What were the overarching themes that topped the minds of Singapore’s SMEs in 2015? Get a sense of the numbers behind these business buzz words through the 2015 SME Development Survey.
The annual SME Development Survey is the definitive quantitative research on Singapore’s SME community that reaches out to 10,000 SMEs and nearly 30 per cent responding to it annually. The survey is conducted by DP Information Group (DP Info), Singapore’s leading provider of credit and business information services.
What were the key concerns and aspirations voiced out in the 2015 SME Development Survey? How does that map out to business for 2016 and beyond? What are the resources and helplines available?
(1) Automation and Productivity
According to the 2015 SME Development Survey, the top benefit derived from Government Funding Schemes is in the automation of business processes (56 per cent).
Of the 71 per cent of SMEs that indicated an intention to improve their productivity in the next 12 months, the most common approach is to introduce automation (47 per cent, up from 28 per cent in 2014). Tying in with that, SMEs are looking to raise productivity through IT investments or enhancing/streamlining processes as the second most popular business strategy (21 per cent).
Information Resources on Related Budget 2016 Initiatives:
(2) Cost and Manpower Pressures
Hiring, manpower costs, rental and materials costs have been among the top business concerns that Singapore SMEs face for 2014 and 2015. In fact, when polled about the cost components that companies face difficulties coping with, emerging in the top 3 are manpower (75 per cent), materials (37 per cent) and rental (36 per cent).
While these 3 cost components remain in the same order as last year, the extent to which SMEs are affected by each has reduced, suggesting a better ability of SMEs to manage their costs.
47 per cent of SMEs also sounded out their difficulty in releasing staff for training and development activities due to a lean workforce.
Information Resources on Related Budget 2016 Initiatives:
(3) Internationalisation
SMEs are increasingly globalised with an overseas presence (54 per cent in 2015, up from 50 per cent in 2014). However, fewer are generating substantial (more than 70 per cent) revenue stream (17 per cent in 2015, down from 21 per cent in 2014 and 26 per cent in 2013).
Top key challenges that SMEs cited in the 2015 SME Development Survey include keen competition from domestic and foreign players (41 per cent) and the lack of knowledge and information of overseas markets (16 per cent).
Information Resources on Related Budget 2016 Initiatives:
More information on the Budget 2016 measures for businesses may be found
here.
Channel your thoughts into the 2016 Survey, be heard and be entitled to exclusive respondents’ perks – free credit ratings, business valuations and event invites! Participate today at
www.dpgroup.com.sg/smesurvey