AsiaNet 63185
 
MELBOURNE, Australia, Jan. 22, 2016 /Medianet International-AsiaNet/ --
 
New survey data released today by CPA Australia shows Singapore's small business sector is growing despite a lack of confidence in the economy, with a
strong focus on social media and business management.
 
The findings, from  CPA Australia's annual Asia-Pacific Small Business Survey, follow extensive surveying of nearly 3,000 small business operators in Malaysia, Vietnam, Indonesia, China, Hong Kong, Australia, New Zealand and Singapore.
  
CPA Australia chief executive Alex Malley says the survey results show that small businesses in Singapore are meeting the challenges and taking advantage of the opportunities being presented by current economic conditions.
  
"Singapore's small businesses have had a successful 12 months, with 59 per cent of respondents reporting that they grew over this period, an increase of 8 per cent from the 2014 survey," Malley says.
 
"Despite a 13 per cent fall in economic confidence from last year's survey, the majority of Singapore's small businesses (57 per cent) expect their own business to grow in the next 12 months.
 
"This positive outlook is in part explained by the adaptability Singapore's small businesses have shown when faced with unfavourable economic conditions.
  
"We see that in 2015 fewer small businesses sought external finance or added employee numbers during the past 12 months, and this is an entirely appropriate response to the current economic environment in Singapore. 
 
"These strong management practices mean that Singapore's small businesses are well placed to ride out the current volatility on international markets and take advantage of future improvements in the global economy. 
 
"There remains a need to be more innovative. The survey results shows that only 15 per cent of respondents definitely expect to innovate through the introduction of a new product, service or process unique to Singapore or the world, compared with the survey average of 22 per cent.
  
"With the Government's world-leading approach to encouraging innovation, Singapore's small business sector is well placed to become more innovative."This support for innovation, plus Singapore's very-business friendly environment and the creation of the ASEAN Economic Community suggests that there is much to be positive about in Singapore's small business sector in 2016 and beyond, despite what could be a volatile year in the global economy."
  
Key findings from the survey for Singapore include:
* 80 per cent of respondents use social media for business purposes
* 19 per cent of respondents expect to grow their e-commerce presence to a large extent
* 64 per cent of respondents earned revenue from online sales
  
Across Asia, more than 93 per cent of businesses use social media, 82 per cent generate revenue from online sales and more than 40 per cent will expand e-commerce transactions.
  
The CPA Australia Asia-Pacific Small Business Survey provides annual insights into the views of small businesses across the region and forms part of a longitudinal study that began in 2009. 
 
Survey available at www.cpaaustralia.com.au.
For a snap shot of results:
http://www.cpaaustralia.com.au/~/media/corporate/allfiles/document/professional-resources/business/small-business-survey-2015-singapore-data-snapshot
 
For full report:
http://www.cpaaustralia.com.au/~/media/corporate/allfiles/document/professional-resources/business/small-business-survey-2015-singapore-report
 
Media contact: Stuart Dignam on +61 434 003 911 or media@cpaaustralia.com.au 
 
SOURCE: CPA Australia 
 
--BERNAMA