07 January 2020
Business outlook for 2020, with 46% positive, 31% neutral and 23% negative.
- SMEs in the business services sector are most optimistic
- Those in the wholesale and retail sectors have the least positive outlook
What are their top concerns?
- 23% on the continued slowdown in global demand
- 18% on the impact of ongoing US-China trade tensions
- 17% on the strengthening of the Singapore dollar
How SMEs plan to respond to challenges?
- 51% Increase their productivity
- 43% Reduce costs
- 43% Develop new sources of revenue
65% of SMEs are already using digital solutions
Focus for 2020:
- 24% Expense management solutions
- 24% Customer relationship management solutions
- 23% Sales solutions
59% want to become more sustainable
- 47% Using resources more efficiently
- 43% Improving corporate governance
- 40% Using energy-efficient equipment and technology
The survey was conducted in late November 2019 by United Overseas Bank among 615 local SMEs with revenue less than S$100 million to understand how they plan to achieve their business objectives in 2020.
