THE CPA AUSTRALIA
ASIA-PACIFIC
SMALL BUSINESS
SURVEY 2015
SINGAPORE REPORT
2 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
LEGAL NOTICE
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First published 2016
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3 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
OVERVIEW
CPA Australia Asia-Pacific Small Business Survey 2015 is the sixth in a series of annual reports measuring small
business confidence, the drivers of confidence, technology uptake and access to finance by small businesses. The
data is compared across the eight economies included in this survey and over time.
In total, 2932 participants completed the survey, including 510 from Australia, 610 from Mainland China, 265 from
Hong Kong, 306 from Indonesia, 310 from Malaysia, 311 from New Zealand, 310 from Singapore and 310 from
Vietnam.
The online survey was conducted with a random sample of small business owners/managers between 24
September and 14 October 2015. The sample was obtained through panel providers. To qualify for the survey,
participants were required to be an owner, a senior manager (defined as being a director, a principal, a CEO, a
CFO, a senior manager or a managing director) or a qualified accountant of a business with fewer than 20
employees.
4 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
SUMMARY OF SINGAPORE RESULTS
Singapore’s small businesses appear less confident about the economy in 2016;
however, nearly three in ten still plan to increase their headcount.
Singapore’s small businesses appear less confident about the local economy in the next 12 months; however,
nearly a third still plan to increase their headcount over the same period.
Fewer than half of Singapore’s small businesses that responded (48 per cent) to the latest CPA Australia AsiaPacific Small Business Survey expect Singapore’s economy to grow in 2016, a 13 percentage point fall from the
survey a year ago. This decline has not impacted confidence in the growth prospects for their own business,
however, with 56.5 per cent of Singaporean small businesses expecting their business to grow in 2016, almost
identical to their forecast for 2015.
This resilience in the growth prospects for their business is flowing through to jobs, with 27.7 per cent of
Singaporean small businesses planning to increase employee numbers in the next 12 months, up from the 19.7 per
cent of businesses that increased their headcount in the past 12 months.
The fall in small business confidence in the growth prospects for Singapore’s economy is understandable given the
range of external pressures the economy is facing including slowing growth in China, uncertainty over US interest
rates and weak recoveries in the economies of the US, Japan and the euro area.
The fact that confidence in the growth prospects for their own business has remained stable in the current
challenging environment is not surprising. In the six years this survey has been running, Singapore’s small
businesses have consistently shown a very professional approach to the running of their business. For example,
the number of Singaporean small businesses seeking external finance and adding employees fell in this survey
from the last – an entirely appropriate response to the environment many faced.
Such good management practices mean that Singapore’s small businesses are well placed to take advantage of
future improvements in the global economy.
Singapore’s business-friendly environment, the extensive range of government assistance for small business and
the creation of the ASEAN Economic Community also highlight that there is much to be positive about in
Singapore’s small business sector in 2016 and beyond.
There are, however, challenges. The main challenge for the sector is increasing competition, with Singaporean
businesses being the most likely to nominate this as the factor most detrimental to their business in the past 12
months.
However, such a challenge does come with a silver lining. Those that stated that increasing competition had a
major negative impact on their business were also more likely to indicate that they intend to innovate and grow their
e-commerce presence over the coming 12 months, most likely to counter these competitive pressures.
A somewhat stronger focus on innovation would also benefit Singaporean small businesses as Singaporean small
businesses were less likely than the survey average to expect to innovate through the definite introduction of a new
product, service or process that is unique to Singapore or the world in the next 12 months (15.2 per cent for
Singapore against the survey average of 22.0 per cent).
5 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
The survey results also show:
 Singaporean small businesses could focus more on growing their e-commerce presence (19.4 per cent of
Singaporean small businesses expect to grow their e-commerce presence to a large extent in the next 12
months compared with the survey average of 32.2 per cent)
 there are some Singaporean businesses that should consider using social media in their business (79.6 per
cent of Singaporean small businesses use social media in their business compared with the survey average for
Asia of 92.6 per cent).
We expect that the government’s strong support for innovation by small to medium-sized enterprises should
translate into more Singaporean businesses focusing on innovation and technology uptake in the coming years.
And those that do take advantage of the support that is available will find themselves in a good position to outcompete their less nimble and tech-savvy competitors.
Other results from the survey:
ASEAN Economic Community
 The percentage of Singaporean businesses that expect the ASEAN Economic Community to have a positive
impact on their business (39.0 per cent) far outweighs the percentage that believe it will have a negative impact
(10.2 per cent).
 The other respondents state that the AEC will have no impact on their business (22.6 per cent), that it is too
early to make a decision (20.3 per cent) or that they don’t know (6.8 per cent).
Demographics
 Singaporean small business owners are typically older than their competitors from Asia; however, they are
much younger than those from Australia and New Zealand.
 There is a strong correlation between younger business owners and those businesses that expect to grow, sell
online, use social media for business purposes, and innovate through the introduction of new products,
processes or services.
Improved business management
 Singaporean small businesses were slightly less likely to state that improved business management had a
major positive impact on their business in the past 12 months than the survey average (20.3 per cent compared
with the survey average of 25.4 per cent).
Access to finance
 For those Singaporean small businesses that sought finance in the past 12 months, access to finance became
slightly easier than in the previous 12 months, although for most it remains difficult (34.1 per cent found access
to finance easy or very easy in this survey compared with 30.9 per cent in the last survey).
 A difficult external environment may have contributed to a small fall in the percentage of Singaporean small
businesses that required finance over the past 12 months (43.3 per cent required external funds in the past 12
months against 49.0 per cent in the last survey).
 Funding business growth remains the most important reason for accessing external finance.
6 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
MAJOR FINDINGS FOR SINGAPORE
Innovation is a key driver of growth, job creation and exporting, therefore more
Singaporean small businesses could benefit from a greater focus on innovation.
Small businesses with an e-commerce presence are more likely to be
growing and creating jobs, therefore more Singaporean small
businesses could benefit from greater investment in e-commerce.
With small businesses that expect to grow revenue from exporting
being more likely to be growing and creating jobs, it is important for
businesses to consider exporting as part of their business strategy.
While social media use by Singaporean small businesses is high,
there is room for improvement, particularly as there is a strong link
between social media use and business growth.
Nearly three in ten Singaporean small businesses plan to increase
their headcount despite being less confidence about the economy in
2016.
Singaporean confidence in the growth prospects for their own small
business is mostly positive despite a drop in economic confidence.
The ASEAN Economic Community is expected to have a positive influence on
small business across the ASEAN region.
7 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
KEY SURVEY FINDINGS FOR SINGAPORE
INNOVATION
Innovation1 is a key driver of growth, job creation and exporting, therefore more
Singaporean small businesses could benefit from a greater focus on innovation.
Small businesses that in the next 12 months will definitely introduce a new product, service or
process that is new to their market or the world2
Indonesia
45.8%
China
31.6%
Malaysia
29.0%
Vietnam
26.1%
Hong Kong
17.7%
Singapore
New Zealand
Australia
1
15.2%
6.8%
5.1%
Innovation, for the purpose of the survey, is taken to be the introduction of a new product, service or process that is unique to a market or the
world.
2
All data for China excludes Hong Kong, which is shown separately.
8 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
The relationship between innovation and jobs creation, business growth and exporting
Percentage that expect to
definitely introduce a
product, service or
process that is new to
their market or the world
EMPLOYEE NUMBERS
Expecting to increase employee numbers in the next 12 months
NOT expecting to increase employee numbers in the next 12 months
BUSINESS GROWTH
Expecting to grow their business in the next 12 months
NOT expecting to grow their business in the next 12 months
EXPORTING
Expecting revenue from overseas sales to grow strongly in the next 12 months
NOT expecting to grow their revenue from overseas sales in the next 12 months
9 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
Innovation is a core driver of business growth and competitiveness, and while the number of Singaporean small
businesses undertaking innovation is reasonable, more could always be done.
With the survey results showing innovative businesses are significantly more likely to be growing, exporting and
creating jobs, it is easy to see why the Singaporean government has such a strong focus on supporting innovation
and encouraging entrepreneurship. As a recent OECD paper on innovation stated, ‘in the long run, it is difficult to
imagine growth without innovation’.
The OECD estimates that innovation can contribute up to 50 per cent of economic growth depending on the
3
country, the level of economic development and the phase of the economic cycle . As Singapore works to build
upon its position as a leading knowledge economy, such an estimate highlights why the Singaporean government
is absolutely right to have innovation as a core policy focus.
Businesses are also more likely to definitely expect to undertake innovation in the next 12 months through the
introduction of a new product, service or process that is unique to their market or the world if they:
 have a business owner/manager aged under 40
 have between 5 and 19 staff
 are in the banking, finance and insurance sector, or the manufacturing sector.
KEY FINDING
Innovation is a core driver of economic growth, business growth, job creation and exporting. We suggest that
more Singaporean small businesses should place a greater emphasis on innovation and take advantage of the
world-leading support for innovation on offer by Singapore’s government.
3
OECD Innovation Strategy 2015: An Agenda for Policy Action, OECD Publishing, Paris, p. 4
10 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
E-COMMERCE
Small businesses with an e-commerce presence are more likely to be growing and
creating jobs, therefore more Singaporean small businesses could benefit from greater
investment in e-commerce.
Small businesses that generated revenue from online sales – comparison between Singapore,
Shanghai and Hong Kong
100%
Shanghai
90%
80%
Hong Kong
70%
60%
Singapore
50%
Small businesses that intend to grow their e-commerce presence to a large extent in the next 12
months – comparison between Singapore, Shanghai and Hong Kong
50%
Hong Kong
40%
30%
Shanghai
20%
Singapore
10%
11 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
The relationship between e-commerce and business growth, jobs creation and exporting
Percentage that expect to
grow their e-commerce
presence to a large
extent
BUSINESS GROWTH
Expecting to grow their business in the next 12 months
NOT expecting to grow their business in the next 12 months
EMPLOYEE NUMBERS
Expecting to increase employee numbers in the next 12 months
NOT expecting to increase employee numbers in the next 12 months
EXPORTING
Expecting revenue from overseas sales to grow strongly over the next 12 months
NOT expecting to sell into overseas markets in the next 12 months
12 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
Small businesses from Singapore are lagging behind their peers and competitors from Hong Kong and Shanghai
(but are well ahead of Australia and New Zealand) on generating revenue from online sales. This deficiency is only
likely to grow in the short term as small businesses in Hong Kong and Shanghai are more likely to expect to grow
their e-commerce presence in the next 12 months.
With the survey results showing that small businesses that are selling online and seeking to grow their e-commerce
presence are significantly more likely to be growing and creating jobs, it is easy to see why Singapore’s
government is taking decisive action to support and encourage innovation, including e-commerce.
Disappointingly, a very large percentage of businesses that do not generate any revenue from online sales do not
intend to invest in establishing an e-commerce presence in the next 12 months. While online sales are not relevant
for all businesses, when you combine the results that show a strong connection between e-commerce and growth,
and growing digital penetration and literacy of customers, the data suggests it would be wise for all businesses to
investigate establishing and growing their e-commerce presence.
Small businesses are also more likely to earn income from online sales where:




they have between 5 and 19 staff
the business has been established for less than 21 years
the respondent is aged under 40
the business is in the manufacturing sector.
KEY FINDING
With the results showing businesses making online sales are significantly more likely to be growing and creating
jobs, we suggest that Singapore’s small businesses should consider making a larger investment in e-commerce.
13 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
SMALL BUSINESS AND EXPORTING
With small businesses that expect to grow revenue from exporting being more likely to
be growing and creating jobs, it is important for businesses to consider exporting as part
of their business strategy.
Small businesses expecting revenue from overseas sales will grow strongly in the next 12
months
25%
Hong Kong
20%
Singapore
15%
10%
Shanghai
5%
0%
The relationship between exporting, and jobs creation and business growth
Percentage that expect
their revenue from
exporting to grow
strongly
EMPLOYEE NUMBERS
Expecting to increase employee numbers in the next 12 months
NOT expecting to increase employee numbers in the next 12 months
14 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
BUSINESS GROWTH
Expecting to grow their business in the next 12 months
NOT expecting to grow their business in the next 12 months
While Singaporean small businesses outperform Shanghai, Australia and New Zealand when it comes to
forecasting an expected strong increase in revenue from exporting in the next 12 months, they are behind
emerging ASEAN nations. For Singapore, this may in part be due to weak external factors in many key markets.
This focus on the domestic market of many Singaporean small businesses not only limits their growth potential but
increases their risks exposure should Singapore’s economy slow. Exporting also has other benefits including
exposing the business to new ideas from different markets.
With the survey results showing that small businesses that are forecasting their revenue from exporting to grow are
more likely to see their business grow and create jobs, it is easy to see why governments across the region are
taking action to support and encourage trade with initiatives such as the ASEAN Economic Community and the
Trans-Pacific Partnership.
Small businesses are also more likely to expect strong growth in their earnings from overseas in the next 12
months if:




the business is in the manufacturing sector
the business has between 5 and 19 employees
the respondent is aged under 50
the business has been established for less than 21 years.
KEY FINDING
With the results showing small businesses that expect revenue from exports to grow in the next 12 months are
significantly more likely to expect their business to grow and increase employee numbers, it is important for
businesses to consider exporting as part of their business strategy.
15 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
SOCIAL MEDIA
While social media use by Singapore’s small businesses is high, there is room for
improvement, particularly as there is a strong link between social media use and
business growth.
Small businesses that used social media in their business
100%
Shanghai
90%
Hong Kong
80%
Singapore
70%
60%
Small businesses from Singapore are highly likely to use social media for business purposes although somewhat
less likely than small businesses from Hong Kong and Shanghai (the number of Singaporean small businesses
using social media for business purposes is well ahead of those in Australia and New Zealand).
With businesses using social media being significantly more likely to be growing and with customers being
increasingly likely to seek to communicate and transact with businesses via social media, the lack of a social media
presence limits a business’s ability to attract, retain and transact with customers. It may also impact their brand and
their ability to grow their business.
Those that use social media use it for a variety of purposes including communicating with existing customers,
promoting their business to potential customers, and selling their products or services.
Small businesses are significantly less likely to be using social media for business purposes where:
 the respondent is aged 50 or over
 the business has been established for over 20 years
 the business has four or fewer staff.
KEY FINDING
While the vast majority of Singaporean small businesses use social media for business purposes, there is scope
for more Singaporean small businesses to consider creating or enhancing their social media presence.
JOBS AND SMALL BUSINESSES
Nearly three in ten Singaporean small businesses plan to increase their headcount
despite being less confidence about the economy in 2016.
Small businesses that increased employee numbers in the past 12 months – comparison
between Singapore, Hong Kong and Shanghai
50%
40%
Shanghai
30%
Hong Kong
20%
Singapore
10%
Small businesses that plan to increase employee numbers in next 12 months – comparison
between Singapore, Hong Kong and Shanghai
50%
Shanghai
40%
30%
Hong Kong
20%
10%
Singapore
17 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
Relationship between jobs creation and business growth, innovation, exporting and e-commerce
Percentage that expect to
increase employee
numbers in the next 12
months
BUSINESS GROWTH
Expecting to grow in the coming 12 months
NOT expecting to grow in the coming 12 months
INNOVATION
Definitely expecting to introduce a new product, service or process unique to their
country or the world
NOT expecting to introduce a new product, service or process unique to their country
or the world
EXPORTING
Expect to grow export revenue strongly
NOT expecting to sell into overseas markets
18 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
E-COMMERCE
Expect to grow their e-commerce presence to a large extent
NOT expecting to grow their e-commerce presence
Fewer than half of respondents (48 per cent) expect Singapore’s economy to grow in 2016; however, Singaporean
small businesses are more likely than not to expect their business to grow. This resilience is flowing through to
jobs, with 27.7 per cent of Singaporean small businesses planning to increase employee numbers in the next 12
months, up from the 19.7 per cent of businesses that increased their headcount in the past 12 months.
While Singaporean small businesses are significantly less likely to be creating jobs than businesses from
Indonesia, Vietnam or China, they are more likely to do so than Australian and New Zealand small businesses.
Over the next 12 months, businesses that expect to increase employee numbers are also significantly more likely
to:
 intend to significantly increase their e-commerce presence
 strongly grow their revenue from overseas sales
 innovate through definitely introducing a new product, service or process.
Small businesses are also more likely to expect to increase employee numbers over the next 12 months if:
 the business is in the manufacturing, accommodation or food services industry
 the business has between 5 and 19 staff
 the respondent is aged under 40.
KEY FINDING
A stronger focus on innovation, e-commerce and exporting should lead to more Singaporean small businesses
increasing their headcount.
19 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
BUSINESS AND ECONOMIC CONDITIONS
Singaporean confidence in the growth prospects for their own small business is mostly
positive despite a drop in economic confidence.
Small businesses that grew over the past 12 months – by market4
Indonesia
57%
Vietnam
34%
63%
China
26%
70%
Malaysia
8%
55%
Hong Kong
14%
51%
Singapore
12%
49%
New Zealand
9%
41%
Australia
15%
32%
13%
Grown A Little
Grown Strongly
Small businesses that expect their business to grow in the coming 12 months, 2009 to 2015 – by
market
100%
90%
Vietnam
80%
Mainland China
Singapore
70%
New Zealand
Malaysia
60%
Indonesia
50%
Hong Kong
Australia
40%
30%
2009
4
2010
2011
2012
All data for China excludes Hong Kong, which is shown separately.
2013
2014
2015
20 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
Small businesses that expect their local economy to grow over the next 12 months, 2011 to 2015
– by market
100%
90%
80%
Australia
Hong Kong
70%
Indonesia
Malaysia
60%
New Zealand
50%
Singapore
Mainland China
40%
Vietnam
30%
20%
2011
2012
2013
2014
2015
Fewer than half of Singaporean respondents (48 per cent) expect Singapore’s economy to grow in 2016, a 13
percentage point fall from the survey a year ago. This decline has not impacted confidence in the growth prospects
for their own business, however, with 56.5 per cent of Singaporean small businesses expecting their business to
grow in the next 12 months, almost identical to their forecast for 2015.
This resilience in the growth prospects for their business is flowing through to jobs, with 27.7 per cent of
Singaporean small businesses planning to increase employee numbers in the next 12 months, up from the 19.7 per
cent in the past 12 months.
The fall in small business confidence in Singapore’s economy is understandable given the range of external
pressures the economy is facing, including slowing growth in China, uncertainty over US interest rates, and weaker
than expected recoveries in the economies of the US, Japan and the euro area.
Small businesses that expect to innovate, grow their e-commerce presence to a large extent and strongly grow
revenue from exports are significantly more likely to expect their business to grow in the next 12 months. In
addition, small businesses are more likely to expect to grow if:
 they have between 5 and 19 employees
 the respondent is aged under 50
 the business reported growing in the past 12 months.
Small businesses are also more likely to expect their local economy to grow if:
 they have between 5 and 19 employees
 they are in the manufacturing, property or construction sector
 the respondent is aged under 40.
21 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
KEY FINDING
A stronger focus on innovation, e-commerce and exporting should lead to more Singaporean small businesses
experiencing growth.
ACCESSING FINANCE
Access to finance for Singaporean small businesses became a little easier in the past 12
months, although it remains less easy than other markets in the region.
Access to finance – the percentage that experienced easy to very easy financing conditions in
the previous 12 months5
2015
2014
Indonesia
60.6%
Indonesia
56.3%
China
59.3%
New Zealand
53.7%
Australia
54.3%
Australia
48.1%
New Zealand
50.0%
China
33.4%
Hong Kong
43.5%
Malaysia
32.3%
Singapore
34.1%
Vietnam
32.0%
Malaysia
31.8%
Singapore
30.9%
Vietnam
29.7%
Hong Kong
29.9%
Access to finance remains more likely to be difficult than easy for those Singaporean small businesses that sought
external finance in the past 12 months; however, it was slightly easier than in 2014.
These relatively difficult financing conditions appears not to be having much impact on demand for finance, with
43.5 per cent of Singaporean small businesses requiring funds from an external source in the past 12 months,
which was well above the percentage of Australian and New Zealand small businesses that sought external finance
even though small businesses in those markets experienced easier financing conditions.
Banks are the most popular source of finance for Singaporean small businesses. The next most popular sources
were venture capital/angel financing and government grants.
Singapore’s small businesses were most likely to have sought external finance to assist with business growth.
However, Singapore was also one of the most likely markets to have borrowed in the past 12 months to cover
increasing expenses, with staff costs and rent seen as the costs most detrimental to Singaporean businesses. A
stronger focus on cash flow management and cost control should see fewer businesses borrow for this purpose.
5
All data for China excludes Hong Kong, which is shown separately.
23 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
KEY FINDING
Accessing finance remains relatively difficult for many of Singapore’s small businesses. A stronger focus on cash
flow and cost control should see the number of Singaporean small businesses borrowing to cover increasing
costs fall.
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SMALL BUSINESS AND THE ASEAN ECONOMIC
COMMUNITY
The ASEAN Economic Community is expected to have a positive influence on small
business across the ASEAN region.
Expected impact of the creation of the ASEAN Economic Community on small businesses in
Indonesia, Malaysia, Singapore and Vietnam
13.4%
Very positive
50.0%
Positive
Small businesses in Indonesia, Malaysia, Singapore and Vietnam are most likely to expect the establishment of the
ASEAN Economic Community (AEC) to have a positive impact on their business. Small businesses in Indonesia
and Vietnam are especially positive about the AEC, while Singaporean small businesses are the most likely to
believe that it will have no impact or that it is too early to tell.
Larger small businesses, manufacturing businesses and businesses that have been established for between five
and ten years are the most likely to see the formation of the AEC as having a positive impact on their business.
Businesses that are expecting strong growth in export revenue over the coming 12 months are significantly more
likely to state that the AEC will have a very positive impact on their business.
Very few businesses think the AEC will have a negative impact on their business, while some are still undecided.
KEY FINDING
The ASEAN Economic Community is a positive initiative for businesses across the ASEAN region and should
improve business and economic performance for member nations.
25 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
APPENDICES
SINGAPORE DATA SNAPSHOT
Business and economic growth
Small businesses that expect their business to grow Singapore against survey average
90%
Singaporean small businesses that expect
their business to grow against small business
growth expectations for Singapore's economy
90%
70%
70%
50%
50%
30%
2011
2012
2013
Survey average
2014
2015
Singapore
30%
2011
58.7%
56.5%
Rank
2015
6/8
7/8
48.1%
6/8
2015
Businesses that grew in last 12 months
Businesses that expect to grow in next 12 months
Businesses that expect the local economy to grow in next 12
months
2012
2013
Expect local economy to grow
2014
2015
Expect their business to grow
51.3%
56.4%
Rank
2014
5/8
5/8
2015 survey
average
68.2%
70.7%
61%
6/8
61.1%
2015 survey
average
33.1%
2014
Business activity over the past 12 months
19.7%
Rank
2015
6/8
23.2%
Rank
2014
5/8
20.3%
6/8
N/A
N/A
25.4%
36.1%
6/8
N/A
N/A
39.0%
43.3%
52.6%
34.1%
6/8
4/8
6/8
49.0%
55.0%
30.9%
6/8
4/8
7/8
59.9%
56.3%
47.6%
2015
Increased employee numbers
Improved business management had a major positive impact
on their business
Increasing costs had a major negative impact on their
business
Required funds from an external source
Sought external funds for business growth
Found it easy or very easy to access external finance
2014
26 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
Planned business activity over the next 12 months
27.7%
Rank
2015
6/8
35.5%
Rank
2014
5/8
2015 survey
average
41.8%
15.2%
6/8
N/A
N/A
22.0%
19.4%
17.7%
6/8
5/8
N/A
N/A
N/A
N/A
32.2%
19.1%
13.9%
6/8
N/A
N/A
22.8%
15.2%
15.8%
28.3%
58.1%
6/8
6/8
7/8
4/8
N/A
15.5%
24.4%
67.1%
N/A
6/8
8/8
3/8
23.1%
29.2%
43.3%
59.7%
2015
Expect to increase employee numbers
Definitely expect to introduce a new product, service or
process unique to their country or the world
Grow their e-commerce presence to a large extent
Expect revenue from overseas markets to grow strongly
Expect to significantly increase spending on marketing and
promotion
Expect to grow their investment in assets strongly
Definitely will seek external funds
Expect easy to very easy access to finance
Expect to seek external finance to fund growth
2014
Social media and e-commerce
2015
Earned revenue from online sales
Used social media for business purposes
63.6%
79.6%
Rank
2015
6/8
6/8
Rank
2014
6/8
6/8
2015 survey
average
68.9%
81.4%
2015
Rank
2015
2015 survey
average
39.0%
4/4
63.4%
Rank
2014
4/8
5/8
2015 survey
average
65.6%
53.3%
2014
65.8%
82.3%
ASEAN Economic Community
Creation of the ASEAN Economic Community will have a positive impact on
their business
Demographics
2015
Business is 10 years old or younger
Respondent is aged 39 or younger

65.5%
47.7%
Rank
2015
5/8
6/8
2014
71.3%
61.6%
27 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
COMPARISON OF RESULTS BETWEEN HONG KONG,
SHANGHAI AND SINGAPORE
Key results
Business and economic growth
Businesses that grew in the last 12 months
Businesses that expect to grow in the next 12 months
Businesses that expect the local economy to grow in the
next 12 months
Hong Kong
63.8%
55.1%
Shanghai
79.5%
76.9%
Singapore
58.7%
56.5%
52.1%
71.1%
48.1%
Hong Kong
32.5%
Shanghai
39.7%
Singapore
19.7%
32.8%
45.5%
27.7%
Hong Kong
Shanghai
Singapore
17.7%
25.0%
15.2%
Hong Kong
80.4%
Shanghai
92.3%
Singapore
63.6%
42.6%
29.5%
19.4%
93.2%
96.2%
79.6%
Hong Kong
Shanghai
Singapore
22.3%
10.9%
17.7%
Jobs creation
Increased employee numbers over the past 12 months
Plan to increase employee numbers over the next 12
months
Innovation
Definitely expect to introduce a new product, service or
process unique to their country or the world
Online sales and social media
Earned revenue from online sales
Expect to grow their e-commerce presence to a large
extent in the next 12 months
Used social media for business purposes
Exporting
Expect revenue from overseas markets to grow strongly
over the next 12 months
28 | THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 – SINGAPORE REPORT
Improved business management
Improved business management had a major positive
impact on their business
Hong Kong
Shanghai
Singapore
20.4%
32.1%
20.3%
Hong Kong
Shanghai
Singapore
41.9%
39.1%
36.1%
41.9%
41.7%
32.6%
Costs
Increasing costs had a major negative impact on their
business
Rent was the cost increase most detrimental to their
business
ABOUT THE SURVEY
The CPA Australia Asia-Pacific Small Business Survey 2015 is part of a longitudinal annual study of small business
conducted by CPA Australia since 2009. This report presents a cross-market comparison between the eight
markets surveyed and, where applicable, a comparison of results from 2009 onwards. The survey was conducted
between 24 September and 14 October 2015.
The mainland of China and Vietnam were included in the survey for the first time in 2014. Indonesia and New
Zealand were included in 2011.
The survey in the mainland of China was conducted in Beijing, Chongqing, Guangzhou and Shanghai. All data for
China excludes Hong Kong, which is shown separately.
Interview method
In each market, the online survey was conducted amongst a random sample of small business owners/managers.
The sample was obtained through online panel provider Research Now and their Asian panel partner iPanelonline.
To qualify for the survey, participants were required to be an owner, a senior manager (defined as being a director,
a principal, a CEO, a CFO, a senior manager or a managing director) or a qualified accountant of a business with
fewer than 20 employees.
Sample
In total, 2932 participants completed the survey, including 510 from Australia, 610 from the mainland of China, 265
from Hong Kong, 306 from Indonesia, 310 from Malaysia, 311 from New Zealand, 310 from Singapore and 310
from Vietnam.
Of the 610 participants from the mainland of China, 155 were from Beijing, 152 were from Chongqing, 147 were
from Guangzhou and 156 were from Shanghai.
Questioning
Questions on small business confidence, employment, social media, costs and access to finance were drawn from
previous surveys. Some slight modifications to question wording were made to a number of those repeated
questions. Questions on innovation, major influences on the business environment, e-commerce, spending on
marketing and assets and exporting are new in this survey.
Questionnaires in Australia, Singapore and New Zealand were administered in English. The Hong Kong
questionnaire was administered in traditional Chinese, the questionnaire for Malaysia was administered in both
English and Bahasa Malaysia, Indonesia’s questionnaire was administered in Bahasa Indonesia, China’s
questionnaire was administered in simplified Chinese, and Vietnam’s questionnaire was administered in
Vietnamese.
Rounding
All percentage results shown in this report have been rounded.
29
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