Singapore small firms have had lacklustre year but look to a brighter tomorrow

SINGAPORE - Singapore's small businesses have had a subdued year but see a brighter outlook in 2015, a new study has found.

While small business growth this year was muted, there is increased confidence in both the sector and the Singapore economy for the year ahead, said Mr Alex Malley chief executive of CPA Australia, which released today the results of its sixth annual Asia Pacific Small Business.

"The survey results reveal that only 51 per cent of small businesses in Singapore stated that they grew over 2014, but for the year ahead, 57 per cent expect to grow," Mr Malley said.

"This increasing confidence is reflected in the positive perception of the strength of the Singapore economy with 61 per cent of small businesses having a positive economic outlook about the year ahead.

"The results show that the Singapore small business sector is showing its resilience and maturity with many firms focussing on reviewing cost structures, increasing marketing and improving customer retention over the past year", he added.

Other key findings from the CPA Australia Asia Pacific Small Business Survey for Singapore include:

* 35 per cent of respondents in Singapore expect to add to staff numbers over 2015;

* 68 per cent of respondents stated that they were likely to seek external financing over the next 12 months to help grow their business; and

* 82 per cent of Singapore respondents stated that they use social media for business purposes such as promoting their business to potential customers.