SBF’s National Business Survey (NBS) 2020/2021 revealed that businesses in Singapore remain hopeful despite the many major setbacks that most have faced in 2020. The survey, conducted in October and November 2020 and involving 1,075 companies, covered a wide range of topics including the impact of COVID-19 on businesses, sentiments regarding economic. The companies comprise 85% SMEs and 15% larger companies.
Key highlights of the survey findings are as follows:
- Almost two-thirds (63%) of businesses reported being negatively impacted by the COVID-19 pandemic, with an average decline in revenue of 31%. Despite the challenges faced in an uncertain economic climate, 69% of companies were confident in sustaining their business over the next 12 months.
- About one-third of companies (31%) expect business and economic climate to improve in the next 12 months, a significant improvement from the 8% in last year’s survey.
- The impact and sentiments about recovery were uneven across industries, with the “Construction & Civil Engineering”, “Retail, Real Estate, Hotels, Restaurants & Accommodations”, and “Manufacturing” sectors being more negatively impacted.
- Over 8 in 10 (84%) businesses reported having accelerated their digital transformation due to the COVID-19 pandemic, by an average of 2 years. 39% of companies reported having increased their IT budgets, by an average of 29%.
- Staff training and upskilling, technology adoption, regional expansion, and targeted government support are some key factors that can help Singapore businesses to stay resilient and emerge stronger.
SBF and SRA will continue to work with companies to support them in their recovery and growth journey, and with the Government on relevant support schemes to help companies.