3 strategic priorities for Singapore SMEs revealed

ACCA Singapore honcho imparts his advice.

According to Leong Soo Yee, Head of Association of Chartered Certified Accountants (ACCA) Singapore: “Now is the time for SMEs to prioritise investment and look for internationally focused market growth, as well as prepare for a more stable economy.”

His advice came as the recent Global Economy Conditions Survey or GECS revealed that small businesses were more likely to seek shelter from competition in niche markets or segments when their profits are under pressure while on the path to economic recovery.

The survey also showed that SMEs globally continued to face a tough environment with substantial pressure on profit margins; 89% of SMEs were under pressure from economic conditions on the ground, with tightening profit margins emerging as a major issue.

It added that this was especially true in emerging markets, where demand remained weak and inflation pressures intensified, and that despite these pressures, small and medium businesses were less likely than larger ones to have responded to economic pressures with a loss of business capacity.