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20 March 2008
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LAUNCH OF THE
2008 SME DEVELOPMENT SURVEY
– THE VOICE OF SINGAPORE SMEs
Focus on how SMEs can
enhance their
competitiveness
April 21, 2008 [Singapore] – The 2008 SME Development Survey was launched today to give Singapore SMEs a voice in decisions that affect them.
The nationwide poll of more than 10,000 SMEs is conducted by DP Information Group (DP Info) - Singapore’s leading provider of credit and business information services.
This year’s survey theme is “ENHANCING BUSINESS COMPETIVENESS AMONG SINGAPORE SMEs”.
The SME Development Survey was initiated in 2003 by DP Info Group to provide an independent poll on the developmental and growth concerns of Singapore SMEs annually.
It has since become the voice through which SMEs communicate and provide feedback on various important aspects of how SMEs are managing their businesses, such as their funding needs, growth strategies, international expansion plans, manpower issues and technology adoption.
According to Ms Chen Yew Nah, Managing Director of DP Info, the SME Development Survey helps both the private and public sector better service the needs of the SME community.
“In previous surveys we have seen that the needs of SMEs change over time. In our first survey in 2003 cash flow and financing were the dominant issues. Last year cost competiveness and competition were the biggest concerns. We encourage SMEs to participate every year so that policy makers and service providers can stay abreast of emerging issues.”
“The last 12 months have been testing for SMEs. Our local enterprises have had to navigate through many global developments such as record oil prices, an international credit crunch, and the economic slowdown in the US.”
“All these factors impact on the competitiveness of our SME community. This year’s survey will examine the factors that are holding our SMEs back as well as the steps they are taking to increase their competiveness,” Ms Chen said.
The key survey topics include:
• Cost Increases, such as raw material prices, rising rents, labour costs and currency fluctuations;
• Key Business Strategies, such as improving productivity and efficiency, new products or services, expanding distribution and research & development;
• Overseas Expansion - including current and future plans, target markets, obstacles faced when going overseas and any relocation plans;
• Funding, including types of finance used, level and purpose of financing as well as what SMEs want from financial institutions;
• Information Technology and Innovation, such as rate of technology adoption, benefits of technology use, future plans and spending; and
• Training & Management, such as the type of training that would be most useful, amount spent on training and succession plans.
The SME Development Survey is strongly supported by both the public and private sector. The strategic partners are SPRING Singapore and IE Singapore and the survey is sponsored by HSBC, Standard Chartered Bank, GE Commercial Finance, BDO Raffles and Stone Forest Corporate Advisory.
SURVEY PERIOD, RESULTS AND RESPONDENT INCENTIVE
The 2007 SME Development Survey will be conducted over a six week period from April 21 to May 31, 2008. More than 10,000 SMEs will be invited via mail to participate in this year’s survey.
In addition to submitting the questionnaire by mail, respondents may also choose to respond electronically via http://smesurvey.dpgroup.sg.
The results and findings of the 2008 SME Development Survey is expected to be announced in September 2008.
In addition to a free copy of the report, survey respondents will receive a free credit rating of their company, valued at $100. Credit ratings are an invaluable tool to demonstrate a company’s financial standing to customers, suppliers and business partners.
************************************************ END ********************************************************
Contact: Matthew Shaw
April Ng
Rubicon consulting
DP Information Group
P: (65) 6465
3029 P: (65) 6507 2340
H: (65) 9851
9340 H: (65) 9820 1080
matthew@rubicon.com.sg
april@dpgroup.com.sg
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ABOUT DP INFORMATION GROUP
DP Information Group (DP Info) is Singapore’s leading credit and business information bureau. A veteran of nearly 3 decades, we currently service 95% of Singapore’s financial institutions and some 75% of leading law firms. Through our 24/7 online information portal, QuestNet, we enable our clients to make confident credit management decisions everyday based on comprehensive, accurate and reliable information.
DP Info Group offers a credit management score for the national credit consumer market and is also a developer of DP Credit Ratings, its own proprietary corporate credit ratings model based on the global probability of default approach.
DP Info is a strong advocate for the SME and entrepreneurial segment, managing and operating an ACRA-appointed service bureau, DP Bureau, which assists SMEs and entrepreneurs in starting their business and operating them effectively and efficiently through their initial years.
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