In a recent Straits Times article, a new poll commissioned by global financial services firm Bibby Financial Services Group found that Singapore’s small and medium-sized enterprises (SMEs) are among some of the gloomiest in the world.
79 per cent of senior executives at SMEs here “have concerns about the global economy”, compared with a worldwide average of 65 per cent. At the top of their concerns was the political situation in the United States, which is worrying 31 per cent here – a sentiment in line with that of SMEs around the world.
Singaporean firms tended to despair more than their counterparts: 19 per cent thought the Singapore economy was faring badly and only 34 per cent would say that it was doing well. In Singapore, only 29 per cent of SMEs reported growth while 39 per cent posted a decline, against growth for 49 per cent of small companies worldwide and a slide for just 22 per cent of them.
Not all was not doom and gloom, as 40 per cent of SMEs surveyed believed that the Singapore economy would grow in the next 12 months and 43 per cent felt positive sales growth was on the horizon. Local firms were also optimistic about venturing abroad, with 22 per cent citing possible new market segments as a growth opportunity – well ahead of the global average of 12 per cent.
In the face of such uncertainty, it has become even more vital for business owners to ensure that their businesses are protected from liabilities and risks. While it may seem a hefty amount to fork out at first, business insurance can offer timely solutions to key challenges such as insufficient cash flow, financing and manpower issues which include hiring, developing and retaining key staff. Summit Planners has a comprehensive suite of business protection solutions to help you ensure the success and continuity of the hard-earned fruits of your labour. Speak with us today to find out more.
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