SME businesses in Singapore expect revenue growth and positive cash flow in 2023

Source: Sleek’s Small Business Index aims to understand small-business owners’ perspectives on the current business environment and their expectations for the next 12 months. The businesses surveyed ranged in size (from 1 to over 500 employees) and monthly revenue (from S$10,000 - S$5,00,000). Nearly half of all businesses were between 1-4 years old; 21% were between 5-9 years old; 20% were in business for less than a year; and 10% had been operating for more than a decade. The 23-question survey was conducted between November and December 2022. 

Key findings:

• 59% of business owners are optimistic for the future, with 63% expecting revenues to rise.  
• More than half of all businesses are comfortable with the health of their business, reporting positive cash flow (58%).  
• 22% said their biggest concern was higher business costs, followed by inflation (21%) and the economic environment (20%) 
• 51% of business owners said that their business expenses have increased, driven in part by their suppliers and vendors increasing prices, which was the case for as many as 69% of survey respondents.  
• One in four businesses have increased their prices, while 24% have elected to cut costs 

More from this source:

• In 2023, 58% of businesses plan to hire and 23% aim to keep their workforce intact. 
• 50% of businesses now work remotely and 28% of businesses operate a hybrid model 
• 28% report positive cash flow and 46% report higher revenues