In the fast-paced world of startups, having access to specialized expertise without the financial burden of full-time hires can make or break a business. This is where virtual executives, such as virtual CFOs or strategic consultants, come into play. Startups like Grab and Carousell leveraged such services in their early stages to streamline operations, manage finances, and scale effectively. Their stories offer valuable lessons for SMEs in Singapore looking to thrive in competitive markets.
Grab, now Southeast Asia’s leading super app, started as a small ride-hailing service in Malaysia before moving its headquarters to Singapore. During its early stages, Grab faced the typical challenges of startups—limited resources, rapid growth, and the need for robust financial strategies. Instead of hiring a full-time CFO, Grab opted for a virtual CFO, a decision that proved pivotal.
Key Takeaway: Hiring a virtual CFO gave Grab access to high-level financial expertise without the overhead of a full-time hire, allowing them to focus on growth while maintaining financial discipline.
Carousell, one of Southeast Asia’s largest mobile classifieds platforms, also relied on lean management principles and virtual executive support during its formative years. Founded in Singapore in 2012, Carousell grew rapidly by focusing on simplicity and scalability while keeping operational costs low.
Key Takeaway: Carousell’s use of virtual executive support allowed it to maintain a lean operational structure while scaling rapidly, minimizing risks and maximizing growth potential.
The success stories of Grab and Carousell highlight several key lessons for SMEs:
Grab and Carousell are prime examples of how startups can leverage virtual executives like our Genies to overcome challenges, optimize operations, and scale effectively. For SMEs in Singapore looking to thrive in today’s competitive landscape, adopting this approach could be the key to unlocking sustainable growth while keeping costs under control.
Are you ready to take your business to the next level? Consider integrating our Genies into your team today! Whether it’s financial strategy or operational efficiency, these experts can help you achieve your business goals efficiently and effectively. Contact us via WhatsApp to get started!
Cheng, E. (2019, October 8). How 3 friends turned used goods into a $550 million startup. CNBC. Retrieved from https://www.cnbc.com/2019/10/08/carousell-how-3-friends-turned-used-goods-into-a-550-million-startup.html
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