Growth amid adversity: How it's business as usual for these SMEs during the pandemic

This year, rising inflation and interest rates - brought about in the wake of the Covid-19 pandemic and the ongoing war in Ukraine - were a top concern for businesses and consumers alike. Despite the harsher operating environment, small and medium-sized enterprises (SMEs) in the region managed to keep their businesses running successfully, and even displayed great resilience during these challenging times.

In recognition of their efforts, the SME100 Awards celebrates the hard work of these fast-growing and innovative SMEs, which cover 20 selected industries and are located in Singapore, Malaysia, Indonesia and Vietnam.

Organised by Business Media International (BMI), a leading business-to-business publisher, the annual award was held in Singapore on Sept 16. This year's edition saw over 400 nominees who succeeded in restarting and growing their businesses post-pandemic.

"SMEs continue to be the first to be affected by a downward economic cycle, and are among the last to bounce back, even as the economy recovers. The SME100 Awards recipients are among those that have demonstrated resilience, strength and growth despite the challenges," said Mr William Ng, group publisher and editor-in-chief of BMI. Among its brands are SME Magazine, HR Asia, Capital Asia and World Halal Business.

Nominees are assessed based on stringent evaluation criteria. The five-step process consists of both qualitative and quantitative analysis, including an interview component, with a focus on growth (such as turnover, profit and market share) and resilience (such as best practices, sustainability efforts and vision). Out of the nominees, only 25 businesses emerged as winners after going through the evaluation process.

On top of the SME100 Awards, nominees were also able to compete in the special category of Singapore's Best Start-up. The criteria includes having displayed superior growth and the ability to navigate the challenging economic environment through strategic planning and strong execution. In addition, the business has to be operating for less than two years.

Over the years, the SME100 Awards have served as a pinnacle of trust and benchmark of reliability for business owners across all industries, be it for business ventures or attracting investors and clients from both foreign and domestic markets.

Visit this website for more information on the SME100 Awards.