A recent survey conducted by DBS has shown that more small and medium enterprises (SMEs) are prioritising their first overseas expansion and exploring new markets. In fact, 60% of the surveyed SMEs are focusing on this aspect of their business, which is a significant increase from last year’s SME Pulse Check survey, where only 25% of SMEs ranked overseas expansion and market exploration as their top priority.
The reopening of borders and government programmes like the enhanced Enterprise Financing Scheme, which was announced in Budget 2023, are two of the reasons why there is a lot of interest in expanding overseas and finding new markets. This support has encouraged SMEs to explore new markets and expand their businesses.
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SMEs are also focusing on making sure they have a steady cash flow and keeping costs under control, which is important in today’s tough business environment. In fact, 62% of the surveyed SMEs are making this a top priority.
As part of their digital transformation, SMEs also want to hire, keep, and train their employees (29%), make their business more sustainable and friendly to the environment (25%), and come up with new business models.
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More than half of SMEs (58%) are looking for reliable financial partners who have helped them reach their goals for a long time. When SMEs enter new markets, the presence and infrastructure of the banking partner were ranked as the most important factors by 42%.
Small & Medium Enterprises are putting an emphasis on going global and exploring new markets. They are also paying attention to important parts of their business, such as controlling costs, hiring and keeping good employees, and coming up with new business models. As they try to reach these goals, they are looking for banks that they can trust and that have a history of helping businesses.
