Investing in IT services for small business enterprises has become more relevant than ever before. Since Singapore is continuously ranked as the second top international country to create a small to medium enterprise (SME), it explains why 99% of all enterprises are classed as SMEs.
Growing business rates also mean there has been a steady increase in potential cybercrime against businesses. In fact, recent stats show that 23,1% of users experienced some type of cyber threat. Essentially, that places Singapore in 86th place globally. Shockingly, this reflects a 23-place jump from 109th place in the first quarter. Where does that leave your small business and its need for suitable modern IT solutions?
Current IT Issues Small Businesses Face
Starting a small to medium-sized business can be challenging. Especially when there is a range of variables to consider. Part of creating a strategy to overcome these obstacles includes having a clear understanding of what they are. That said, we’ve highlighted the most common issues faced by smaller companies based in Singapore.
1. Competition From Large Organisations
Small to medium enterprises need to constantly upgrade their products and services to not be outdone by larger companies offering the same or similar products. With the number of businesses growing in Singapore every year, the need to stand out from the crowd is also rising.
2. More Vulnerable to Crises
It only takes one major crisis such as Covid-19 or a severe data breach to set a company back in terms of its ability to trade or produce revenue. In fact, most small businesses can’t recover if they have been the victim of a widespread cyber threat. That means they are constantly at risk. Furthermore, the costs of adding the necessary protection can sometimes be astronomical.
3. Staying Abreast of Rising Costs
As good a business environment as Singapore is, its market is not immune to global inflation. That means that SMEs often struggle to keep up with rising costs. This is particularly more troublesome for cash-sensitive industries. To deal with this issue, many small businesses resort to cutting costs where possible and this often results in neglected IT infrastructures.
4. Limited Resources to Manage Business Growth
A top business challenge faced by many SMEs centres around finding and retaining qualified staff to manage business growth. This is especially the case in businesses that operate within niche positions, technical roles, support services, and even modern digitalisation. Aside from the standard costs to employ the right people for the job, there are also training costs to factor in. In this instance, it’s often more beneficial for companies to outsource operations such as:
- Managed IT Services
- Finance operations
- Human resources
The Important IT Services to Outsource in Small Business
Most small businesses share two common goals. The first is to make and sustain profitability and the second is to protect sensitive data from cyber threats. However, the specific IT service a company requires may vary from others in the industry. It’s therefore crucial to have an IT audit done to ensure that the correct IT solutions are implemented to keep customer and business data secure.
1. More Sustainable
The world is shifting to a greener approach to general business functions. Reports show that at least a third of all businesses can reach the Singapore Green Plan by 2030. While larger companies have the funds to drive sustainable initiatives, it can be difficult for SMEs to keep up—especially when moving towards sustainability involves replacing existing equipment or work processes.
2. Lack of Valuable IT Knowledge
Whether a small business starts online or in a brick-and-mortar storefront, the reality is that a considerable amount of work is done online. Without the necessary IT solutions in place, small businesses are opening their organisations to increased cyber security risks.
Essentially, the key factors an SME might struggle with are:
- Correctly implementing and using artificial intelligence.
- Safeguarding business and consumer data.
- Providing secure and industry-related cloud services.
- Unintentional negligence with an organisation’s website source code.
- Insufficient user verification across the organisation’s various platforms.
- Necessary implementation of relevant analytics.
Benefits of Outsourcing IT Services for Small Business
Most small businesses operate on a tight budget. With that in mind, they don’t always have the funds available to set up an extensive in-house IT department. More often than not, these types of setups end up costing the company more than they’re worth. To avoid this scenario, opt for the outsourcing option. The benefits your small business will experience are highlighted below:
- Reduces the costs associated with engaging full-time IT staff.
- Experts will respond quickly and deal with queries efficiently which saves time and reduces potential downtime.
- Offer extensive tech support which involves regular training.
- Expertise to minimise exposure to cyber threats.
- IT solutions are customised to your business size to accommodate peak performance.
- Having an IT-managed service dealing with your company’s IT infrastructure allows you to focus your attention on achieving business goals.
- Outsourcing to the right company reduces the need for multiple vendors to solve different issues within the IT environment.
What’s Included in ITEASYCO’s IT Services?
It can be challenging to secure your organisation’s IT environment if you’re trying to do it in-house. Not only is very costly, but it can leave your company exposed if all IT solutions aren’t implemented correctly. The experts at ITEASYCO have the skill and experience to protect your business. Some of the more relevant services for small and medium-sized businesses are listed below.
- Risk management: The IT service most in demand is without a doubt risk assessment and management. Small businesses are showing an increased risk of cyber threats with a staggering 137 firms hacked in 2021 and exposed to malicious software in the form of ransomware. This means they need a company experienced in providing modern and relevant data security.
- Operational support: Keeping your business systems updated is key to ensuring work processes flow effectively. This includes keeping your hardware and software systems updated with the latest information technology. The ITEASYCO team is also certified to assist with streamlining your office setup.
- Disaster recovery: In the unfortunate event of a data breach, your business will need expert IT professionals to recover as much customer and business data as possible. Additionally, extra protection measures will be put in place to protect sensitive data once recovered to ensure your business can go on as normal.
- Technology management: Experienced IT Service Providers will also ensure that your systems are running with the most updated software solutions relevant to your specific industry and small business needs. Since ITEASYCO has a nationwide presence, it will be easy to service your business no matter where you’re located.
- IT Audit: The first thing an IT Service Provider will do is assess the existing infrastructure and determine how it can be improved. This might include app development, cloud computing, or upgrading to more relevant software.
Moving on from Here
Are factors such as ensuring data protection, using the best software solutions, and disaster recovery part of your business objectives? If so, then it’s essential to choose the best business IT solutions customized to your business needs.
Fortunately, it’s as simple as requesting a free consultation to assess your business needs. Speak to an IT managed services expert at ITEASYCO for all your IT needs—the sooner the better!
Work with ITEASYCO
Investing in a specialised IT service for small businesses is one of the more effective ways to stay on track with your anticipated business goals. Not only will you have a support service available 24/7, but you’ll be protected from cyber threats. Give your growing business the advantage that it needs by speaking to the best IT professionals in the business.
1) What services do managed IT services provide?
The good news with managed IT services is that they can provide a wide range of services. The services you opt for depending on the needs of your small business. A few of the more common business IT solutions on offer are:
- Maintenance of equipment
- Server management
- Remote monitoring
- Security Solutions
- Network support and monitoring
- IT systems management
2) Are managed IT services worth it?
Small business owners will agree—opting for managed IT services is currently one of the most cost-effective ways to maintain a stable and secure IT environment for small to medium-sized businesses. Some of the areas that benefit from partnering with a managed IT service provider (MSP) include:
- More value for money—service fees are predictable
- Cyber threats are minimised
- Specialised support
3) What is the hourly rate for an IT person in Singapore?
Statistics released in 2021 show that the average weekly working hours for an IT-based employee is about 43,6. With an hourly rate of $31, it means their average monthly salary is $5417.