How Singapore based SME’s can future proof against supply chain shake-ups

The headline message 
Throughout 2024, Southeast Asian supply chains have continued to re-order as larger firm try to navigate ongoing trade disruptions, increasing compliance, and environmental shocks. Smaller firms are vulnerable to being squeezed out of the value chain if they don’t adapt to the shifting dynamics.

The killer stat for SMEs

• A HSBC supply chain study notes 67% of Asian organisations are planning to consolidate their supply chains, preferring to increase the stickiness with fewer but more strategic suppliers.

Singapore is helping its smaller firms manage the change 

Enterprise Singapore is getting very pointed and specific in its support with some upgrades to existing initiatives including: 

1. The Enterprise Financing Scheme, which provides working capital loans to SMEs, having its maximum loan size increased to SGD$500,000
2. Market Readiness Assistance Grant to help Singapore-based SMEs expand abroad has been extended until March 2025
3. The Partnerships for Capability Transformation Scheme, aimed at supporting manufacturers set up IT and systems to comply with larger firms’ manufacturing compliance needs, has now been widened to include a wider range of industry segments

So many grants – not enough time. What to do? 

There is no shortage of support schemes available to SMEs but for small firms with thin resources, it can be overwhelming. In typical Singapore fashion, the government agencies have thought of this too, and have developed some aggregating advisory services such as:  

• The GoBusiness Portal - a comprehensive platform where SMEs can find information on different grants and assistance schemes 
• The Enterprise Singapore advisory services are expanding online and increasing the number of drop-in centres across Singapore to help SMEs identify suitable grants
• And while waiting for a government grant to be disbursed, any smaller firms facing financing issues can apply for a SMB Grant Hub Subsidy

This is a five-part series looking at the opportunities for businesses across the Australia – Southeast Asia corridor. The insights are powered by Via Group: a communications agency focused on supporting international businesses with their cross-border communications needs across Asia. You can check them out at wearevia.com

See other stories in this series:
•    Australia and Singapore to help bolster SMEs ESG credentials
•    Moves afoot to give Singapore based fintechs a safe landing in Australia
•    Unlocking talent amongst Singapore start-ups
•    Renewing strategic vows: Australia and Singapore eye AI and digital transformation in 2025