The right markets

Business Times, Monday, 31st October 2011

In these uncertain times, should Singapore SMEs focus on the local market or seek opportunities in overseas markets with growth potential?  What else can our SMEs do to grow and remain competitive?

SMEs are impacted by the ebbs and flows of the markets.  Thus, uncertain times call for greater prudence when it comes to investing for expansion.  Singapore SMEs will always have better knowledge and expertise of their home turf.  So during volatile times, it may be best for SMEs to lessen their exposure to risk and focus on the local market instead.

However, they should bear in mind that opportunities for growth in the local market will be capped as the market saturates.  In the meantime, they can start drawing up plans for overseas expansion because ultimately, that is the road to exponential growth.

A commonly faced challenge that SMEs grapple with is the ability to attract and retain top-quality talent.  One of the ways it can address this issue is to enhance employer branding.

Ronald Lee
Managing Director
PrimeStaff Management Services Pte Ltd