ED 47: January-February 2013

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4 in t h E n E w s productivity plans to help SMes The Singapore Government will introduce new recommendations in the first half of 2013 aimed at helping small and medium enterprises (SMEs) to achieve their long-term productivity growth target of two to three per cent over the next 10 years. Minister of State for Trade and Industry Mr Teo Ser Luck said that the Government with work with the Singapore Business Federation and SMEs to better tailor the proposals that will be implemented. He also mentioned that the Government will work with the different sectors closely to see how best their targets can be reached, as well as help SMEs better tap on and utilise Government schemes to achieve their targets. Small Firms optimistic about 2013 growth Small Singaporean businesses are more optimistic about economic growth in 2013 as compared to 2012, yet less confident about business prospects, according to the CPA Australia Asia-Pacific Small Business Survey 2012, conducted in the first two weeks of October 2012 with owners or senior representatives of businesses fewer than 20 employees. The survey found that six in 10 of the 249 Singapore respondents believe the economy will grow in the coming year, showing an increase in optimism for the economy compared with what was expected for 2012, when 56 per cent of respondents believed the economy will grow. While these businesses are more confident about the economy in 2013 as compared to 2012, they are not so optimistic for their own businesses. According to CPA Australia, the small business confidence score fell to 51 for 2013 from about 55 for 2012. Ja n | FE b 2013 En t r E p r E n E u r s’ Di g E s t Singapore economy under pressure in 2013 Singapore may have to deal with elevated inflationary pressures for a third year in 2013, as gross domestic product fell in the fourth quarter of 2012 as compared to the previous quarter. A decline would lead to the nation’s first recession since 2009. Increased housing, transportation and business costs have contributed to one of the fastest inflation rates in the developed world, even as growth slows. The Monetary Authority of Singapore (MAS) tightened policy this year by allowing faster currency gains in an export-dependent economy at risk from a patchy U.S. recovery and Europe’s prolonged sovereign debt crisis. push for less Drastic Deficit cuts The International Monetary Fund (IMF) and European Commission officials have encouraged France and its EuroZone partners to not fixate on deficit reduction targets if it would aggravate the bloc’s debt crisis. The head of an IMF mission in France urged officials in Paris to consider their 2013 budget targets “in a broader European context.” Both the IMF and the EU Commission expect the French public deficit to amount to 3.5 per cent of gross domestic product (GDP) next year, and are not confident that France can reach its 3 per cent goal that is the EuroZone limit without additional measures that could worsen an already tenuous economic situation. Disclaimer: All information is accurate at time of print
Businesses in Singapore face a web of challenges, especially in the contemporary business climate. The labour crunch, foreign competition and a host of other pertinent issues prove to be trials that all enterprises – entrepreneurs, young businesses and established ones – have to surmount. To this end, the Association of Small and Medium Enterprises (ASME) concluded its annual Business Symposium to address some of these critical business concerns. Held in the Grand Copthorne Waterfront Hotel on 8 November 2012, the ASME Business Symposium 2012 was organised to a turnout of about 100 participants from a diverse swathe of industries. They included businessmen, young entrepreneurs and key decisionmakers of the larger companies, all united by their pursuit of relevant and current knowledge. In his opening address, Mr Chan Chong Beng, President of the ASME said that “The ASME Business Symposium has always been a solid platform for business owners, key decision-makers and entrepreneurs to share ideas, gain valuable insight and receive advice on a number of business issues.” He also encouraged all the participants present to actively take part in the panel discussions on government grants and assistance schemes that will happen later that day. To kick things off, Mr Thomas Fernandez, founder and CEO of local pest management firm Pestbusters Pte Ltd, gave a rousing presentation on the importance of recruiting and retaining talents. Drawing from personal experience, Mr Fernandez laced the subject matter with interesting video clips and sound bites, drawing much laughter and attention from the audience. On the heels of Mr Fernandez’s presentation was Mr Shiv Kumar, President of Deskera Singapore, who spoke about using better metrics and processes to drive more sales, cut costs and build a robust business. He illustrated his point using relevant examples and case studies, allowing a greater understanding of a broad subject. After a short tea break, Associate Professor Hooi Den Huan, Director of the Nanyang Technopreneurship Center spoke about branding for SMEs in uncertain economic times, before handing the time over to aSMe BuSineSS SyMpoSiuM 2012 Ev E n t s Mr Lennon Tan, Business Director of the Enterprise Business Group from Starhub who shared with the participants how to ride through periods of downturn by capitalising on cloud computing. Government representatives from the Infocomm Development Authority of Singapore and SPRING Singapore also gave useful presentations on the grants and assistance schemes available for SMEs to tap on. The after-lunch sessions featured employee training in an organisation, a thoroughly-researched presentation by Mr Lim Meng Tzee, Director of the Business Consultancy Division of Loyal Reliance Pte Ltd, and a snapshot of the macroeconomic global economy and current outlook by Mr Jaideep Tiwari, FX Strategist for Wealth Management, Asia Pacific, Citibank. A panel discussion at the end of the Symposium allowed participants to field questions about the Max Talent Initiative and about Central Provident Fund (CPF) matters. An annual event organised by ASME rounds up the current issues in the contemporary business environment Ja n | FE b 2013 En t r E p r E n E u r s’ Di g E s t 5
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