Innovation, Expansion Keys For SMEs Survival
SME Magazine Singapore|Issue 39, 2021
The Covid-19 pandemic has affected SMEs in Singapore for more than a year, with some having to face greater challenges more than others.
Raja Azura Raja Nazreen

From January to July of this year, an average of about 5,000 new business were registered per month. At the same time, an average of about 4,000 business entities also ceased operations each month – mostly in the professional services sector,wholesale and retail trade.

The common problems faced by SMEs are payments to their creditors, their employees, meeting their overheads, or fulfilling contractual obligations.

These smaller businesses in sectors hardest hit by the pandemic, such as retail, hospitality, F&B and entertainment — were more vulnerable due to their smaller cash buffers, inventories and supplier networks.

Business advisory firm BDO says it has seen a 30 per cent rise in enquiries about its restructuring services during the pandemic which has necessitated many SMEs to rethink their business viability. And when cost-cutting measures, pivoting online and finding new investors fail, firms must strategise for their future.

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