SINGAPORE – A key annual survey of business conditions found that rising costs and other challenges contributed to a mixed environment for businesses in 2024.
The Singapore Chinese Chamber of Commerce and Industry (SCCCI) found that only a third of local small and medium-sized enterprises (SMEs) expect to post better revenues in 2024 – slightly lower than in 2023 – though 43 per cent of them anticipate better profits, compared with 32.2 per cent in 2023.
Meanwhile, 29 per cent of the respondents forecast lower revenues and about half of them think profits will be worse than in 2023, according to highlights from the SCCCI annual business survey.
Based on the responses, SCCCI president Kho Choon Keng described the business environment for 2024 as mixed, giving the verdict in his welcome address on Oct 9 at the chamber’s SME and Infocomm Commerce Conference Series 2024.
According to the survey, rising costs were the top concern for SMEs, more than three quarters of which experienced increased costs in 2024. Rising business costs were also the top concern cited in the 2023 survey.
Other main concerns were the challenges linked to the need for business transformation.
While SMEs understood the importance and the imperative for change, they said they lacked expertise and resources, were uncertain about outcomes, and faced resistance from their staff. These were the same top issues raised in the 2023 survey.
Among other worries highlighted by respondents were the availability of suitable manpower, and not knowing how to adapt and pivot their businesses towards areas of growth, Mr Kho said.
This year’s report surveyed 650 respondents between June and August 2024. Of these businesses, 92 per cent were SMEs and 8 per cent were large organisations.
Overall, the Singapore economy, which has been gathering pace in recent