SMEs are looking towards the Singaporean government to help them grow their businesses. About eight in 10 SMEs are expecting some business incentives from the impending Budget announcement, according to a poll conducted by the DBS Bank.

Hiring the right talent and retaining those employees are the two major challenges faced by SMEs. Moreover, ensuring that the employees have the required skills and capabilities to fulfill the job is another issue that SMEs are facing in the region.

However, the government-driven SkillsFuture efforts seem to be paying off because about nine in ten executives polled have said that their employees are now able to have easy access to training programs that are cost effective.

Expanding overseas has proven to be a challenge for several SMEs with about 55 percent of the SMEs polled saying that they lack the “understanding of regulatory requirements,” and “market knowledge.” Thus, they are unable to find the right collaborating partner, especially in a global scenario wherein global trade tensions continue to rise and the island country's domestic economy continues to slow.

“Even though smaller businesses typically require more assistance in weathering storms, innovation, nimbleness and the ability to adapt to change quickly will enable SMEs to thrive in uncertain times,” said Joyce Tee, Group Head of SME Banking, DBS Bank.

As major roadblocks are strewn across SMEs’ path, about seven in 10 SMEs are seeking for assistance and advice from governmental agencies. About 27 percent are looking for help in identifying the right partners and grants to scale up their business while 19 percent of the respondents are seeking support in tax issues.

With hiring the right talent and retaining highly qualified individuals in a fast-paced global talent environment, the small-business and enterprise leaders and the government of Singapore are hoping to work in tandem to give a much-needed boost to these businesses in order to enhance the state of the domestic economy as well.