Singapore

IN an interview in The Business Times last December, Singapore Business Federation chief Ho Meng Kit described Singapore companies as being "not so well prepared" to take advantage of Singapore's changing economic landscape because they are not ready to roll out more innovative products and services. In order for companies to transform, he said, they need to get out of their comfort zone and seek new partnerships with parties other than their usual suspects.

His call is timely as economists predict headwinds; while a slowdown is imminent, it does not mean that there are no silver linings to be found. This applies especially to small and medium-sized enterprises (SMEs), which are more agile and flexible by nature; they should take this time to re-think their business models and find new ways of adapting to the changing business climate.