WYRA & Co.

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Inspiration

We want to help SMEs better manage their NWC. SMEs comprised 99% of all enterprises in Singapore, contributed to 50% of Singapore's GDP and 65% of the country's workforce in 2017 alone. However, as the SMEs are growing at a rapid rate to expand, many SMEs are vulnerable to encounter financial difficulties as they try to take loans to expand their firm. There has been a spike in SMEs closing and an increasing number of firms reporting for bankruptcy. Moreover, SMEs on the edge of bankruptcy would not be able to hire consultants as hiring consultants are very costly. In 2017, there were 62,113 new businesses created and 48,259 exited, leaving with an overall increase of 13,854 new firms. Hence, there is a need to create an advisory tool to help SMEs identify points of weakness/vulnerability in the firm's financial statements and perhaps suggest methods they could adopt in order to improve the identified points of weaknesses. The advisory tool will enable them to help reduce their debt or increase their sources of funding such as equity.

What it does

The website compiles financial data (NWC) from firms of similar industries and sizes from ACRA, which allows SMEs to compare their financial performance with that of its competitors in order to give them a sense of how well they are doing compared to similar competitors. The website also provides the latest information from Routers or Bloomberg regarding the net working capital of firms such as the actions they are taking to improve them. By having these information, companies may be able to utilize them and adopt them in their own companies.

Furthermore, upon comparing the NWC between the company and its competitors, the software will provide summaries, warnings or suggestions which can help the company improve its NWC. An example would be holding too much cash on hand or too much creditors. Additionally, the software will allow the company to delve deeper into sections of its net working capital such as the different debtors, sources of cash, or even the different types of inventories which makes it easier for the company to pinpoint exactly how to improve their NWC. The companies would know what needs to be increased or what needs to be decreased.

In summary, the software will provide comparisons of NWC, latest information about companies' NWC, summaries or warnings and allow the company to delve deeper into the individual components of the NWC.