Amid all the disruption and flux in today’s market, the ‘big boys’ find themselves under immense pressure to catch up or get left behind. American Express surveyed 253 SMEs to get the temperature of the local business community. By S. Sakthivel
The buzzword ‘disruptor’ may have become synonymous with innovation and success but the volatility it’s causing the flat-footed businesses caught unawares is worth bearing in mind.
And sometimes even the disruptors are caught up in their own game plan. On-demand ride providers Uber, have taken a hit, reporting more than a billion in losses amid aggressive global expansion.
In this year’s American Express Singapore’s Chief Future officer Survey of 253 local SMEs, 87% of those surveyed said they are choosing to focus on fighting the day-to-day fires as opposed to putting together strategic plans for the future according to.
The survey found cash flow, rising costs, and local market conditions to be main concerns for these businesses.
What challenges await SMEs as they try to navigate today’s choppy and unpredictable business landscape?
We talk to Nigel Fox, Vice President and General Manager of Global Corporate Payments at American Express Singapore, and David Cheah, Chief Financial Officer of luxury e-commerce platform Reebonz to find out more about the current business climate and the effects on disruption on their industries.