SMEs foreseeing higher sales in 2024 plan to invest in staff training, insurance

Six in 10 SMEs expect higher sales this year.

More than half of small and medium enterprises in Singapore who expect higher sales in 2024 plan to prioritise investment in staff training (52%), data from QBE Singapore showed.

SMEs also plan to spend on capital (48%) and insurance coverage (48%).

In Singapore, six in 10 SMEs expect an increase in sales in 2024 and an improved economic outlook this year (60%).

Whilst having a positive outlook on Singapore’s economy, many SMEs (75%) expect the GST hike to negatively impact the economy.

Other economic conditions that concern SMEs include increasing operating costs (62%), rising global inflation (62%), rising energy prices (52%)  and decreasing customer demand domestically (52%).

To address these concerns, 66% of SMEs are thinking of cost control, 49% are looking to the government for support and relief measures, 36% are downsizing or streamlining their operations, 35% are diversifying their customer base and/or seeking local opportunities.

Some (33%) are exploring international business opportunities.