Survival of the fittest: 6 of 10 businesses in survival mode due to pandemic volatility

41% also considered closing their businesses from January to August 2021.

In a media release by American Express, 59%, or nearly 6 out of 10, Singapore business leaders say that their companies are surviving in the current pandemic.

The survey, Shop Small Business Recovery Research for Singapore, was conducted with 300 business leaders from July to August 2021.

41% of respondents, meanwhile, also thought about closing their business from January to August 2021. 

The majority of respondents, however, gave a cautiously optimistic outlook. 67% expect 2021 annual sales to show an increase compared to the pre-pandemic figures in 2019. This is an improvement from the 53% recorded in 2020. 

Reasons for this optimism include the expansion to the online space (46%), support from new customers (44%), and continued support from regular customers (40%).

Ho Yat-Wai, country manager, American Express Singapore, reiterated how volatile the current pandemic is on the businesses. “Whilst local businesses are more optimistic after almost two years since the pandemic started, its volatility weighs heavily on business leaders’ minds, including ours. The recent spike in cases is an example of the fluidity of the situation and difficulty in planning.”