No longer business as usual for SMEs
Firms encouraged to boldly embrace new business models to ride on opportunities and pursue sustained growth
Singapore
THE year 2016 has certainly not been kind to many of the small and medium-sized enterprises (SMEs) in Singapore. Many are feeling the triple whammy of weak economic growth, technological disruptions, and the reverberating effects of the oil-and-gas downturn.
And, right now, it doesn't look like 2017 will be much better.
While that hardly sounds reassuring, the good news is that our SMEs are now being forced out of their comfort zone to rethink their business models and strategy to find new ways to compete.
Industry insiders tell BT that the general sentiment among SMEs is one of general pessimism. Surveys have supported this view.
The latest Singapore Business Federation (SBF)-DP Info SME Index for Q4 2016 to Q1 2017 registered the lowest profit expectations and second- lowest Overall Index score in seven years. In fa…
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