The Global Marketplace and Environmental Issues Affecting the Singapore Companies (in Operation Management)

This essay sample concerns Singapore companies and SME sectors. We shall discuss the international barriers faced by the organizations while going abroad. Small and medium-sized enterprises are companies that employ less than 200 workers with an annual turnover of less than $100m. International marketing is risky as it possesses uncertainty and challenges. It is more dynamic than the national market. Let’s dive in and understand more about international barriers for Singapore companies.

Overview of Singapore companies

The Singapore SMEs contribute around 49% of GDP and is worth $150 billion. It provides 66% of employment. SMEs in Singapore are facing hurdles in innovating and understanding their customers. The expansion of small or medium size Enterprises can only happen by expanding across the borders. Only 14% of SME businesses intend to expand internationally. Going International can be an economic booster for Singapore companies. Therefore, Singapore companies should internationalize. Some top-performing SMEs in Singapore are Diamond sky oil Pte ltd, Sin energy Pte Ltd, and others.

Global forces affecting Singapore businesses

The world of business is rapidly changing. The global forces are affecting Singapore businesses also. Let’s study them in detail.

International policies

It includes variations in exchange rates between countries that can affect business. The tariff barriers and Taxes imposed on imports can make it difficult in owning adequate profits.

Environmental and social issues

Shareholders and customers are interested in knowing whether your company is environmentally friendly. For example, the products you sell are not using child labor. The goods you produce do not contain any hazardous substances.

Government rules

While going international, the company must comply with local rules and regulations. In many countries, there is a restriction on the use of hazardous material and plastic bags. The recycling rules are also to be followed.

Technological advancement

The use of computers and upcoming technologies is required. The breach of data and computer security must be in place to not get exposed to legal liabilities.

Natural disasters

The differences in climate and natural disasters can affect the operation of the business. The organization operating in sensitive areas that are prone to fire, flood, and drought can be a great loss

Terrorism

Terrorism has become a global issue. Terrorism attack is a risk while trading internationally.

Cultural environment

The differences in buying capacities, languages, and needs of the global market can affect local SMEs. Efforts are required in market segmentation, distribution policies, pricing factors, and product redesign.

Political environment

Governments in different countries have their unique approaches to international trade. Every Nation possesses different Export-Import policies and fiscal policies. While stepping into the international market the legal and political environment need to be considered.

Top 10 challenges faced by Singapore SMEs to go overseas

The local companies and small food and beverage outlets face enough challenges in expanding. Even companies who wish to expand globally find Limited financing and lack of Manpower. There are various business problems in Singapore SMEs going overseas. Let’s find out the challenges faced by them.

• Failure to meet customer needs
• Laws of the intellectual right
• Increased competition and poor innovation
• Damage to brand reputation
• Workforce shortage
• Corporate governance
• Major project failure and compliance burden
• Liquidity and cash flow risk
• Outsourcing
• Economic slowdown

Small business owners must be competitive and implement effective digital solutions. SMEs in Singapore must mitigate new risks to achieve sustainable success on a global scale. These companies can achieve it by exploring financing and insurance functions.

Singapore Government support for firms to go overseas

The Government of Singapore has adopted new initiatives and programs to push internationalization into the local business.

Go Digital program

This is a government-funded program in which a subsidy of 70% on artificial Intelligence and cybersecurity is provided.

Skills future enterprise credit

A provision of $10000 per enterprise is made to help SMEs with training, job redesign, and business transformation.

Market ready assistance (MRA) schemes

These are adopted to help organizations in trade agreements. The Global talent program focuses on nurturing local talent for internationalization.

Conclusion

From the above article, we have gained knowledge of Singapore SME industries. So far, we have come across various Global challenges that Singapore companies faced going overseas. The Singapore government is playing a significant role in creating a healthy ecosystem to make SMEs excel. There are various opportunities for the companies beyond Singapore shores.

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