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The ServisHero Small Business Sentiment and Friendliness Survey carried out in April by the services platform, ServisHero, shows strong business confidence in Singapore, more than in Malaysia while big cities enjoy more optimism from business owners.
Singapore came first in the optimism of business owners, over Kuala Lumpur, but Johor Bahru and Penang fell short.
A large number of respondents (63%) said their business are performing better than last year, and 65% reported an increase in client base over the past six months.
Businesses with 2 or more employees, plus those who have been in business for over a year expect more growth in the next six months.
While obtaining business licenses gathered positive reviews across all regions, access to finances revealed the biggest disparity among Malaysian and Singaporean businesses, with Malaysians generally more dissatisfied with available sources of funding.
It is good news that Singaporean businesses feels it is easier to access finance.
Three-quarters of Malaysian businesses and two thirds of Singaporean businesses found it difficult to find and hire new employees. It appears that this may be a continued theme as 56% of respondents expressed intent to hire in the next six months.
The survey returned an overall Sentiment Index of 64.1, indicating that on balance, small business owners across the region are confident about business growth despite the gloom blanketing the economy over the last few months, and anticipate further growth.
Singapore came first in the optimism of business owners, over Kuala Lumpur, but Johor Bahru and Penang fell short.
A large number of respondents (63%) said their business are performing better than last year, and 65% reported an increase in client base over the past six months.
Businesses with 2 or more employees, plus those who have been in business for over a year expect more growth in the next six months.
While obtaining business licenses gathered positive reviews across all regions, access to finances revealed the biggest disparity among Malaysian and Singaporean businesses, with Malaysians generally more dissatisfied with available sources of funding.
It is good news that Singaporean businesses feels it is easier to access finance.
Three-quarters of Malaysian businesses and two thirds of Singaporean businesses found it difficult to find and hire new employees. It appears that this may be a continued theme as 56% of respondents expressed intent to hire in the next six months.
The survey returned an overall Sentiment Index of 64.1, indicating that on balance, small business owners across the region are confident about business growth despite the gloom blanketing the economy over the last few months, and anticipate further growth.
Image courtesy of shutterstock
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