Singapore’s small and medium-sized enterprises need to focus on long-term goals to future-proof their business against global economic uncertainties, says Koh Tat Liang, assistant executive director of the SME Committee & Capacity Building Division at the Singapore Business Federation. “Some SMEs in Singapore are too comfortable, and they are likely to face challenges to stay afloat if they do not change in the next five years,” he tells Enterprise.

Singapore’s economy is expected to grow at a subdued pace in 2017, according to a quarterly review of Asean economies conducted by the Institute of Chartered Accountants in England and Wales (ICAEW). A slowdown in the manufacturing sector is one of the factors likely to dampen growth in the coming years, says the report.

“It is important for companies to future- proof their business, through technology adoption and going beyond their domestic market,” says Koh. “When they grow abroad, they need to think about their competitive edge, such as localising their content to fit regional markets.”

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories


    Stay updated with Singapore corporate news stories for FREE

    Follow our Telegram | Facebook