FINANCIAL concerns are a worry for many of Singapore’s small and medium enterprises (SMEs), particularly when it comes to cashflow.

This has been compounded by recent macroeconomic challenges, not least rising costs. Inflation was named as the top challenge by over half of the Singapore SMEs surveyed in the most recent Global Business Monitor survey by Bibby Financial Services.

Although Singapore’s inflation rates are on a downward trend, after peaking in late 2022, price levels remain elevated with headline inflation at 4 per cent in August.