SMEs seek growth and risk resilience in 2022, survey shows
April 28th, 2022 – Owners of small and medium-sized enterprises (SMEs) in South and Southeast Asia are optimistic about their economic growth prospects in 2022, but many remain wary of risks caused or magnified by the pandemic, according to the Sun Life Asia Business Growth and Resilience Index.
In late 2021, Sun Life surveyed about 2,400 SME owners from Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore and Vietnam to determine the overall business growth and resilience index scores for South and Southeast Asia. Jay Sala, head of strategy, investment management and client impact at Sun Life Asia, said the project aimed to understand how business owners feel about their growth prospects and how well protected they are against business risks, especially in the time of COVID-19.
The Sun Life survey showed a generally optimistic outlook among respondents in terms of their business growth prospects, illustrated by the following results:
– 74% expect the financial position of their business to improve in 2022
– 70% expect their national economic situation to also improve in 2022
– 84% plan to expand or grow their business in 2022, with the top plans being to expand their product offering (44%), digitise to grow the business (30%), hire new employees (30%), and expand into new industries (22%)
These results translated to an overall growth index score of 65 out of 100, revealing that business owners have a positive sentiment regarding their financial position, growth plans, and the present economic situation.
The survey also delved into business owners’ perceptions of different business risks and their level of preparedness.
Written by Insurance Business Asia
Photo: Peer2Peer Finance News
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