Singapore SMEs Need Help Going Global

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Is there room for further global growth for Singaporean SMEs? You bet.  According to new research from the Association of Chartered Certified Accountants (ACCA), small and medium enterprises (SMEs) in Singapore would like more information and support on global trade opportunities to help them internationalize.

What's the biggest barrier?  Competition.

Some 43 per cent of respondents said that the most helpful measures for enabling more SMEs to participate in global trade were providing more information and support on trade opportunities, while the same number said securing new or improved trade agreements was crucial.

Read more about how Singapore SMEs could do with more help to go global.

Should Every SME Become a Global Business?

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We sure hope so. Yet according to Brendan Murtagh, speaking at the 28th annual Caribbean Accountants Conference, he said:

"I'm not suggesting every SME needs to become a global business, but to be the best they can be, they have to understand that there are going to be opportunities out there in the current climate whereby they can get together and leverage what they have together with other partners, and actually make a stronger, better business that's going to add to the economy as a whole. We are saying if you are going to recognize these opportunities, you have to step back and ask how are we going to do it?"

Read more here.

Note: IASB Issues Accounting Standard for SMEs