The COVID-19 pandemic has taken a toll on micro and small enterprises, with the latest DBS survey showing that over eight in 10 owners of micro and small businesses have made personal sacrifices to keep the lights on amidst the pandemic.
Of the over 200 micro and small enterprises across industries that were surveyed, nearly four in 10 shared that their mental and physical well-being have suffered, whilst more than half have had to tap on their personal savings and assets to keep their businesses afloat.
Around six in 10 said that their main motivation to move forward despite challenging times is they felt responsible for protecting the livelihood of their employees.
DBS group head of SME banking Joyce Tee shared that it is important to remember that business owners are individuals who need to be supported, too.
“With the economic situation and road ahead still uncertain, business owners must be ready for a long fight, and will need to take care of themselves to avoid burning out,” Tee said. According to the report, business owners were largely sanguine about growth prospects for 2021, with only 15% pessimistic. Over four in 10 business owners hope that the government can roll out more measures to support their working capital needs, whilst over three in ten would like more wage support measures