Help with costs, sustaining business top Malay-Muslim SMEs' Budget wish list

MALAY-Muslim businesses are hoping to receive, from the upcoming 2022 Budget, government assistance to help them sustain their business operations and reduce operating costs, according to a survey by the Singapore Malay Chamber of Commerce and Industry (SMCCI).

These were the two top items indicated by survey respondents on their Budget wish list this year. Other items include help with branding the business, a reduction in rental costs, more access to funding, as well as an easing of manpower regulations.

SMCCI conducted the survey among its members in January 2022, with respondents mostly consisting of Malay and Muslim food and beverage (F&B) owners. 17 per cent of survey respondents said they faced manpower issues, while 35 per cent of said they faced operational issues.

In a nutshell, respondents hoped that Budget 2022 would introduce measures to help them cope with "consistent changes" to Covid-19 related regulations, high business costs, as well as provide assistance to adopt digital solutions, said SMCCI in a statement.

This was especially the case in 2021, which saw the need for businesses to "embody swift adaptability due to the stop-start safe management protocols", the chamber said.

Meanwhile, 14 per cent of respondents shared their "persisting anxiety" on dining restrictions, with the emergence of 2 new Covid-19 variants. Other top concerns they had include import and export issues (19 per cent), revenue sustainability (12 per cent) and increasing competitors (5 per cent).

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This was the case for home-based businesses, which saw a "sharp increase" during the pandemic, resulting in an increasingly competitive industry, noted SMCCI. The chamber also observed import and export issues becoming more prominent across the months, with construction businesses bearing the most brunt.

"This could result from construction businesses having to rely on local sellers and distributors for materials, which costs significantly more," it added.

Farid Khan, president of SMCCI, said SMCCI hopes Budget 2022 will address the "persistent issues businesses have faced in the past year, and provide support to assist businesses during this transition towards a recovery."

The chamber also hopes that assistance will be provided to businesses to tide against rising business costs due to climbing electricity costs and manpower shortages, as well as address the impending Goods and Services (GST) Tax hike.