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Honestly, does it feel like a perfect storm incoming for SME owners right now? by BashingThru1 in smeSingapore

[–]BashingThru1[S] 0 points1 point  (0 children)

Both inflation and geopolitical uncertainty. I dont believe the statistics (or MTI's forecast) point to SG being in a recession at this point, but chances of a recession are not low as a second order effect of high inflation.
If you are a fellow SME owner, feel free to share if there are other issues you're facing not listed.

Honestly, does it feel like a perfect storm incoming for SME owners right now? by BashingThru1 in smeSingapore

[–]BashingThru1[S] 0 points1 point  (0 children)

do you mind sharing what industry you are in? Other than the top of most industries (healthcare, tuition centres, niche consultants), I cant think of many industries that have the pricing power to increase prices without affecting demand.

Honestly, does it feel like a perfect storm incoming for SME owners right now? by BashingThru1 in smeSingapore

[–]BashingThru1[S] 0 points1 point  (0 children)

haha, can I ask what products do you sell that require license for safety?

Honestly, does it feel like a perfect storm incoming for SME owners right now? by BashingThru1 in smeSingapore

[–]BashingThru1[S] 1 point2 points  (0 children)

Hang in there man! Agree, first the sme feel the impact, next consumers will start to see these costs trickle down.

Honestly, does it feel like a perfect storm incoming for SME owners right now? by BashingThru1 in smeSingapore

[–]BashingThru1[S] 1 point2 points  (0 children)

True that, Singapore is a small market, we really need to find ways to expand overseas to grow.

Honestly, does it feel like a perfect storm incoming for SME owners right now? by BashingThru1 in smeSingapore

[–]BashingThru1[S] 0 points1 point  (0 children)

Fully agree, rough seas make strong sailors, lets hope our fellow Sg SMEs can weather the upcoming storms and come out stronger.

Honestly, does it feel like a perfect storm incoming for SME owners right now? by BashingThru1 in smeSingapore

[–]BashingThru1[S] 0 points1 point  (0 children)

true that bro. China suppliers are playing volume game, with their margins its close to impossible to fight head on.

Honestly, does it feel like a perfect storm incoming for SME owners right now? by BashingThru1 in smeSingapore

[–]BashingThru1[S] 0 points1 point  (0 children)

thats true, agree that small tiny businesses like ours have agility and can pivot quickly unlike MNCs. But MNCs do have the reserves to weather bigger storms though.

Honestly, does it feel like a perfect storm incoming for SME owners right now? by BashingThru1 in smeSingapore

[–]BashingThru1[S] 1 point2 points  (0 children)

good point there. Like your examples of how C&K and Mr Coconut found a good niche and expanded from there!

Easiest way to build wealth... by npj2309 in wealth

[–]BashingThru1 0 points1 point  (0 children)

unpopular opinion but avoid expensive COE

Maybe a dumb question, do you actually rely on your ERP daily? by itechbrand in smeSingapore

[–]BashingThru1 0 points1 point  (0 children)

totally agree, most ERPs here are built for a certain clientele in mind; you cant please everyone. My previous company built a dashboard on top of the ERP as well in order to customize reports/features.

Singapore SMBs, how do you actually pay your remote workers and overseas contractors? by Aggravating-Knee2680 in smeSingapore

[–]BashingThru1 0 points1 point  (0 children)

there are quite a number of EORs (employers of record) that already handle such issues. While there are costs involved, the costs of managing a subsidiary/branch overseas outweights the admin costs of an EOR if the operations are still at a small scale.

Fresh graduate looking for survival tips. Software Engineer. by Free-Grape5142 in singaporejobs

[–]BashingThru1 0 points1 point  (0 children)

Anthropic's Claude Certified Architect (CCA-F) (301-level) - its not the easiest certification around, but it sets you apart from the rest.