A fall in business confidence in fast-growing economies has reduced the gap with mature markets and Singapore continues positive trend as efficiency becomes the key driver to remaining competitive without compromising on growth, finds latest Regus survey.
Research reveals that globally firms will prioritize cost-cutting measures, from talent retention to flexible workspace, to gain maximum advantage from existing assets and expand fast and flexibly.
The latest Regus Business Confidence Index (BCI) survey of more than 20,000 senior executives across 95 countries found that while confidence levels have risen by five points to 109 in mature economies, there has been as drop of nine points to 117 in emerging countries.
In Singapore, business confidence has risen from 129 points in April 2013 to 136, well above the global average of 113 points.
The report also indicated that Singapore businesses will focus on staff retention and cost-effective service provisions over the next twelve months to optimise business processes and gain maximum advantage from existing assets without compromising on expansion plans.
“While mature economies are showing confidence gains as their economic outlook turns positive, the emerging world is slowing the pace of growth as businesses aim to become increasingly efficient to promote productivity," says Mark Dixon, Regus CEO. "Our research also shows that utilising flexible workspaces can have a significant impact on the bottom line, encouraging sustainable growth.”
The study also reveals that companies reporting revenue and profit growth in Singapore have increased from 58% to 65% and stayed steady growing from 52% to 60%.
The top four efficiency outcomes for Singapore are:
o Cost effective services providers (55%)
o Improved staff retention (46%)
o Higher return on investment on marketing and advertising (46%)
o Reduced hiring costs (27%)
Meanwhile, one in four (25%) businesses also plan to reduce fixed office space.