Singapore's small business sector and the financial crisis: Is the small business sector positioned to survive?

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dc.contributor.authorCameron, Heather
dc.date.accessioned2024-07-11T16:56:42Z
dc.date.available2024-07-11T16:56:42Z
dc.date.issued2009
dc.description.abstractGlobal financial distress caused by the sub-prime mortgage crisis has created several difficulties for the nations of the world. One of the most prominent of those areas affected is the small business sector, as businesses struggle to receive access to credit and demand for products and services. Singapore, one of Southeast Asia’s most thriving economies, has been heavily impacted by this crisis. This paper discusses the topic described above and focuses on the nation of Singapore. The information presented has been sourced from online newspapers, government and company websites, personal interviews, and academic literature. This paper will examine how small businesses have been aff ected by the crisis, what assistance the government has provided to support the small business sector, and what strategies small businesses should adopt in order to minimize risk and ensure competitiveness. Several accounting concepts will be applied to illustrate how businesses can mitigate risk. This paper proves that the small business sector in Singapore is fairly well-positioned to recover from the financial crisis. It illustrates that despite the impact of the crisis on the Singaporean economy, small businesses have been equipped with extremely supportive government assistance programs and other external sources of support. However, it is suggested that small businesses must also examine their internal operations and adopt the necessary changes in order to survive. This paper concludes that small businesses in Singapore who are able to adapt to changes inherent in the marketplace have the opportunity to derive a competitive advantage over those who resist change.
dc.description.reviewstatusReviewed
dc.description.scholarlevelUndergraduate
dc.identifier.citationCameron, H. (2009). Singapore's small business sector and the financial crisis: Is the small business sector positioned to survive? Bachelor of Commerce Best Business Research Papers, 2, 10–22.
dc.identifier.urihttps://hdl.handle.net/1828/16734
dc.language.isoen
dc.publisherBachelor of Commerce Best Business Research Papers
dc.titleSingapore's small business sector and the financial crisis: Is the small business sector positioned to survive?
dc.typeArticle

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Bachelor of Commerce Best Business Research Papers, Vol. 02 (September 2009)
 
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