Around 49% of SMEs in Singapore are optimistic about their growth prospects for the current year, while foraying into new markets and exploring first-time overseas expansion are top business priorities for more than 60% of them. Revealing this, the DBS’ annual SME pulse Check survey said that most business owners prioritize managing cost and ensuring consistent cash flow. Furthermore, surging global interest rates, availability of workforce, rising labor costs, and inflation are significant areas of concern for them. Meanwhile, most SMEs feel encouraged because of the reopening of borders and the support from Singapore government schemes like the enhanced Enterprise Financing Scheme announced in the Budget 2023.
