Rising cost of business hurting margins, but SMEs look to new growth markets, innovation
Survey finds 43.3% looking for new markets, 35.7% turning to innovation
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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.
