A survey of Singapore Chinese Chamber of Commerce & Industry amongst small and medium enterprises shows that they are facing rising expenses and falling revenues
A recent survey conducted by the Singapore Chinese Chamber of Commerce & Industry (SCCCI) amongst small and medium enterprises (SMEs) have reported that they are facing rising expenses and a drop in profit margins. Of the respondents, 645 businesses took part in the survey, 97% were SMEs, and 88% were small business owners.
Whilst the key causing factor remains unknown, experts say it is due to increases in employee salaries, climbing property tax, land tax and rental prices. To aid them with this, provision could be implemented to keep sufficient industrial and commercial space for SMEs so that rentals can be kept affordable.
Despite more SMEs taking measures to improve productivity, more effort should be directed at helping build their track record, added SCCCI. This can be achieved by developing initiatives to help them effectively use the equipment and hardware purchased to bring about the intended results, which will increase productivity and in turn maximise their profit.