How to be a Budget winner

This year’s Budget introduced broad yet targeted measures to support both businesses and Singaporeans so no one is left behind during difficult times. As I reflected on the Budget measures and in the spirit of the Lunar New Year, I asked what it would take to be a Budget winner? These are my observations.

Exercise self-agency to progress

As the first chapter of the #ForwardSG blueprint, Budget 2024 has no shortage of measures to secure Singapore’s future. Ripe for the picking, businesses and individuals can make a success out of these measures – provided they have an end-goal in mind.

Here, self-agency stands out as the most crucial factor. To realise the shared vision of an inclusive society and to protect Singapore’s reputation as a great place to do business, the onus falls on businesses and individuals to take responsibility for their own successes and failures.

The government may be the enabler, but we’re the ones who ultimately make things happen. Having a well-defined objective and roadmap, while using the Budget measures to reach the desired outcome, demands a blend of strategic thinking and proactive planning.

Looking into and predicting business winners from the Budget can be challenging. Understanding global megatrends such as polarisation, trust erosion, urbanisation, ageing and digitalisation, and more so, their amplified impact on our island-nation, can help shape winning strategies for businesses. What makes business success a reality is the courage to recognise and seize opportunities, while taking calculated risks.

Make that spark happen

The Budget support measures are about igniting rather than finding the right spark. Through the Budget, the government is trying to create the right ecosystems to enable those sparks to happen organically. This must not go to waste.

The global and local business landscape may be noisy, complex and competitive, but there’s always room for growth and improvement. With the Budget’s big bets on artificial intelligence (AI), sustainability and workforce transformation, the message is clear that businesses need to embark on their own transformation journeys. If they haven’t, now is the time to urgently ask how to do things smarter, faster and better.

Businesses can contribute to the economy by leveraging support through measures such as the Enterprise Support Package, Refundable Investment Credit scheme, and the National AI 2.0 Strategy. PwC’s 27th Annual Global CEO Survey found that on average, CEOs felt that 40% of time was spent on unproductive tasks. Those Budget measures come at the right time as they target workforce productivity while positioning us strategically for long-term growth.

Earmarking S$1 billion to develop AI “peaks of excellence”, it’s no surprise that Singapore recognises the huge potential for AI to be a gamechanger for the economy. Indeed, our Global CEO Survey found that two-thirds of Asia Pacific CEOs foresee that Generative AI (Gen AI) will have a significant impact on their companies, workforce and markets over the next three years. Businesses can tap on existing innovation sandboxes to develop ready-to-deploy build production-ready Gen AI solutions, or they can choose to serve as use cases for tailor-made Gen AI solutions.

Those who can harness technology to generate fresh ideas and find new approaches to solve today’s pressing problems are the ones likely to reap financial rewards and succeed. There is immense potential for innovation to address preventive healthcare, workforce reskilling and the greening of infrastructure, amongst other issues.

PwC’s Global Workforce Hopes and Fears Survey 2023 reveals only a third of Singapore respondents foresee changes in their job skills within five years. Mid-career workers need reskilling the most to avoid becoming obsolete.

The new SkillsFuture Level-Up Programme is a timely reminder that each individual is responsible for investing in their own development. More importantly, corporate leaders must provide the leadership to motivate and empower the workforce, so employees understand their crucial role in shaping the future of our nation through productivity.

Pay it forward

Handouts do not last forever, and so we must avoid an entitlement mindset which can hinder progress. It’s easy to start a fire when you have matches. But if you don’t, you have to think outside the box and become more resourceful to ignite that spark or flame. Only then can we emerge in a stronger position to give back to society and nurture the next generation.

In the past, Singapore’s philanthropic business leaders have donated generously to construct essential infrastructure such as hospitals and schools. Despite greater affluence and the existence of numerous schemes now, there are still vulnerable groups who need support. Organisations should embed giving back and being part of a sustainable solution in their corporate purpose; by doing more to help others, we can all thrive together and uplift our community.

Whether through philanthropy, community engagement or the creation of jobs, providing opportunities to those who need them perpetuates a cycle of success. Businesses thrive by adopting a self-agency mindset and this, in turn, enables them to contribute positively to the economy and community. This will also help strengthen our national reserves, so they’re suitably abundant not just for rainy days but also to combat prolonged floods.

This shift in perspective is critical to make the business ecosystem stronger, more resilient and self-reliant, ensuring its continued prosperity. After all, success is measured not only by what you achieve but how you use that success to benefit others.

Embrace the winning spirit

The winning formula for this year’s Budget is to transform now. The Budget’s true winners are those who plan ahead so they can capitalise on the support measures to leap forward.

Here, I’m reminded of DPM Wong’s words in last year’s May Day rally when he said that “what we must have enough of are ingenuity and innovation; guts and gumption.” Interestingly, these formidable traits can also be associated with the Dragon – this Lunar New Year’s representative animal zodiac. Let’s embrace the “Huat” winning spirit to master our own path to success.