About three in four SME owners surveyed in Singapore (74%) expect to grow their businesses in the next 12 months, the new SMEs Go Places Survey by Singapore Airlines (SIA) and American Express (AMEX) has revealed.
To expand into other countries, SME owners were found to take an average of 7.6 trips a year, while 70% of SMEs have staff who travel two or more times monthly. The most common travel locations - Malaysia (61%), China (54%), Thailand (35%), Indonesia (34%) and Australia (29%).
With frequent travelling resulting in the need for cash flow, it is no surprise that 52% of SME owners said cash flow management is an issue that keeps them up at night. This was followed by increasing competition (59%) and access to capital (42%).
These findings were released yesterday at an event attended by Human Resources Online where SIA and AMEX launched the American Express and Singapore Airlines Business Credit Card.
Designed to reward and support SMEs in Singapore, the new credit card is linked to the HighFlyer Programme, and offers a suite of benefits from complimentary travel insurance, to airport lounge access and more, to meet the needs of frequent SME business travellers.
Celine Chua, Vice President, Global Commercial Services for Singapore, American Express (Pictured above), explains: "SMEs have different needs and they don't always get the same level of support as larger companies. Our survey reaffirms this as 59% of SMEs said partnering established companies for guidance and support would have made their expansion overseas easier.
"This is precisely why American Express and Singapore Airlines are bringing the first business travel card for Singapore SMEs to support them by turning their business expenses into rewards."
Photo / Provided
[From L-R: Celine Chua, Vice President and General Manager, Global Commercial Services Singapore, American Express; Geoff Begg, Senior Vice President and General Manager, Global Commercial Services Asia Pacific, American Express; Campbell Wilson, Senior Vice President, Sales and Marketing, Singapore Airlines; Edwin Chiang, Area Vice President Singapore, Singapore Airlines]