Half of SMEs in Singapore see the need to restructure

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In the 2014 SME Development Survey 51% of enterprises state that their main strategy is to rethink their business model, taking into account the current operating environment.
In the 2014 SME Development Survey 51% of enterprises state that their main strategy is to rethink their business model, taking into account the current operating environment. The SME Development Survey is Singapore’s most participated local enterprise survey with over 2,800 home-grown companies sharing their observations and opinions in areas such as business conditions, financing productivity and innovation. Now in its 12th year, it is produced by DP Information Group and Standard Chartered Bank.

This year’s study focuses on growth and explores the key drivers of an economy in transformation. It will provide valuable insight into SMEs for the purpose of enhancing various support structures, schemes and services to enable SMEs to adapt and transform into sustainable enterprises of the future.

Other main business concerns relate to manpower issues, with close to half of the respondents finding difficulty in hiring staff and coping with high labour costs, while 45% of those asked said increasing competition is another concern.

Nearly half of all enterprises surveyed plan to increase production capacity in the year ahead, with 20% of respondents planning to expand overseas in the next 12 months, up from 14% in 2013.