Quotes from The Business Times

In spite of improving economic climate, Singapore SMEs appear to be less optimistic about their own growth compared to their Asian counterparts.

According to the UPS Asia Business Monitor findings, 49 per cent of the 100 SME leaders surveyed in Singapore said that they expect better prospects for their firm this year, placing them in the 10th place in terms of optimism level out of the 13 Asian countries. .

Considering that Singapore's economic growth was in the double digits in the last two quarters, Stone Forest Corporate Advisory director Tay Woon Teck said the finding is "surprising".

"Even the people in Malaysia, the Philippines, Thailand- (and) you know what's happening in Thailand- scored higher than us. So the question I ask is: 'Could this be due to the more prudent mindset of our entrepreneurs? And does such a mindset augur well for the overall development of creative and innovative entrepreneurship in Singapore? The lower proportion of SMEs that are hopeful of better days could stem from the cautious stance seen among business owners here."

"They like to do a lot of research; they need confirmation that things are okay, and because of this, they are always a quarter too late to capitalize on opportunities. I'm saying that we have to be cautious, but it's a question of degree. If we are always a quarter too late, then the opportunities will just slip by," said Mr Tay.

This article was published in The Business Times on the 17th August 2010, "Local SMEs less optimistic about growth prospect".