SMEs turning to new growth markets and innovation to overcome rising business costs

Singapore

THE rising cost of business may be outpacing revenue and suppressing profit margins, but SMEs are actively finding new growth markets and innovating their products and services, according to the Annual Business Survey conducted by the Singapore Chinese Chamber of Commerce and Industry (SCCCI).

The preliminary results were revealed by SCCCI president Roland Ng at the opening of the Chamber's SME Conference on Wednesday. It surveyed 960 respondents, of which 93 per cent are SMEs.

Although the full report will only be released later this year, Mr Ng let on that 78.9 per cent of respondents said business costs have increased, up from 72.3 per cent a year ago. But only 41.4 per cent indicated that their revenue has risen, though the figure was slightly higher than the 36.8 per cent from the ye…