SMEs have it rough in Singapore. This ST report from 2017 shows more businesses closing down every year. Closure rate for retail in particular almost DOUBLES!
70% of companies planned to increase their digital marketing spend in 2015-2016. 78% of companies now have some form of social media. And why not? According to a report by ST, Singaporeans spend at least 3 hours on their phones daily, with 71% checking social networks at least once per day.
Throughout the course of my work, I’ve had the privilege to access confidential financial data of SMEs from various industries. One trend I’ve noticed is that the young entrepreneurs who approach me do NOT come from industries that really make money. This is really interesting. Why?