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SINGAPORE: Having key factors like ethical business practices and the use of technology will set some small and medium firms apart from others.
So organisers of this year's Entrepreneur of the Year Award have included those two new criteria to choose the winner.
The award, into its 22nd year, is organised by the Association of Small and Medium Enterprises and the Rotary Club of Singapore.
Out of about 60 nominations from industries like manufacturing and healthcare, the organisers have shortlisted 15 companies.
Using the latest technology has helped a local engineering firm better serve its customers.
Stolz employees now make business presentations using the iPad, instead of mobile phones.
And its efficient use of technology has earned the company a spot among 15 nominees vying for the Entrepreneur of the Year Award.
Mark Tan, Managing Director, Stolz, said: "In our industry, we are probably one of the first few to actually carry Blackberry for our work. The reason is actually to enhance the communications, our sales or our company can react to it in like a minute, because you can received the questionnaire or whatsoever the enquiry."
The Association of Small and Medium Enterprises hopes that by listing business ethics as a new award criteria, it will encourage firms to pay attention to this area.
Kurt Wee, VP Communications and Co-Chairman for EYA 2010, ASME, said: "Your counter party, your suppliers are a lot more willing to deal with you because they know you are honourable counter party.
"And it answers your reputation. It's a lot of spillover effects that affects your actual tangible outcome and most of all its gives you good reputation and it makes your business sustainable in the long term.
"If you are not ethical your industry peers will call you out anyway inside conversation."
Mr Wee added that the organisers are also placing an emphasis on ethics this year "because it's an area that needs attention, business ethics, the way people do their business the code of conduct, the way they run their business, the way the handle their suppliers their counterparts."
"There are practices in the market that is not so desirable and we feel that it's important that we use the award as a platform to address some of these values in the system in the business world and that's why we introduce the new category of ethics," said Mr Wee.
Health product manufacturer, Fei Fah, another SME that has been shortlisted, agreed.
Fei Fah's Director Lawrence Lau said: "This is a very important sort of reminder for organisations whether be it big corporations or small entities, that we have to seriously look into, to sustain over a long run, such a quality is something that is we could always able to improve.
"At the same time, this is also a sort of success factor, if you are able to upkeep in term of ethics-wise, in terms of building quality, a company can grow and also sustain over a long run."
He added, "If you look at the past many years whether it be corporations or smaller entities, sometimes because of certain financial difficulties or sometimes because of profitability reasons, they tend to compromise on such business ethics."
Fei Fah added that this will also affect a company's reputation, with suppliers more willing to do business when companies are known to be honourable
The winner of the Entrepreneur of the Year Award will be announced early next October.
Four other subcategory awards will also be given out, including Entrepreneur of the Year awards for Enterprise, Info-communications Technology, Innovation and Social Contribution. - CNA/fa
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