face
  • Increase representation of women in the investment community
  • Promote initiatives and programs that help female founders secure funding
  • Encourage individual investors to target women-led businesses when investing

 

The first step in addressing the challenges female founders face, is to increase awareness about these challenges. This can be done through education and training programs, media campaigns, and other channels. In order for effective action to be taken, people must first be aware of and understand the problem.

Overcoming the inequities faced by female founders requires women to be better represented in the field. The best way to do this is by directly increasing the number of women in the investment community. This can be done through initiatives that encourage more women to pursue careers in venture capital or other areas within the industry. Making women a part of investment committees and other decision-making bodies is another way to promote representation of women.

The challenges women face specific to financing and entrepreneurship can also be approached directly. There are numerous initiatives and programs specifically designed to help female founders secure funding, for example, accelerators and incubators that focus on supporting women-led businesses.

Individual investors can also help to address the issue by actively seeking out and investing in women-led businesses, either individually or as participants in funding groups. Investors can also act as advocates. Speaking out about the importance of supporting female founders, encouraging others to do the same, and working to promote diversity and inclusion within investment firms and other organizations are all actions a single person can undertake. Taking a proactive stance on these issues helps create a more encouraging environment for female founders.

Final Thoughts

In addition to the efforts describe above, it's important that the larger landscape of investment and entrepreneurship becomes more accessible for female founders. Initiatives such as mentorship programs, networking events, and other resources can help women to connect with each other and with potential investors and advisors. Providing women with the support and resources they need helps level the playing field and increases the chances of success for female-led startups.

The ability for female founders to secure funding is an important issue, and there is still a long way to go in terms of achieving gender equality for female entrepreneurs. However, by taking steps to address the challenges that women face and working towards creating a more inclusive environment, we ensure that we’re moving in the right direction.

If you're a female founder looking for financing, consider applying on the Jenfi homepage. At Jenfi, our financing offer depends on your revenue and is non-dilutive, meaning you keep all your business equity.

Nicky Minh

CTO and co-founder

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Complete Guide to Singapore Taxes for Startups

Singapore is known for its low corporate tax rate and business-friendly environment, both of which have helped to make it a popular destination for businesses looking to incorporate and operate in Southeast Asia. Below we provide an overview of corporate taxes in Singapore and some additional tax incentives unique to Singapore.

Corporate tax rate in Singapore

Singapore has one of the lowest corporate tax rates in the world. The corporate tax rate starts at 17% for companies with an annual taxable income below SGD 300,000 (approximately USD 222,000). This rate increases to 18% for companies with an annual taxable income of more than SGD 300,000. These low rates make Singapore one of the most attractive locations for companies in Southeast Asia.

Filing and paying corporate taxes in Singapore

Businesses operating in Singapore are required to file corporate tax returns annually. The deadline for this is typically 30 November the year after assessment is made. Corporate tax payments are required quarterly and are usually due by the end of the month following the quarter’s end. It's important businesses file returns are make payments by their deadlines. Failing to do so has the potential to result in significant fines and penalties, which can be damaging to a business's reputation and financial health.

The Inland Revenue Authority of Singapore offers a kit specifically aimed at walking start-ups through their first round of filing corporate tax returns. This is a useful tool for businesses unfamiliar with the process, and can help new companies make a smooth transition as they begin operations in Singapore.

Corporate tax exemptions and incentives

In addition to its low corporate tax rate, Singapore also offers a number of tax exemptions and incentives to businesses operating in the country.

New start-ups in Singapore may be eligible for a partial corporate tax exemption for the first three years of operation. The amount exempted is based on the company's taxable income. This incentive can help new businesses get off the ground and establish a foothold in the market.

Singapore also offers tax incentives for businesses operating in specific industries or sectors. Manufacturing, research and development, and clean technology sectors have the potential to receive additional tax exemptions or incentives.

There are also a number of tax incentive programs available to businesses looking to relocate to Singapore or expand their operations in the country. The Global Investor Program (GIP) provides tax incentives to businesses that make a significant investment in Singapore by providing recipients with permanent residency status. The GIP requires a minimum investment of $2.5 million SGD and the GIP fund must be between $30 million SGD and $150 million SGD.

 

Final Thoughts

The tax incentives and corporate tax rates offered by Singapore make it a particularly attractive landscape to new businesses within Southeast Asia. In summary, these include:

  • A corporate tax rate that starts at 17%, one of the lowest in the world
  • Straightforward filing schedules
  • Tax exemptions specific to eligible start-ups that last up to three years
  • Targeted incentives for growing industries like manufacturing, R&D, and clean technology.
  • Incentives for businesses that want to make significant investments in Singapore.

 

It’s important to note that Singapore’s corporate tax rate and tax incentives are not the only factors businesses should consider when deciding where to incorporate. The availability of skilled labor, access to markets, funding options, and the general business environment are all important considerations.

And if you do choose to incorporate in Singapore, here at Jenfi we have unique funding options that can help you get started or give you the boost you need to get your business to the next level.

Nicky Minh

CTO and co-founder

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Startups: Why You Should Consider Incorporating in Singapore

Singapore is a popular destination for businesses looking to incorporate. It provides a supportive environment for startups and entrepreneurs and its government’s policies give businesses the opportunity to thrive. If you are considering incorporating your business in Singapore, here are some reasons why it might be right for you.

Strategic Location

Located at the crossroads of major shipping routes, Singapore acts as a hub to Southeast Asia and a gateway to the region. And, as a major hub, Singapore has strong international connections that give it access to markets around the world. It’s an ideal location for businesses that are looking to expand into the region or to access global markets.

 Favorable Business Environment

Singapore has a stable economy with low taxes, minimal bureaucracy, and a strong legal system. The country ranks high on global indices for ease of doing business, and it has a reputation for being a predictable and transparent market.

 Access to Talent

Singapore has a highly educated and skilled workforce for those looking to recruit in fields such as engineering, finance, and technology. For businesses that want to attract and retain international talent, Singapore is an encouraging environment for this due to its flexible work visas and its supportive policies for start-ups.

 Strong Government Support

The government of Singapore actively supports businesses. It has implemented a range of policies and initiatives to promote entrepreneurship and innovation including funding programs, tax incentives, and governmental support for research and development. The government also provides a range of resources and services that can help businesses succeed beyond their initial startup stages such as grants, financing, and mentorships.

 Efficient Business Registration Process

Incorporating a business in Singapore is relatively straightforward and the registration process is efficient and transparent. The country has a one-stop business portal where new companies register their business and obtain necessary licenses and approvals. This portal is supported by the Accounting and Corporate Regulatory Authority (ACRA). The ACRA website is another great tool for starting a business in Singapore. It covers everything new businesses need to know about getting started and provides videos that can guide you through the registration process and beyond. This process is generally faster and more efficient than in many other countries, making Singapore a great choice for businesses that are looking to get up and running quickly.

 Favorable Tax Regime    

Singapore has low corporate tax rates and a wide range of tax incentives. The country also uses the territorial tax system, meaning businesses only pay tax on income that is earned in Singapore. This makes it an attractive location for businesses looking to minimize their tax burden, especially for those operating internationally.

 Strong Intellectual Property Protection

Singapore has a strong legal system that protects intellectual property i.e., patents, trademarks, and copyrights. The country is a signatory to international intellectual property treaties, which means that businesses can rely on strong legal protections for their intellectual property.

Access to Financing

Singapore has a robust ecosystem for start-ups and early-stage businesses, with a range of financing options available. These include venture capital, angel investment, government grants and government funding programs. There are also a number of incubators and accelerators that support start-ups by providing access to resources and mentorships. Jenfi also offers unique financing options for businesses incorporated in Singapore, these options support businesses with their marketing efforts and inventory acquisition.

There are many advantages to incorporating a business in Singapore. A central location, supportive business environment, skilled workforce, and low tax burden are all strong incentives that continue to bring new businesses into the country. The government policies and robust financing options available to businesses operating within Singapore promote the success of these businesses beyond incorporation. If you are considering incorporating your business in Singapore, keep these benefits in mind and think about how they align with the goals of your business.

Nicky Minh

CTO and co-founder

Startups: This is How to Negotiate a Series A Deal

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Startups: This is How to Negotiate a Series A Deal

Negotiating a series A funding round can be a challenging and complex process for startup founders. If negotiated successfully, a series A round can provide you with the financial support and resources needed to take your company to the next level, but it's important to approach these negotiations with care and attention to detail. This article will provide an overview of the series A negotiation process and offer some tips to help you through it.

Before beginning the negotiation process, you will want to prepare yourself by taking the following steps:

  • Have a clear understanding of your company's value proposition and the progress you have made to date. This will help you make informed decisions and negotiate from a position of strength.
  • Determine your financial needs and the resources you will need to achieve your business goals.
  • Seek the advice of experienced professionals, such as lawyers and financial advisors, to help guide you through the process.

Understanding your value proposition

Valuation of your company will serve as an important foundation for your series A negotiations. This can be a complex process, and it's important to approach it with a realistic and informed perspective. There are several methods that can be used to determine the value of a company, including the discounted cash flow method, the comparable company method, and the venture capital method. It's important to consider the size of the market, the potential for growth, and the competitive landscape when determining the value of your company. When performing your valuation you will also want to take into account the current stage of your company and the progress you have made to date. All the above should be taken into consideration alongside the terms of the funding round and the terms of the equity being offered.

Determining your business needs

Determining the terms of the funding round is paramount to this process. This includes the amount of funding being sought, the percentage of equity being offered, the vesting schedule for founders and employees, and the terms of the convertible debt being offered. It's important to carefully consider these terms and how to negotiate them in a way favorable to your company and its long-term success. For example, a high valuation and a low percentage of equity offered may seem attractive at first, but it could also dilute the ownership and control of the company. On the other hand, a lower valuation and a higher percentage of equity offered may provide more ownership and control for the founders, but it may also result in a smaller amount of funding.

Keep in mind that one of the challenges in series A negotiations is balancing the need for funding with the need to retain control and ownership of the company. It's important to find a balance that allows you to secure the necessary funding while also protecting the interests of the company and its founders. This may involve negotiating for certain terms or provisions, such as protective provisions or board observer rights, that help to safeguard the interests of the founders and the company.

Preparing for potential investors

Once you’ve determined the value of your company and the terms with which you want to secure funding, this information needs to be prepared for potential investors. Due diligence is critically important at this point in the process. Your company will be subject to a thorough review by potential investors that will cover your company's financials, operations, and management team. It's important to be transparent and cooperative during this process, as it can help to build trust and establish a strong foundation for the investment relationship. Expect to provide detailed financial statements, business plans, and other documents to the investor for review. Also prepare yourself so that you’re ready to answer any questions potential investors may have regarding your business and ready to provide any additional information as needed.

As you prepare yourself for negotiations remember to:

  • Approach negotiations with a strong and well-informed position: have a thorough understanding of your company's management team, financial performance, and business model.
  • Be transparent and cooperative during this process: doing so can help you build trust and establish a strong foundation for the investment relationship.
  • Have the appropriate information prepared and be prepared to answer follow up questions: this may involve providing detailed financial statements, business plans, and other documents to the investor for review. It's also important to be prepared to answer questions and provide additional information as needed.

Series A negotiations can be a complex and challenging process, but they are also an important step in the growth and development of a startup. By approaching these negotiations with a clear understanding of your company's value proposition and financial needs, and by negotiating for terms that are favorable to your company's long-term success, you can secure the funding you need to take your business to the next level.

Nicky Minh

CTO and co-founder

How Much Capital Do You Need as a Startup in Singapore

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How Much Capital Do You Need as a Startup in Singapore

When starting a business in Singapore, one of the first things you need to decide is how much initial capital you want to invest in your business. The minimum requirement is set by the Accounting and Corporate Regulatory Authority (ACRA) and will depend entirely on the type of business you wish to register as. For example, businesses registered in which owners are personally liable for debts incurred require no specific amount of capital while private limited companies have a requirement of $1 SGD. However, the minimum requirement is only a starting point. Thinking beyond this starting point when deciding how much capital need helps you build a solid foundation before you’ve even started operations. In this article we cover points to consider when determining your initial investment and methods for raising that capital.

How to Decide Your Initial Capital Investment

  • The size and scope of your business: The amount of capital that you need will depend on the size and scope of your business. If you are planning to start a small business that operates on a modest scale, you may not need a large amount of capital. Larger business or ones that require significant ongoing investment need a larger amount of capital to support growth.
  • Your business model and revenue streams: If your business relies on a single revenue stream, you will want a larger amount of capital to cover your costs and expenses. Having multiple revenue streams may allow you to sustain your business with a smaller amount of capital.
  • Your goals and objectives: If you are planning to grow your business rapidly and expand into new markets, a larger amount of capital can help you to support that growth. A more cautious approach that plans on slower growth might let you get by with a smaller amount of capital.
  • Your personal financial situation: If you have access to personal savings or other personal financial resources, you can use these to support your business. Alternatively, if you plan to rely on external sources for funding, such as loans or investments, you may need to raise a larger amount of capital to secure this financing.

Raising Capital for Your business

There are several ways to raise capital for your business, including:

  • Personal savings: One of the most common ways to raise capital is to use personal savings or other personal resources to finance it personally. This can be a good option if you have solid financial footing and are comfortable using your personal resources to fund your business.
  • External Investors: Another option is to seek investment from external sources, such as venture capitalists, angel investors, or crowdfunding platforms. This can be a good option if you are looking to raise a large amount of capital quickly, but it may also come with strings attached, such as giving up equity in your business.
  • Loans: You can also raise capital through loans (e.g., bank loans), government grants, or other financing programs. This can be a good option if you are looking to raise a moderate amount of capital, but it may also come with interest and repayment obligations.
  • Revenue-Based Financing: At Jenfi, we offer revenue-based financing. This new type of financing offer means that you get flexible loans where the repayment terms scale up or down depending on your earnings. If you're interested in learning more, feel free to check our requirements and apply today!

The amount of capital that you should have when starting a business in Singapore depends on a variety of factors, these include:

  • your business structure, size, and scope
  • your business model and revenue streams
  • your goals and objectives
  • your personal financial situation

By considering these factors and exploring different options for raising capital, you can determine the amount of that is right for your initial investment.

Nicky Minh

CTO and co-founder

How to Pick North-Star Metrics For Your Business

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How to Pick North-Star Metrics For Your Business

One of the key factors that separates successful businesses from those that struggle is the ability to stay focused on long-term goals. Below, we discuss north star metrics that can help you to remain on track as you build your business toward these long-term goals in mind. North star metrics are key performance indicators (KPIs) that serve as guiding lights for your business. More specifically they are high-level goals closely aligned with your business's mission and vision that keep you and your team focused on what is most important.

Five Steps to Determining Your North Star Metrics

1. Identify your business's mission and vision:

Your mission defines the fundamental purpose of your business. It should be based on the value that your business provides to customers, employees, and other stakeholders. Your vision is a long-term goal based on the value your business provides beyond immediate goods and services. For example, your vision can be based on what benefits you want your business to bring to the industry or to the community in which it operates. It should be aspirational and inspirational. Together your mission and vision will form the foundation for your business's north star metrics.

2. Define your north star metrics:

Your next step is to decide on what metrics will serve as the best indicators that your business is moving in the right direction. These indicators will be your north star metrics, high-level goals closely aligned with both your business’s mission and its vision. North star metrics are not as broad as the goals set by your mission and vision, but smaller, measurable goals that represent an aspect of those larger goals. Setting north star metrics can help you more clearly define what you want your business to achieve. Some examples of north star metrics include revenue growth, market share, customer satisfaction, employee engagement, and social impact.

3. Make your north star metrics measurable:

To be effective, your north star metrics should be measurable. This means that you should be able to quantify and track your progress toward the goals you’ve set. If your north star metric is revenue growth, the information you need to measure it is more or less built into company financial statements. However, measuring something like social impact or customer satisfaction might require you to set more creative parameters for your metrics. For example, how you measure customer satisfaction can be through any number of methods or even combinations of methods: e.g., number of repeat customers, customer satisfaction survey results, customer reviews. A metric like social impact would require you to clearly define what sort of social impact you want to make and to what degree. Are you reducing pollution? Will you measure the amount of garbage or recyclable materials you’ve collected? Will you commission water quality tests? You will need to decide what measurements make the most sense for your business.

4. Set targets for your north star metrics:

In addition to being measurable, your north star metrics should also have clear targets. These targets should be ambitious but achievable, providing a roadmap for your business's growth and success. For example, if your north star metric is revenue growth, you might set a target to double your revenue over the next three years. Or if you want to focus on customer satisfaction you may want to work to increase your percentage of repeat customers within that same time frame.

5. Monitor and review your north star metrics:

Finally, it is important to regularly monitor and review your north star metrics to ensure that you are making progress toward achieving your goals. This may involve tracking KPIs, gathering feedback from customers and employees, conducting regular business reviews, or any combination of these methods. By staying focused on your north star metrics and making adjustments as needed, you can ensure that your business stays on track and achieves its long-term goals.

Benefits of North Star Metrics

Once you have determined and implemented your north star metrics as described above, they can provide you with several advantages as you move forward with your business.

Having north star metrics can help you to communicate more effectively with your team, stakeholders, and investors. Having clear, measurable goals helps everyone involved to understand the direction in which your business is heading and the role that they play in achieving its long-term goals. This shared understanding of your vision can give your employees a sense of purpose and accountability, and it can help to build trust and confidence in your business.

Another benefit of having north star metrics is that they can help you to identify and prioritize opportunities and challenges. By tracking your progress, you can easily identify areas where you are successful and areas where you need to improve. These metrics also help you to identify opportunities for growth and innovation, as well as the challenges that may be limiting your success. By focusing on your north star metrics, you can make more informed decisions about how to allocate your resources and where to focus your efforts.

Finally, having north star metrics can help you to remain focused on the big picture. It can be easy to get caught up in the day-to-day demands of running a business, but by keeping your north star metrics in mind you can avoid getting sidetracked by less important tasks or low consequence issues. Staying focused on your north star metrics will reinforce the need to prioritize your long-term goals and will support the progress you make towards them, allowing you to build a sustainable and successful business.

The benefits provided by north star metrics make them a powerful tool for guiding your business and maintaining your long-term focus. In summary, the simple steps outlined above will:

  1. Keep you aligned with your business's long-term goals.
  2. Provide you with an effective tool for communicating with your team and stakeholders.
  3. Give you a framework for conceptualizing your business’s current trajectory alongside set goals, helping you to identify what’s important so that you can prioritize opportunities and challenges.

Whether you are just starting out or are already well-established, having clear north star metrics can help you to navigate the ups and downs of entrepreneurship and achieve your long-term goals. And no matter where you are in that process, Jenfi can help you to meet the marketing and growth solutions you need to meet those long-term goals you’re moving towards.

Nicky Minh

CTO and co-founder

Obtaining a Company’s Financial Statements in Singapore

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Why are financial statements vital information for investors?

A company’s financial statements give a good picture of a business’s economic accomplishments and a scope of what to expect in the future of their standing within their industry. 

“A company’s financial conditions are of major concern to investors and creditors. As sources of finance for your company operations, investors and creditors rely on financial reports to gauge conditions for both the safety and profitability of their investments,” says Way, investment writer for chron.com. 

Financial statements provide critical indicators of success for investors or creditors considering entering into a partnership with the companies in question. 

What information should investors focus on?

A business’ financial statement is akin to a school report card. It lists pertinent information on how well or poorly a company is doing. But when scrutinizing a financial statement, it’s essential to pay special attention to the following details:

Sales

All earnings made by the company you’re investigating will be the most crucial piece of information you consider. Sales data lets your know whether a company is in growth or decline, making it essential to determine its worth as an investor.  

To determine if the business in question sees an upward trend, “—you need to add up the data in each of the past four quarters, as well as the same quarter in the previous period, to calculate the change,” says Matt Krantz of USA Today. 

Debt load

A company’s ability to cover expenses and meet payroll during slow periods is just one reason investors should look at a company’s debt load. But most importantly, if a business were to go out of business, equity holders will be left behind as debt holders get preference for getting their money back on leftover balances. 

Examine said company’s income statement and balance sheet to determine if there’s ample cash flow to cover a company’s debt payments and to identify any other potential problems a company may face in the future. 

Trends in Cash flow

For an investor, seeing leftover cash in the bank on a financial statement is encouraging. It is a good sign that, should unexpected obstacles arise, the business is covered on the financial end. It’s also reassuring to see that if a fresh new earning opportunity were to come up, this business has ample funds to jump right in and boost its cash flow tenfold. 

“Cash is money in hand, not the result of accounting measurements and judgment calls, as is the case with earnings and net income. When a company’s net income is much higher than cash flow, investors want to be aware and find out why,” adds Krantz. 

Customer Acquisition Cost

Customer acquisition cost describes how much money it takes to onboard a brand new customer. This number can vary greatly depending on whether the business you’re inquiring about is a newcomer to the scene versus a seasoned player. New companies tend to have more new customers, while established companies tend to balance new and repeat customers more. 

A method for figuring out customer acquisition cost is to divide the amount spent on marketing by their number of new customers. This is a critical component of a promising investment venture, as a company whose product may seem profitable in production may be a hard sell out in the market. 

Dennis Najjar of The Balance Small Business mentions, “This problem can occur with super-niche areas where it’s hard to spread the word about your product or in hyper-competitive areas where advertising competition is fierce.” 

How do you obtain statements in Singapore?

Under the Companies Act, all businesses and branches of foreign companies based in Singapore must report their financial statements prepared according to Singapore Financial Reporting Standards. 

Each financial statement includes the following information:

  • Report of Directors and Statement by Directors
  • Independent Auditor’s Report (if applicable)
  • Statement of Comprehensive Income (Profit and Loss statement)
  • Statement of Financial Position (Balance sheet)
  • Cash Flow Statement
  • Statement of Shareholder’s Equity
  • Corresponding Notes to Financial Statements

These statements can be found on the Accounting and Regulatory Authority (ACRA) website at www.acra.gov.sg. 

Nicky Minh

CTO and co-founder

5 Customer Retention Strategies For Start-Up Growth

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There’s a specific excitement felt by businesses seasoned or new when it comes to the acquisition of new customers. Oftentimes this “new customer smell” is so  alluring that business owners forget that not only is it cheaper on average to market to a loyal customer, it also results in greater ROI with Bellycard’s customer loyalty survey reporting, “almost 30% of SMBs estimated that 71-90% of their customers visited more than once last year.”

With the rising costs of marketing for acquisition, start-up business owners should begin prioritizing the following fail-safe customer retention strategies to secure customer loyalty — the real key to business growth in 2021 and beyond.

Customer Loyalty Programs

One of the most tried and true ways of achieving customer retention is through the use of customer loyalty programs. Having a loyalty program honors your customers that have stuck around by providing special discounts, exclusive offers, or even gifts.

Loyalty programs are a form of positive reinforcement that rewards your customers the more they shop from or engage with your brand. They’re also a small reminder that you care enough about them that you’d like to repay them for their continued support.

Referrals or “Evangelism”

If you’re looking for a clever way to get your loyal customers involved in the marketing process, referral programs are an excellent way to knock out your two customer retention and new customer acquisition birds with one stone.

The strategy involves offering an incentive for both your customer and the friend they invite to shop from you, typically with an exclusive discount. Take the MeUndies model, for example. An increasingly popular underwear brand, much of its growth has relied on its referral program offering returning customers $20 off their next purchase, and 20% for their friend.

Customer Feedback Loop

According to SuperOffice, there seems to be a gap between the 80% of companies who believe they’re delivering exceptional customer service as opposed to the 8% of customers who would agree.

An important behind-the-scenes tactic for improving customer retention rates is to actively listen to your customer feedback. Surveys are the most concrete way of opening this line of communication with your pool of customers. With surveys, you can obtain a wealth of information including data on customer behavior, or get transparent suggestions as to what shoppers are seeking in their customer experience.

Pair this with targeted emails reassuring your customers that you’re taking their constructive criticism to heart. This will help you build a solid foundation of trust.

Keep it Convenient

It’s a no-brainer to mention that keeping your customer experience as convenient as possible will keep customer loyalty at a high. This plays into obtaining that sacred data from your feedback loop.

If you can streamline your checkout processes to make the final purchase as smooth as possible, customers are going to keep coming back if only for the simplicity of the transaction. Yes, it matters that much! Many companies have turned to the mobile sphere for this, offering easy checkout right in the palm of their hands.

As counter-intuitive as it may seem, finding a way for your customers to get in and out in a flash is the way to go.

Outreach Personalization

A symptom of the email marketing craze is that customers tend to see business emails as spam as opposed to anything that offers value. However, personalizing those outreaches offers an opportunity to insert audience-appropriate personality, as well as content that coincides with their preferences and purchase history.

Econsultancy research data points to an overall higher impact ROI with these specially personalized emails, as a matter of fact.

Emails aren’t the only way to achieve this though, another effective method of personalized outreach can mean communicating with your customer base on social media channels they frequent.

Loyal customers are a sure-fire way to experience growth within your business, and keep the cash flowing so your business can stay afloat without worry. These customer retention strategies are just another fancy way of saying that you need to build trust and relationships with your customer base to truly be successful. After all, a rockstar is nothing without his fans, and that analogy rings true for businesses everywhere.

If you want to get an edge on the most state-of-the-art CRM software, or additional customer loyalty marketing strategies to make customer retention your top priority starting now, visit us over at Jenfi to see if you qualify for the funding you need!

Nicky Minh

CTO and co-founder

Do I Need a Legal Entity for My Business?

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It is getting harder and harder these days to obtain adequate capital as a small business owner. Only half of SMEs were even eligible for financing last year.

In most cases, the lack of cash flow and low annual sales volume lead to automatic disqualification for the small business loan applicant.

If your business generates less than $300,000 in revenue and you have less than a $100,000 cash balance, you may need to seek alternative financing options as your likelihood of obtaining business credit is low.

Click here for the original story from the Singapore Business Review.

Nicky Minh

CTO and co-founder

How to Choose a Domain Name for Your Business

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Choosing the right domain name for your business is extremely important as this is the online identity that customers will associate your business with, which may differ from your company’s brand name. With over 100,000 new domain names registered daily, knowing the right strategy requires careful planning. Below are some things to consider.

KISS

The age-old adage of KISS (“Keep it simple stupid”) is ever more important when it comes to domain names. Pick a domain name that is easy to spell, one that even someone who is not familiar with your brand can remember easily. Your website domain should be easy enough that a 10 year old would be able to spell it out for you.

Pro tip: Start by searching for domain names with the least number of characters. While most domain names with 4 or less letters are taken, there are still a small handful of 5 or 6 letter domains. Avoid domain names with hyphens as they are more complicated.

Use .com unless there’s an absolutely good reason not to

Despite the growing number of new domain extensions, the gold standard for domain name extension remains .com for good reason (think of the last time you went to a website of a major brand that did not use this extension). Always go for this unless there is a strong legitimate reason not to. Remember that if the .com is taken, using a different extension will make it harder for your visitors to find you as they may accidentally type in your domain but with the .com extension, ending up on that site instead!

Pro tip: If your business will only be based in Singapore and focusing on Singapore based customers, you can also consider using .com.sg extension as it may improve your search engine ranking and visibility in Singapore in certain cases. Note that you will need to be a Singapore based company registered in ACRA in order to be able to do this. You can always get both .com and .com.sg if they are available to ensure you have secured the most important extensions for yourself.

Social handles

A common oversight is not researching whether the domain name you choose has the same handle available in the relevant social media channels that you will be using. The reason this is important is that this allows you to maintain a singular name in order to communicate with your visitors and customers, regardless of channel. Don’t overlook this as the last thing you want to do is spend money registering the domain names only to find out that you cannot get any of the social media handles.

Move fast

Lastly, it is important to move quickly when you find a domain name available as it is first come first serve. If someone else has taken a domain name you like, you may want to enlist the help of a broker or domain registrar to help facilitate a deal. However, it may be much more expensive.

With these tips, you are ready to choose a domain name for your business.

Nicky Minh

CTO and co-founder

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