Small Medium Enterprise (SME) |
Word Count: 1766 words |
1. Introduction 2
2. Contribution of SMEs in Singapore 3
3. Constraints of SMEs in Singapore 5
3.1. Land 5
3.2. Labour 5
3.3. Capital 5
3.4. Enterprise 6
4. Steps to strengthen SMEs in Singapore 6
5. Conclusion: Future prospect of SMEs in Singapore 8
With the use of technology, Singapore is building the world’s first Smart Nation to enhance citizen-centric services to improve the quality of life for individuals and business productivity for enterprises. In Smart Nation, companies will have new and more opportunities to expand and be more productive. SMEs plays a key role in joint development and deliver services such as optimising the deployment of field worker (e.g. Maintenance) through higher visibility of needs and availability of workers, better use of logistics vehicles through smart queue systems and information from traffic systems, smarter automation through the use of sensors and robots in F&B retail, construction and transport and new businesses as Singapore uses more energy management and sustainable environment technologies for example emission detection (Infocomm Development Authority Of Singapore, 2014).
Realising the importance and contributions of SMEs to the economy, government are enhancing support for SMEs to help overcome the challenges they are facing and to achieve quality growth. The 3 areas government focus providing support includes productivity, innovation and capability upgrading. Secondly, government encourage internationalisation and promote collaboration between larger enterprises and SMEs. Thirdly, government is creating a more conducive business environment by simplifying assistance schemes for SMEs and enhancing existing Enterprise Development centres (EDCs) into one stop, integrated SME Centres (Ministry Of Trade and industry, 2013).