DESPITE financing difficulties and global trade tensions, Singapore small businesses grew at its strongest pace since 2015, according to CPA Australia's 10th annual Asia-Pacific Small Business Survey.
Nearly a third or 32 per cent of such businesses expect to add staff in the year, the highest percentage since 2014.Customer loyalty was said to have the most positive impact on small businesses here in 2018, while improved business strategy, cost control and improved customer satisfaction were also major factors.Increasing costs remain one of the biggest challenges facing Singapore small businesses with 45.
It said that the relatively low level of demand may reflect the difficulty in securing external finance in 2018. Some 60.3 per cent stated that the experience was difficult, making Singapore the most difficult market to access external finance in 2018 out of the 10 countries surveyed.
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