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Supply: Smooth’s Small Enterprise Index goals to know small-business house owners’ views on the present enterprise atmosphere and their expectations for the subsequent 12 months. The companies surveyed ranged in measurement (from 1 to over 500 staff) and month-to-month income (from S$10,000 – S$5,00,000). Practically half of all companies have been between 1-4 years previous; 21% have been between 5-9 years previous; 20% have been in enterprise for lower than a yr; and 10% had been working for greater than a decade. The 23-question survey was carried out between November and December 2022.
Key findings:
- 59% of enterprise house owners are optimistic for the long run, with 63% anticipating revenues to rise.
- Greater than half of all companies are comfy with the well being of their enterprise, reporting optimistic money movement (58%).
- 22% stated their greatest concern was greater enterprise prices, adopted by inflation (21%) and the financial atmosphere (20%)
- 51% of enterprise house owners stated that their enterprise bills have elevated, pushed partially by their suppliers and distributors rising costs, which was the case for as many as 69% of survey respondents.
- One in 4 companies have elevated their costs, whereas 24% have elected to chop prices
Extra from this supply:
- In 2023, 58% of companies plan to rent and 23% purpose to maintain their workforce intact.
- 50% of companies now work remotely and 28% of companies function a hybrid mannequin
- 28% report optimistic money movement and 46% report greater revenues
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