Having used Standard Chartered Bank as my companies account the past two years and the experience so far has been a smooth sailing one. Planning to start one more corporate account, I compared the three banks of my choice – DBS, OCBC and Standard Chartered. Not sure if other banks offer cash management account for new businesses, I picked these three just because I’ve got at least a personal account with all of them.

Here’s my comparison table, drafted based on information from their website.

Depending on what’s your needs and expected cash flow and use of cheques and GIRO/transfer facilities, each bank offers a different package for SMEs. From the looks of it, I’ll be sticking with Standard Chartered since its the most basic and it meets my needs.

Are you running a startup too? Which bank are you using and why?

Martell VSOP The ultimate start-up space 2011 is onto their 2nd phase today, with 10 final business ideas being shortlisted. As part of their challenge, they all need your support by pledging to help fund their business should they win.

These 10 teams now receive mentorship from renowned local entrepreneurs Mr. Jimmy Fong and Mr. Low Cheong Kee, as well as undergo a one-week intensive business training course provided by INSEAD. The ultimate winner of this year’s competition will walk away with a 1,400 square foot storefront at Boon Tat Street, an area rich with heritage, rent-free for a period of one year, and a start-up cash prize of S$20,000, fully sponsored by Martell V.S.O.P. How cool is that? I’d wanted to submit my business idea too but alas my own start-up and the happenings in life just didn’t give me the time to get down to submitting my idea!

That’s what I told myself three years back when I decided to stop thinking about being my own boss and just get it going! There never was a dull moment during this journey and I cannot see myself working for others in the near future. Its like eating your favorite chips, once you start munching, you just don’t want to stop.

I’m sure, everyone at some point in life will have thought of starting on its own before. Ideas are limitless and if only resources are so too. When one starts to ponder further into the business idea, the risk, the amount of time needed, the rental, the seed money to get it going and all other elements fill your mind, and one ends up continue living life as it is. Business idea left on the shelf and never touched.

If you are like that, here’s your chance to find that idea book, blow away the dust and get working on it! Your chance is here to win the Ultimate Start-Up Space located along Boon Tat Street, a nice place to get your business started. Best part? It’s free for a year plus you’ll receive funding support and training by experts to guide you through the journey. $20,000 isn’t going to be enough for a business to get going? Well, get all your friends, families, supporters to help! Martell will have the platform for the finalists to crowdsource for more funds to kick start the business. You’ll never know how much the ultimate seed fund is going to be!

As I’m typing this, my mind’s filled with so many possibilities already! I’m going to try my luck in this for sure! Join me and the many more dreamers in this journey to win our chance to own and kick off our business idea at The Ultimate Start-Up Space!

More details can be found on their website.

The one thing that I’ve learned is to keep cheonging (dashing) forward and not look back. Things have been moving pretty fast and furious for the past couple of months. My dedicated team has been very supportive and understanding. They cheong with me. They make things possible for us to move forward and not fall back.

I was told many times that I’m a bad businesswoman. I get eaten very easily by clients and because of the demand I put onto my shoulder, I cheong, break and then gets bitten. At times, because I want to get things done, after much delaying by unexpected situations, I will give in, and deliver more than what was planned for upon project confirmation. That means extra hours put in, more actions carried out and more money going out. I was scold “Stupid!”. How can I have let them take advantage of me like that? *dumbfounded* (Ok I digressed…)

When I say cheong forward and don’t look back, it doesn’t mean that you don’t review what your’ve done and just move blindly forward. The standard AAR (after action review) is still necessary, and learning from past experience and mistake is essential too. But don’t look back at what you were doing before, and then thinking whether or not you shouldn’t have taken that step forward. Don’t look back at the what ifs. Cheong for the why nots!

From my personal experience, here are some tips on cheonging forward:

Haven’t been sharing much about my life, so I decided to add one more post to my Claud the panda Entrepreneur series. I’m sharing my experience and journey setting up our new office.

24seven's Office aka My second home

Two months ago, my team and I were struggling to keep up with the high cost of rental for the atas office with great address, great branding, great facilities and great view of the Singapore skyline from the 48th floor. That’s a dream place to be for anyone be it for an office space or a living home. Like many entrepreneur, we aim high, we over dream and under calculated. Actually I thought I’ve already over calculated our finances, but guess my timing of the whole thing isn’t that accurate afterall. So when the bank starts running dry, I panicked. Not going to let the rental drag us all down, I made an executive decision. MOVE!

After we confirmed our move out date from the old office, the team decided that if we can’t find a decent place with good rental, we will work from home for awhile till we can find a space. But I know that will hurt us in terms of client’s and partner’s trust and their thought of the company. This is something I realised when we just started out. Working from home though save us lots of operational cost, but when we meet clients and when the asked about where we are residing, the words “working from home” seems to be an omen. Those words kind of caused our first few failed pitches. The clients perhaps feel that we are some small sleezy company which don’t even have a proper space to work at. And because of the nature of our business, an office space is not an option.

During the last two weeks before we have to clear the room, I spent all my time trying to look for a location. The team was called to discuss about the possibilities we had. And just a week before we had to move, I signed and confirmed on a corner unit, 258sqf space at a retro looking (and smelling) shopping centre along Upper Serangoon Road. The space is surely bigger than our previous one, but minus all the great thing that the old one came with. But we are happy with what we have now.

We got the keys to our new office a day before we had to vacant from the previous. So on the day we collected the keys, we started setting it up already. Armed with paint cans, brushes, lots of newspaper, two big plastic mats and no light (because we thought there wasn’t any), Diana and myself with some help from couple of friends, we gave the office space new fresh paint. And then the silliest moment through our setting-office-experience was on that very same day, when Abang decided to press the power switched and THERE WAS POWER! There was actually light during the entire time we were painting in there! -___-||

Anyway, so the next day, with help from Diana’s husband and his workers, they moved everything out from the office which filled the entire lorry space, and move in to our new home. The office needed more furniture and stuff, we were planning to get them when we have spare cash, but thanks to my Dad’s ‘office-renovation-friend’ we managed to secure many old office furniture which were in very good condition! That saved us almost $1,000! Starting up isn’t easy, its great we managed to have such (free) opportunities.

Within three days, the not-so-nice office space got revamped and turned into a cosy and homely place for 24seven. I must thank Diana for her hardwork and never-say-die attitude during the move. I can never do it without her. Don’t see her small small size ok! She’s damn strong and powerful one! Don’t play play with her!

So that’s the physical part of the setting up of the office. Which was the not so pocket-painful part. Unless you want a super sexy and sleek office that cost a bomb to renovate and setup. For a startup, please, don’t do this kind of thing ok? If you’ve got huge sugar daddy or mommy backing you up, then I’ve no comments.

Here comes the pocket-painful and paperwork that I was involved in. Very useful if you’re going to set up your own office too.

After you’ve found your ideal space, and if it is within a shopping centre or a non-office building, these are (or may be) some of the things that you’ve to be prepared to do:

1. Get in touch with the property owner or its representing agent.
2. Check the rental rate and arrange for a viewing session.
3. During the viewing session, ask as many questions as you have. Some questions which you might want to ask may include:
   • What does the rent include? For central-controlled aircon, usually it will come together with the rent. So you just have to pay for the electricity bill charged by PUB.
   • Who was the previous owner? What business were they running? You don’t want loan shark or what not to come banging on your door do you?
   • What is the minimum lease period and how much deposit do they need? Lease period usually is for 1 year that guarantees your rental rate during that year. For ours, we had to pay a 2 month deposit with 1st month rental upon confirmation of occupancy.
   • Check if they have a rent-free renovation period and how long it is. This will give you a week or two of rent-free period for your renovation. In our case, we had 11 days of rent free operation since we completed our “renovation” within 3 days. Some property might need you to pay an admin fee and a renovation deposit too if there’s hacking, tearing, drilling etc involved. So make sure you check before any renovation work is carried out.
   • Check when’s the rental payment date. You don’t want to miss this date!
   • will add more if I can think of any…
4. After you’re satisfied and want to take up the space, try to negotiate for a cheaper rental.
5. Sign a lease agreement with the property’s representing agent. This is also when your first cheque of the required deposit and first month’s rental has to come out.
6. For shop space converting to an office space, a “Change of Use” Lodgment Submission has to be filed with URA. You’ll have to pay $300 + GST for this application. A copy of the lodgment submission have to be submitted to the representing agent you signed the lease with.
7. Next, you’ll have to proceed to SP Services to activate your corporate utilities account. For this, a $450 deposit is needed and an activation date has to be set where you will have to be present at the office where SP Services will sent someone to “activate” the power supply.
   I’m not sure how the actual activation was supposed to be like, cause our power was already available when we moved in. The SP Services guy just came, take the meter reading and left. -_-||
8. We didn’t need a physical phone line, so we skipped this part. If you need a phone line at the office, I think you’ll also need to activate it with Singtel. For us we use our mobile and mobile broadband in the office. Save money lah!

That’s about it. If you managed to cover all the above, you’re good to go. Just remember to pay your rental and SP bills on time! And that reminded me, I’ve got to pay ours soon!

Good luck in setting up your dream office! Perhaps our cosy office can give you some inspiration. Wahahahahaha!

Almost half a year into my small venture with my dedicated team and its been going well so far. I’ve been very lucky to have met quite a number of people whom are now business partners of 24seven. Its amazing how things fall into place on their own. When we started, I had a long list of leads I want to call and catch up with. But when we started till date, I have yet managed to go through even one-quarter of that list. Our namecards got passed around and thanks to good karma and relationship forged way before I started, contacts were also passed around. And its amazing how much these relationship eventually turn around. One thing for everyone out there, don’t underestimate the power of good karma, and never avoid building relationship with that new comer in a company. You’ll never know when he or she will get promoted and become the one who makes the decisions. Or he may know someone whom may one day be your business partner.

Good relationships though important, it is only the first step to the many great things that may come. You will need to have good referrals and credentials to back you up in the business world. Especially when you are small and starting up, the big corporations may know who you are, but in order to sign the confirmation, they need to make sure your company is reliable and has a team who can execute the work effectively.

One thing that my team lacks, is credentials from related field of work. With no PR nor corporate communications experience, we struggled when we present to new clients whom we have no past relationship with. And generating our first list of credentials is tough. But I’m glad we’re getting there. Slowly but surely. Thanks to all those who are giving us the chance to prove ourselves.

Another thing which my previous boss taught me, and something which I’d experienced myself not no ago, its that knowing big names from high up in the corporate leader may sound amazing and great. They may be the one who sign on the pay check for that deal, but the decision is made together with his team and the people executing and managing the campaigns. Knowing that big name may make it easier when the executives proposed something and mentioned your name. But that’s that. Unless of course, that big shot high up there is your Dad, than the story changes.

If you are starting up, or planning to, go get your credentials and referrals accumulated. Start paying forward and grab any opportunity that comes your way with real interests and passion. Don’t do it because you have to, do it because you want to!

Some thoughts from the @.@ panda entrepreneur.

If you’ve never been on the other side of a payroll cycle, let me share with you how it feels and the thoughts that goes through the mind of an entrepreneur who has got paychecks to issue at the start of every month!

Yes! Its the time of the month! When I was on a payroll, this day seemed to be coming so slowly! But now that I’m the one doing the payroll, this day seems to be coming too fast too quickly! Just when you think you’d issued the previous payroll, the next one is here again! Why didn’t I feel that days were passing so quickly when I’m waiting for my paycheck in the past?

Its scary to see the stream going in just one direction. No income but with monthly recurring expenses. The paychecks, the rental and the monthly necessities! I’m very used to looking at my own bank account going red, but for a company, this is a 101% NO! NO! So how can one ensure that the numbers never go red in the book?

Few tips from this panda entrepreneur…

• Ensure sufficient cash in bank. The amount should at least meet the basic expenses for the next six months.
• Remember to send out your invoices in time! No business partners nor clients will remind you for this one. So if you are doing all your invoicing too, make sure they go out on time. Chase for payment if you have to. In business world, there’s nothing as “shy”.
• Make friends with your suppliers and vendors. If possible, the best scenario is to get supply/ job done first and pay later or better still, pay them only when your client pays you. Only very good friends/partners will allow this. So be nice and build that relationship.
• Treat your team like your family. When times are tight, they will understand when the pay check comes in late. Treating them like family also makes working more fun and motivating.

Now… back to crunching those numbers in the accounts.