Small- and medium-sized enterprises (SMEs) need to embrace a mindset change if they want to thrive. This also means upgrading their facilities, adjusting their workflow processes and developing their workforce, said the Singapore Chinese Chamber of Commerce and Industry (SCCCI).

To help boost the competitiveness of SMEs in Singapore, the SCCCI has conducted productivity missions to Japan, South Korea, Germany and the Greater China region for business leaders in various industries to help them identify best practices and other innovative ways to enhance productivity.

These missions are supported by SPRING Singapore. The agency is encouraging smaller and micro-SMEs to explore shared services, equipment and IT solutions to reap economies of scale.

Ms Leung Wai Ling, group director at SPRING Singapore, said: “We have also rolled out the enhanced innovation and capability voucher this year to look at helping micro-SMEs and small SMEs to adopt bite-sized solutions or integrated solutions.

“Some of these solutions could be plug-and-play – so examples would be point-of-sale system for the retail sector, some kind of inventory management, or even a simple racking system to help create more space.” –Channel NewsAsia