SBF unveils MAP initiative to help transform wholesale, retail trade businesses

THE Singapore Business Federation (SBF) launched a new MAP initiative on Thursday to guide businesses in the wholesale and retail trade sectors. The initiative aims to provide guided assistance and better position businesses for post-pandemic recovery.

At the launch of the pilot stage, SBF said the MAP initiative is open to SBF members in the wholesale and retail trade industries, as well as those looking to pivot their businesses into these sectors. MAP is expected to benefit at least 500 companies in 2021, SBF said in a press statement.

The MAP initiative comprises three stages - mindset change, analysis of business potential, and pathway assignments. At each stage, participating businesses will receive support in identifying and streamlining problem statements to boost productivity, and embark on programmes with SBF or its partner agencies that best fit their objectives. A mix of webinars, workshops and partnering programmes will be available to participants for them to gain a deeper understanding in digitalisation and design thinking, among others.

Some of the support participants under the MAP initiative will receive include being channelled to a suitable programme based on their requirements. Additionally, selected companies will receive funding support for their businesses.

Said Lam Yi Young, chief executive of SBF: "Through the initiative, companies in these sectors can identify and explore relevant operational solutions and review their strategic plans for business transformation."

SBF told The Business Times that future iterations of MAP could be expanded to include other sectors beyond wholesale and retail trade. This will be reviewed after the pilot stage ends, it said.

MAP is supported by the DesignSingapore Council (Dsg), sovereign wealth fund GIC, the Infocomm Media Development Authority, Institute for Human Resource Professionals, management consulting firm Korn Ferry, Singapore Polytechnic, SkillsFuture Singapore, Singapore Institute of Management, as well as social-emotional skills training provider The Thought Collective.

Said Mark Wee, executive director at Dsg: "This is a valuable opportunity to get companies from the Wholesale and Retail Trade industries to rethink and redesign their business models and processes for more streamlined and profitable outcomes and solutions."

SBF members can sign up for the initiative by April 30. Each company can register up to two senior management representatives.