FOR nearly six in 10 Singapore firms, business will take one to two years to recover to pre-Covid-19 levels, even as they seek new revenue sources, speed up digitalisation and innovate in products and services.
Revenues and profit margins have declined as a result of the pandemic. Yet, firms also face key challenges in financing and cash flow, rising business costs, and the uncertain economic and political conditions overseas, according to preliminary findings from the Singapore Chinese Chamber of Commerce and Industry's annual business survey released on Tuesday.
The chamber polled 1,020 members over June and July. Of those, 95 per cent are small and medium-sized enterprises . "This has been an extremely challenging year for businesses," said SCCCI president Roland Ng at the chamber's annual conference on Tuesday. He noted that 80 per cent of members have seen a fall in revenue and about 76 per cent of them saw their profit margin decline as a result of the pandemic.
Businesses surveyed said they are seeking new revenue sources, speeding up digitalisation and innovating in terms of products and services to address the decline in revenue.
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