Business sentiment among small businesses in Singapore has reached its highest level since 2019, according to a recent survey by CPA Australia. The Asia-Pacific Small Business Survey 2024–25 indicates that 62% of small businesses in Singapore expect growth this year, with 63% expressing confidence in the country’s economic prospects. This marks a significant increase from 60% in 2024, reflecting a robust business environment.
The survey highlights a strong adoption of technology, with 63% of small businesses generating over 10% of their revenue from online sales, up from 36% in 2019. Additionally, 76% reported significant sales through digital payment technologies like PayPal and Apple Pay, a notable rise from 51% in 2019. Cybersecurity has also improved, with incidents dropping from 54% in 2023 to 39% in 2024, and only 33% of businesses anticipate cyberattacks this year.
Despite these positive trends, innovation appears to be waning, with only 23% of businesses planning to introduce new products or services, down from 37% in 2024. The survey also notes an ageing demographic among business owners, which could impact future growth and innovation.
Joshua Ong, CPA Australia’s Singapore Divisional Deputy President, emphasised the importance of Environmental, Social, and Governance (ESG) initiatives, stating that embracing these practices can provide a competitive edge. However, expectations for export revenue growth have decreased, with only 18% of businesses anticipating strong growth, down from 27% in 2024, due to geopolitical tensions and potential trade tariffs.
Overall, the outlook for small businesses in Singapore remains positive, driven by technological adoption and improved cybersecurity resilience.
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