SCCCI Annual Business Survey 2021

2021年度 商界 调查

ANNUAL BUSINESS SURVEY 2021 1,058 respondents. 92% SMEs. Survey period: 10 Jun - 11 Aug 2021.

REVENUE About 75% of respondents projected revenue to remain stagnant or decline in 2021

亏 损

40% of respondents still projecting losses in 2021.

Among them, 48% expecting more losses compared to 2020.

盈 利 BUSINESS COST Top business concerns 1. Rising business cost (55.6%) 2. Availability of suitable manpower (50.4%) 3. COVID restrictions (43.9%)

MANPOWER Top manpower challenges: 1. Rising manpower cost (67.5%) 2. Unable to recruit local staff with the skills we need (63.1%) 3. More difficult to get foreign workers (49.5%)

Impact of COVID-19 Top sectors indicating major impact on business model: Tourism, Construction and Retail.

60% of respondents estimated that their businesses will recover to pre-COVID levels in 2 years or longer

MANPOWER Businesses are transforming, automating or digitalising to cut down on manpower needs

50% 40%

44%

30%

40%

20%

Nature of industry has an impact on work from home arrangements

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Tight manpower situation makes it difficult for companies to release employees for re-skilling and upskilling

培 训

INTERNATIONALISATION

Notwithstanding COVID-19, more respondents plan to venture overseas compared to 2020

国

际

化

Top 5 markets to venture into: 1. China, 43% 2. Malaysia, 36.6% 3. Indonesia, 33.2% 4. Vietnam, 30.1% 5. Thailand, 22.3%

Business travel remains very important with 43% having slowed down their internationalisation efforts due to travel restrictions

商务 考察

40% indicated e-commerce platforms are effective in helping them to internationalise, but virtual trade fairs and missions are not as effective

DIGITALISATION

数码化 More businesses are generating their revenue from online sources compared to 2020

Sectors that do better in deriving revenue from online sources: F&B, Food Manufacturing, Education, Tourism & Hotels, Retail.

Respondents indicating that they do not derive revenue from online sources (by sector)

To what extent does your Digitalisation efforts show results?

70% of respondents indicated that their digitalisation efforts have shown results from a small to moderate extent

GOVERNMENT SCHEMES Respondents who have applied for govt schemes

Coming off a high in 2020, close to 70% have tapped on Govt schemes in 2021

政府 援助 计划

Top 3 most useful govt schemes ranked: 1. Digitalisation & adopting technology solutions (65%) 2. Hiring, training, developing, retaining employees (48%) 3. Business transformation, innovation & building new capabilities (39%)

Businesses need help to tap on the most appropriate Govt scheme to address COVID challenges and build capabilities

64%

of respondents are affected by the tapering off of govt schemes.

Most affected sectors are: hospitality, retail, construction and F&B

Apart from Govt schemes, what forms of help do businesses need most?

Top regulatory challenge

可持续发展 SUSTAINABILITY Would you regard Sustainable Development as important for the future?

While most respondents regard sustainability as very important to their business, most have only incorporated it in their business strategy to a moderate extent To what extent is sustainability important to your business, and regarded as a competitive advantage?

To what extent is sustainability incorporated in your business strategy and business model?

Top challenges to implement sustainability business practices