Up to 56% of surveyed businesses said that they often use foreign currencies for transactions, of which more than 90% of transactions are valued at 50,000 SGD (37,760 USD) or more. (Photo: AFP/VNA) Hong Kong (VNA) –Cash flow shortage is a common challenge faced by small- and medium-sizedenterprises (SMEs) in Southeast Asia, with 58% of those from Singapore,Malaysia, Thailand and Indonesia reporting their existing cash flow sufficient to sustain their operations for six months, according to a YouBiz report.
The document on business expensesestimate for 2023 coming out on January 18 underlined that the firstimportant task of SMEs was to reduce operating costs.
It was made based on an analysisof more than 60,000 commercial transactions from 4,500 businesses.
More than 60% of the SMEs have applieddigital tools to optimise business operations and reduce costs. Tools that were used bySMEs for over six months include customer service software (42%), email marketingsoftware (39%), project collaboration tools (35% ), e-commerce software(39%) and marketing automation (32%).
Along with the reopening ofborders and easing of regulations related to tourism, enterprises want toresume tourism activities to participate in face-to-face conferences, enhancebusiness partnerships with new partners as well as explore potential markets.
More than 70% of the SMEs saidthat global payment is a key factor to ensure business continuity during theCOVID-19 pandemic. These businesses also intend to continue to use the global payment method or use it more often, increase cross-border customers and cooperatewith more partners.
Up to 56% of surveyed businessessaid that they often use foreign currencies for transactions, of which morethan 90% of transactions are valued at 50,000 SGD (37,760 USD) or more./.
