“Every year, the Singapore Business Federation (SBF) conducts the
National Business Survey, a key survey that provides insights on our
business community’s sentiments surrounding the economic climate and
the business environment. The survey identifies the priorities, challenges
and future plans of action of our business community. The survey also
calls attention to areas where companies require greater assistance,
including items on their wish list for the coming Singapore Budget. These
perspectives are shared with the Government.
Overall, it is promising to note that business sentiment in 2017 has
improved with three in 10 companies expecting further progress in 2018.
Another key finding from this year’s survey is the uptake of business
transformation amongst Singapore companies. One in three companies
(33%) have made significant adjustments to their businesses in order
to be at the forefront of change and innovation. We have, perhaps
aptly, termed this group of companies ‘Transformers’. However, some
companies (25%) have yet to put into place any notable measures to
keep up with the changing business landscape. In the pages that follow,
you will find a classification of Singapore companies based on their rate
and extent of business transformation. Compared to companies that have
implemented changes, ‘Slow Starters’ businesses have reported lower
numbers of product launches, growth and profitability.
What is encouraging, however, is that businesses recognise the importance of transformation, with 6 in 10 companies placing digitalisation as the top focus of the upcoming Budget. We continue to urge the Trade Associations and Chambers (TACs) to work closely with our Government to assist businesses to drive economic transformation and digital innovation in order to stay competitive in an ever-evolving global landscape. Companies should also continue to pursue internationalisation to explore and exploit new market opportunities for growth.”
S S Teo
Singapore Business Federation
To read a summary of the survey, please click here.