-
Sentiment regarding business conditions among small enterprises in
Singapore
climbed to a five-year peak in 2024, with expectations for this favorable trend to persist through 2025.
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Cybersecurity health improved.
-
A significant decrease has been observed in companies intending to innovate by 2025.
SINGAPORE
,
March 24, 2025
/PRNewswire/ — Sentiment among small business owners within
Singapore
Last year saw a peak not reached since 2019, and this upward trajectory is anticipated to carry through until 2025, as indicated by the most recent survey conducted by the international organization CPA Australia for professional accountants.
Singapore’s key highlights from CPA Australia Asia-Pacific Small Business Survey 2024-25
The yearly Asia-Pacific Small Business Survey revealed that 62 percent of small enterprises in
Singapore
anticipate expansion this year, indicating the peak level of optimism noted since 2018. Moreover, 63 percent of participants showed faith in the nation’s economic progress, an increase from 60 percent last year. This data highlights the improving commercial landscape within the region.
Singapore
.
President of CPA Australia Singapore Division and Head of Digital Business and Risk Services at PwC Singapore,
Greg Unsworth
Expressed was: ‘There is robust faith amongst micro enterprises,’
Singapore
shows an increasing feeling of hopefulness, both in terms of commercial potential and the broader economic climate. To keep achieving success, companies must remain adaptable and visionary, and take advantage of emerging chances.”
The survey underscored persistent robust adoption of technology, marked by a significant rise in the use of online and digital payments. In 2024, 63 percent of respondents reported this trend.
Singapore’s
Small businesses indicated they were earning over 10 percent of their income through online transactions, an increase from 36 percent recorded in 2019. Additionally, 76 percent of these enterprises garnered more than 10 percent of their sales via digital and online payment methods like PayPal, Apple Pay, and GrabPay. This figure significantly surpasses the 51 percent observed back in 2019.
On the cybersecurity front,
Singapore’s
small businesses saw fewer cybersecurity incidents. The percentage of businesses reporting losses or disruptions due to cyberattacks dropped sharply from 54 per cent in 2023 to 39 per cent in 2024. Small businesses expect this downward trend will continue, with only 33 per cent of businesses anticipating a cyberattack this year, down from 45 per cent last year. “This improvement suggests that small businesses are enhancing their cybersecurity measures and are becoming more resilient and better equipped to safeguard their operations from cyber threats.” Unsworth added.
The survey revealed an enduring positive shift toward embracing Environmental, Social, and Governance (ESG) practices. Although 29 percent of companies didn’t dedicate time or resources to ESG-focused tasks in 2024, numerous firms continue concentrating on critical ESG aspects like employee health and safety protocols, sustainable supply chains, and diversity and inclusion programs. This demonstrates their persistent dedication to these issues.
Singapore’s
Small enterprises adopting eco-friendly and ethical procedures.
Deputy President of CPA Australia Singapore Chapter and Managing Partner at Baker Tilly
Joshua Ong
, mentioned that it is heartening to observe small enterprises in
Singapore
are progressively acknowledging the significance of ESG.
Adopting these strategies acts as a proactive method for safeguarding the business’s future. Through implementing sustainable environmental measures, enhancing governance structures, and promoting positive societal effects, small enterprises can outperform competitors and bolster their brand image among consumers and financiers,” Ong stated.
Despite the optimistic outlook, the survey findings observed a declining trend in innovation. Only 23 per cent of small businesses plan to introduce a new product, process or service that is unique to
Singapore
or the world this year, a sharp decrease from 37 per cent in 2024. While this figure remains slightly above historical averages, it signals a potential slowdown in business innovation.
The demographic data from the survey shows that the age distribution pattern
Singapore’s
small business proprietors are growing older. Although this tendency is not as marked as in
Australia
and
New Zealand
The survey highlights a significant connection between younger business proprietors under 40 and increased rates of business expansion, technology integration, creativity, and employment generation. An increase in the number of older entrepreneurs might present long-term obstacles to the vigor and endurance of certain small enterprises.
Small businesses in
Singapore
They have also reduced their hopes for substantial income increases from exports. The share of companies expecting significant revenue growth from exports declined from 27 percent in 2024 to 18 percent in 2025. According to Ong, geopolitical strains and the threat of trade duties are probably behind these worries regarding expansion through exports.
Despite the challenges, the overall outlook for small businesses in
Singapore
stays optimistic. Expanding business confidence, technological uptake, and robust cyber security measures
are
anticipated to keep up their pace as they move forward into the coming months.
CPA
Australia’s
The Asia-Pacific Small Business Survey, featuring an extensive overview of the findings
Singapore
and an infographic
Provided by SyndiGate Media Inc.
Syndigate.info
).
