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Half
of small and medium enterprises (SMEs) in Singapore saw flat growth, while a
record number of SMEs invested in technology to boost their productivity for
2015.
According
to the latest SME Development Survey released on Wednesday (Nov 11), 47 per
cent of SMEs saw zero growth and 6 per cent saw negative growth this year.
Meanwhile,
a record 68 per cent of them invested in their in-house technology and
innovation capabilities to boost their competitiveness and reduce dependency on
manpower.
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SMEs are also concerned about uncertainties in global economic environment when
compared to 2014. The figure for this year is 29 per cent compared to last
year's 23 per cent.
The
top three challenges for SMEs are difficulty in hiring staff (41 per cent),
high manpower costs (39 per cent), and increasing competition (33 per cent).
The
survey also found that service and productivity improvements are top priority
for SMEs over the next 12 months as they adapt to a more challenging business
environment.
"The
last few years have seen SMEs focus on coping with domestic pressures so it was
no surprise that many took their time to work out what to do next. This year
our SMEs have a cleared vision of what they want and need to do," said Mr
Lincoln Teo, Chief Operating Officer of DP Information.
Mr Teo
added: "While some SMEs are struggling to adapt, others are transforming
into the type of modern and efficient businesses that will sustain Singapore's
economic success."
The
survey, conducted by DP Information, polled 2,847 SMEs.
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