KPMG has released a pre-Budget 2017 report that examines what Singapore companies are doing in the current uncertain economic outlook and what may be done to assist them into the future. The report aims to provide insights and feedback for the Committee for the Future Economy for Budget 2017. Below summarizes the report findings.
The cause of uncertain economic outlook can be attributed to several factors:
Despite the gloomy outlook, many companies are optimistic and forward looking, preparing for a turnaround in 2018 with long-term growth plans:
These long-term growth plans are not without concerns, especially for SMEs:
The proposals can be grouped under three pillars:
1. Supporting firms in downturn
2. Embracing disruption, boosting innovation
3. Encouraging internationalisation, entrepreneurship
Digital disruption is a challenge for SMEs, but also a source of growth. SMEs need guidance in incorporating technology to transform business and subsidies for the large upfront capital in order to implement these changes
Internationalisation is needed so that SMEs can ride on the regional dynamic growth. However, as mentioned, SMEs require various support in their development plans
All in all, the gloomy economic outlook has challenged SMEs and larger enterprises in rising cost, disruptive technology and the need for internationalisation. The proposals by KPMG are aimed to help SMEs reduce operational cost and increase grants so that the above challenges can be met by the ill-resourced SMEs. Tighter lending by banks increased the cost of financing for SMEs.
InvoiceInterchange stands ready to help SMEs tackle the challenges by providing a low cost of financing through invoice trading. These capital locked in the supply chain can be utilized to develop and integrate technology into the business, mitigate operational cost and even finance the cost required for venturing into new markets. Free up the locked cash by invoice trading to obtain payment much earlier now!
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