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ASEAN SME TRANSFORMATION SURVEY 2020 Positioning Looking Ahead: Their Businesses Opportunities for the Future for ASEAN Post-COVID-19 Page 22 Page 32

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ASEAN SME TRANSFORMATION SURVEY 2020 Positioning Looking Ahead: Their Businesses Opportunities for the Future for ASEAN Post-COVID-19 Page 22 Page 32 Are you ready to turn today's challenges into opportunities? ASEAN SME Transformation Study 2020: 1,000 regional SMEs share how they are responding to COVID-19 and becoming future-ready Contents Foreword ASEAN SME Support from Transformation their financial Survey 2020 partners Page 4 Page 6 Page 18 2 ASEAN SME TRANSFORMATION SURVEY 2020 Positioning Looking ahead: their businesses opportunities for the future for ASEAN post-COVID-19 Page 22 Page 32 ASEAN SME TRANSFORMATION SURVEY 2020 3 Foreword The start of the new decade By doing so, SMEs will be able to weather the crisis better and be well-positioned for has brought about significant the digital future – a future where technology challenges for ASEAN’s small and has reshaped the ways in which businesses and individuals operate, work, live and play. This will medium-sized enterprises (SMEs). also help SMEs to stay ahead of the competition. Already having to cope with headwinds from To help ASEAN SMEs gain insight into the geopolitical uncertainties, SMEs are now grappling strategies their peers are taking to ensure the with the unprecedented economic, business and survival of their business amid COVID-19 concerns, social impact of the COVID-19 pandemic. As a United Overseas Bank (UOB), Accenture and result, global growth has contracted sharply and Dun & Bradstreet (D&B) have collaborated on many SMEs are struggling to stay afloat in these the ASEAN SME Transformation Study 2020. challenging times. SMEs across five key ASEAN countries – To help SMEs see through to calmer waters, Indonesia, Malaysia, Singapore, Thailand and governments and financial institutions in ASEAN Vietnam – were surveyed. The insights were are offering lifelines to SMEs in the form of grants, gained from two surveys with 1,000 SMEs loans at reduced interest rates and wage support conducted before and during the COVID-19 schemes. Other stakeholders in the business pandemic in July 2019 and May 2020, respectively. ecosystem, from industry associations, banks to technology firms, have also stepped up to The report explores other areas including their help SMEs navigate through the uncertainties. investments, the relationship between SMEs and their financial providers, as well as their preferred While managing cash flow is an immediate sources of financing. It also identifies potential priority for many SMEs, it is imperative that they opportunities for ASEAN SMEs to help them continue to deepen their internal capabilities through prepare for economic recovery. technology, so that they can emerge from COVID-19 stronger. While some business plans have taken a SMEs comprise at least 97 per cent of businesses back seat while SMEs manage immediate priorities, across ASEAN1 and are the region’s growth many are using the current turmoil to ensure their engine. As their operations resume post-COVID-19, long-term competitiveness and to be ready for we hope that the insights in this report provide the “new normal” in a post-pandemic world. a helpful guide as they make long term plans to seize business opportunities and to achieve COVID-19 has accelerated the shift to digital sustainable growth. We look forward to continue technologies. As such, ASEAN SMEs are focusing supporting ASEAN’s SMEs and to help them their attention on digital transformation as a way realise their growth ambitions. to drive online revenue streams amid COVID-19. Lawrence Loh Geoffroy Descamps Audrey Chia Group Head Managing Director Chief Executive Officer Business Banking SEA Financial Services Strategy Dun & Bradstreet Singapore United Overseas Bank Accenture 4 ASEAN SME TRANSFORMATION SURVEY 2020 ASEAN SME TRANSFORMATION SURVEY 2020 5 ASEAN SME Transformation Survey 2020 Vietnam is the Chair of ASEAN for 2020. 6 ASEAN SME TRANSFORMATION SURVEY 2020 This section provides insights Figure 1: Change in revenue expectations from 2019 (before COVID-19) to 2020 (during COVID-19) into the priorities, challenges Before During and plans that SMEs have COVID-19 COVID-19 1% 6% 4% Increase by 25% for the year based on the 3% findings of the ASEAN SME 4% Increase by 10-25% Increase by up to 10% Transformation Survey 2020. 31% 17% Remain flat We conducted interviews with 1,000 SMEs Decline by up to 10% across Indonesia, Malaysia, Singapore, Thailand 31% Decline by 10-25% and Vietnam, with equal representation from each 22% market. The survey was done at two points in time – Decline by >25% the first in July 2019 and a follow up in May 2020 to understand the impact of COVID-19 on SMEs. 13% The survey also outlines SMEs’ expectations of ecosystem partners such as banks, technology 15% 40% vendors and government agencies when supporting 8% their operational needs and business growth. 5% Revenue expectations for 2020 Source: ASEAN SME Transformation Survey, 2020 Note: All subsequent figures are similarly sourced, with n=1,000, unless Given the far-reaching and extended impact otherwise stated. Please refer to demographic details in the Appendix. of COVID-19, it is not surprising that almost nine in 10 SMEs (88 per cent) surveyed expect a decline in revenue in 2020. Thai SMEs were the most pessimistic about their outlook for the year while Singaporean SMEs were the most optimistic. The pessimistic outlook held by ASEAN SMEs is a stark contrast to their sentiment at the end of 2019, where 60 per cent anticipated that their revenues would increase. Figure 2: Revenue expectations among SMEs in each market during COVID-19 Revenue increase Remain flat Revenue decrease Indonesia 9% 4% 87% Malaysia 8% 3% 89% Singapore 12% 4% 84% Thailand 4% 3% 93% Vietnam 4% 6% 90% ASEAN SME TRANSFORMATION SURVEY 2020 7 Business challenges in 2020 This is particularly pressing for SMEs in Malaysia (57 per cent) and Singapore (55 per cent), who To combat the spread of COVID-19, governments were more concerned than their regional peers. across ASEAN implemented various safe On the other hand, Thai SMEs were the least distancing restrictions on the way business concerned about their cash flow, with only could operate. These measures resulted in the 37 per cent expressing that it is a challenge. disruption of normal operations for many SMEs, with many forced to close their doors and/or The second biggest area of concern by ASEAN to seek new ways to make their businesses work. SMEs is a decrease in sales forcing the eventual closure of their business. This concern was felt The biggest concern among the SMEs surveyed most acutely by SMEs in Indonesia (52 per cent) in May 2020 is maintaining their cash flow and Malaysia (51 per cent). as they weather the impact of COVID-19. Figure 3: Immediate business concerns Ensuring sucient cash flow 48% Decrease in sales/potential closure of business 46% Unable to engage customers and to provide customer service due 42% to government lockdowns and/or physical distancing measures Diculty in paying back loan instalments 30% to banks/financial institutions Disruption to business expansion plans/eorts 27% Change in consumer needs/behaviour 27% Operating manpower cost 27% Diculty in accessing bank financing 20% to sustain operations 8 ASEAN SME TRANSFORMATION SURVEY 2020 Coping with their challenges SMEs in Singapore (72 per cent) and Vietnam (68 per cent) were the most satisfied with To help ASEAN SMEs cope with the disruption the relief measures while those in Thailand to their business, governments across ASEAN (47 per cent) and Indonesia (45 per cent) felt have rolled out various initiatives aimed at that more could be done for them. helping SMEs to stay afloat. Among all the government-led COVID-19 relief Most SMEs are generally satisfied with the measures, ASEAN SMEs valued the ones which COVID-19 relief measures from their respective could help with their cash flow the most. governments, with more than one in two (58 per cent) expressing this sentiment. Figure 4: Preferred COVID-19 relief measures from their governments 50% 46% 36% Deferment of income tax Loan assistance Wage assistance 33% 31 % 28% Property tax rebates Support on business Targeted assistance for transformation dierent industries 27 % 25% 24% Higher rental rebates Advice on new business Support programmes to threats and opportunities upgrade employees’ skills ASEAN SME TRANSFORMATION SURVEY 2020 9 As part of managing their cash flow pressures, ASEAN SMEs in the transport and storage industry SMEs are focused on reducing their costs by increasing (88 per cent) indicated the strongest preference their efficiency over measures such as reducing their for improving their efficiency as a way to manage employees’ salaries. SMEs are managing their costs costs while those in the retail trade were least amid the outbreak by improving business efficiency likely to do so (75 per cent). Instead, SMEs through the use of technology (81 per cent), deferring in the retail sector are opting to defer their their loan repayments through COVID-19 relief loan repayments (81 per cent) and to obtain schemes (75 per cent) and renegotiating payment financing (79 per cent) to manage costs. terms or contractual obligations (75 per cent). Figure 5: Top five cost management methods Total Singapore Malaysia Thailand Indonesia Vietnam (1000) (200) (200) (200) (200) (200) Reduce cost by improving business eciency 81% 77% 77% 79% 88% 82% Seek deferment in loan repayments 75% 72% 76% 75% 77% 77% Renegotiate contractual obligations 75% 74% 72% 74% 76% 80% Obtain financing from COVID-19 relief schemes 73% 72% 75% 67% 78% 72% Reduce rental costs 71% 70% 68% 67% 78% 71% With many businesses having to either scale down While the preferred measures were quite or to suspend their operations temporarily, they consistent among SMEs across different have had to find ways to manage their labour costs. sectors, those in the food and beverage sector Their responses include freezing hiring (48 per cent), had slightly different preferences.
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