TOP OF THE CHARTS: Against the backdrop of a challenging economic environment, small business owners in Singapore remain optimistic.
Source: Sleek’s Small Business Index aims to understand small-business owners’ perspectives on the current business environment and their expectations for the next 12 months. The businesses surveyed ranged in size (from 1 to over 500 employees) and monthly revenue (from S$10,000 – S$5,00,000). Nearly half of all businesses were between 1-4 years old; 21% were between 5-9 years old; 20% were in business for less than a year; and 10% had been operating for more than a decade. The 23-question survey was conducted between November and December 2022.
- 59% of business owners are optimistic for the future, with 63% expecting revenues to rise.
- More than half of all businesses are comfortable with the health of their business, reporting positive cash flow (58%).
- 22% said their biggest concern was higher business costs, followed by inflation (21%) and the economic environment (20%)
- 51% of business owners said that their business expenses have increased, driven in part by their suppliers and vendors increasing prices, which was the case for as many as 69% of survey respondents.
- One in four businesses have increased their prices, while 24% have elected to cut costs
More from this source:
- In 2023, 58% of businesses plan to hire and 23% aim to keep their workforce intact.
- 50% of businesses now work remotely and 28% of businesses operate a hybrid model
- 28% report positive cash flow and 46% report higher revenues
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