Name of Recipient:
Mr. Kenneth Tan
For Stewart Engineering Works (S) Pte Ltd, which has roots going back to 70’s, has reaped solid benefits. A family business that started thirty years ago it has now grown exponentially under the strong leadership of Mr. Kenneth Tan. After graduation, Kenneth started working in the corporate world for almost eight to ten years wanting to learn and to gain working experiences before taking over his family business. It was only until year 2002 that Kenneth decided to join the family business.
The core business of Stewart Engineering Works (S) Pte Ltd is the sale and service of diesel engines and engine parts & accessories, serving mainly the marine & offshore and oil & gas industry. The brands that the company deals with are Detroit Diesel, Murphy, Ingeroll-Rand, Cummins, Perkins, Caterpillar, Deutz, Hino and Mitsubishi. Stewart Engineering Works has ventured into packaging of a complete pump or engine package, which includes the fabrication of skid, control panel, and installation of the engine, PTO, Pump etc, into a single skid. This turnkey project concept has proven its success in securing more projects in the last few years, and achieved the highest revenue in the last ten years.
These successes didn’t come easily Kenneth had to deal with many business challenges, including the pressure on profit margins, products costs, production costs, human resource and competition faced. In order to overcome these challenges, he strove to increase productivity and service level of all team members. Working closely with their existing customers to better understand their requirement, provide them with better services and to provide them with the correct products. These initiatives enabled Stewart Engineering Works (S) Pte Ltd to acquire more key strategic customers.
With both the Engineering and Trading divisions, it allowed Stewart Engineering Works (S) Pte Ltd to provide a holistic and total solution to their customers. With these two aspects, it differentiated them from their competitors, which are mostly a pure trader of engine and parts. With the additional engineering division, Stewart Engineering Works (S) Pte Ltd is armed with the technical knowledge to provide extra value to their customers at any time. The continual challenge for all companies is the retention of talented and committed team members who possessed integrity. In order to retain such members, Kenneth strives to treat all their team members with respect and pay competitive wages.
Last but not the least, one of the biggest challenges faced by Kenneth was to convince the old management to adopt the new working style to adapt to the new business environment, which he introduced when he joined the company. However, this challenge brought forth Kenneth’s biggest achievement. When the new business model of the company was adopted, the company was taken to the next level and the company started to grow from strength to strength.
“Passion for the job, doing it right the first time on time. And be really sure of what you are doing based on calculated risk and market feasibility study in the area of your industry.” These are the principles behind Kenneth’s success in his business today. “Being an entrepreneur, there will be a fair amount of risk and the greatest challenge is to overcome the risk factors. Without doubt there are sacrifices you need to make, such as your time, effort and from a stable income to something that is unstable. However, the reward of it is to have better control of your life in terms of freedom of choices.” Kenneth replied on what entrepreneurship means to him. “One need to possess good leadership qualities in order to be successful, such as the ability to convince and get people to work towards the goal together, the ability to see the bigger picture and give people a clear vision, communication with all levels of people, fairness in treating everyone, consistency in your ideas and plans, sense of humor, creativity that enable you to think out of the box and lastly, openness and willingness to take in feedbacks and opinions.” Kenneth said. “Passion is one of our driving forces in this entrepreneur journey; find your passion in whatever you do. Before you jump into any business, make sure you have a small business plan and find a mentor to guide and lead you in the initial stage. ” Kenneth continued. “An external motivation could help give you a little push in the long run. By setting my eyes and mind on my goal, it pushes me to keep going in the events when difficulties arise. The thought of expanding the company, getting the company listed and for Stewart Engineering Works (S) Pte Ltd to able to run auto-pilot, it excite me and keeps me moving.”
As for future plans, Kenneth is looking into striving to increase the revenue contribution from their existing customers and increase their presence in the Marine and Oil & Gas industry, by acquiring more key strategic customers. Singapore is the regional headquarters for many MNCs. Thus, it will continue to focus on Singapore. The participation of the company in the Asean Oil & Gas Show, which was held in East Malaysia, in November 2011; opened door for Stewart Engineering Works (S) Pte Ltd to commence their operation in East Malaysia. The company will participate in the next edition of the Asean Oil & Gas Show in East Malaysia and the OSEA Show in Singapore, to further increase its presence in Singapore and the region.
A gem is not polished without rubbing, nor a man perfected without trials. Kenneth is a man who proliferated in the face of a challenge. With Kenneth at fore, it is a certainty that Stewart Engineering Works (S) Pte Ltd would ascend to greater heights.
BLK 29 Sin Ming Drive #01-195/197
T| 6741 9228 / 6292 0136
F| 6296 3338