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Dear
Members and Friends
Last
week, we launched the 8th
annual SICC Awards and this week
we bring you Chamber member
QBE’s 8th annual SME
Survey. SMEs form the backbone
of every economy including ours
and employ most people. What
they do, think and how they feel
are important which is why QBE
surveys them.
Read on for some of the key
survey findings and ask yourself
what are those businesses doing
which are not among the majority
responses below and what will
that mean for business,
employment, transformation and
growth?
Key
Findings by QBE
The survey was conducted in Q4
2022 with more than 400 SMEs.
Here is the first of a series of
three releases of key findings
by QBE:
·
Singapore SMEs are optimistic
for 2023 but a majority show
concern around the GST hike
among other issues
·
59% of SMEs polled believe that
the economy has improved in 2022
and 59% expect economic
conditions to improve for the
upcoming year.
·
55% of SMEs reported having an
increase in their business’
overall sales over 2022, with
58% expecting further increases
in their business in 2023.
·
41% of SMEs expect to increase
the overall size of their
business, and many SMEs are
prepared to increase their
spending over the next 12 months
across capital, staff training
and staff strength
·
The top three concerns SMEs have
in 2023 include rising global
inflation, rising energy prices
and GST increases
·
Many are looking to the
government for support and
relief to mitigate the possible
economic effects
·
While SMEs generally feel
positive about the economy and
their business, they remain wary
of factors that could stymie
growth.
·
73% SMEs polled revealed that
they would resort to cost
control measures to mitigate
worsening economic conditions,
with 44% also ready to downsize
or streamline as a
countermeasure.
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Link
to QBE’s
infographic
Have a good week ahead.
Yours
faithfully
Victor Mills
Chief Executive
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