TOP OF THE CHARTS: Against the backdrop of a challenging economic environment, small business owners in Singapore remain optimistic.

SME businesses in Singapore expect revenue growth and positive cash flow in 2023

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. 

Key findings:

  • 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 asia%2fcontent%2fScreenshot+2023 04 04+at+11.13.44+AM

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 asia%2fcontent%2fScreenshot+2023 04 04+at+11.13.56+AM asia%2fcontent%2fScreenshot+2023 04 04+at+11.14.06+AM

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