Singapore Business Landscape 2024: A Comprehensive Analysis
In a recent survey conducted by the Singapore Chinese Chamber of Commerce and Industry (SCCCI), key insights into the business conditions of 2024 have been unveiled. Let’s delve deeper into the findings to understand the implications for businesses and the economy as a whole.
Survey Highlights
- Only a third of local small and medium-sized enterprises (SMEs) expect better revenues in 2024.
- 43% of SMEs anticipate better profits, compared to 32.2% in 2023.
- Rising costs emerge as the top concern for SMEs, with over three-quarters experiencing increased costs in 2024.
- Challenges related to business transformation continue to be a major issue for SMEs, reflecting a need for expertise and resources.
Business Environment Analysis
SCCCI president Kho Choon Keng characterized the business environment of 2024 as mixed, citing rising costs and transformation challenges as key factors. While the economy is projected to grow between 2% to 3%, individual businesses face unique headwinds based on their industry.
Individual Business Insight
One such business owner, Ms. June Gu, owner and principal consultant of June Gu Consultancy, shared her perspective on the challenges faced in 2024. Ms. Gu’s consultancy specializes in customizing training programs for business communication, etiquette, and understanding the Chinese business environment.
Future Outlook
Ms. Gu anticipates a better outlook for 2025 as she plans to expand into different areas of training. This optimism reflects a sense of adaptability and resilience in the face of evolving business landscapes.
In conclusion, the 2024 business survey highlights the need for SMEs to address rising costs, embrace transformation, and adapt to changing market dynamics. By leveraging expertise, resources, and a forward-thinking approach, businesses can navigate challenges and seize opportunities for growth and sustainability in the ever-evolving business landscape.