SINGAPORE: The need to restructure has hit home with at least half of the small and medium enterprises (SME) in Singapore, according to an annual survey by business information bureau DP Information Group.
In the 2014 SME Development Survey, 51 per cent of enterprises say their main strategy is to rethink their business model, taking into account the current operating environment.
Top business concerns relate to manpower issues, with close to half of the respondents finding difficulty in hiring staff and coping with high labour costs, while 45 per cent of those polled say increasing competition is another concern.
Nearly half of all enterprises surveyed plan to increase production capacity in the year ahead, with 20 per cent of respondents planning to expand overseas in the next 12 months, up from 14 per cent in 2013.
A record 2,836 enterprises took part in the survey.