What you need to do to protect your business

What you need to do to protect your business

Small and medium enterprises (SMEs) make up 99% of businesses in Singapore, which means they play a critical role in the development and progress of our economy, even in the best of times. But currently, these SMEs – eager to make up lost ground as the economy slowly shifts into recovery mode – have several pandemic-induced challenges they need to confront.

With this in mind, QBE Singapore recently launched the sixth edition of its annual SME research survey, canvassing the views of over 400 SMEs in Q4 2020 to better understand SME sentiments and concerns for the coming year, including their digitalisation and
 risk management ambitions. 

The main findings pointed to a majority of SMEs having a generally bleak outlook on their businesses, with slightly over 80% not expecting to grow in 2021. This wavering confidence was matched by a strongly expressed need for mainly financial support from the Government.

With uncertainty still plaguing the business community, we hope that SMEs recognise the importance of arming themselves with ample and proactive risk protection measures, especially as they become more reliant on doing business online. This can strengthen their core and safeguard their sustainability – and viability – through unpredictable times.
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