[ad_1]
In mild of the fifth wave of COVID-19 in Hong Kong, CPA Australia carried out a ballot of SMEs in mid-March on their present and anticipated efficiency. This was a follow-up to a extra in-depth survey of Asia-Pacific small companies in November and December, which targeted on the traits of excessive progress small companies, enterprise confidence and entry to finance.
Fifty-five per cent of respondents to the March ballot have been assured that their enterprise or employer will overcome the fifth wave, with 57 per cent anticipating income will largely stay the identical as regular or develop within the subsequent three months.
Forty-two per cent of respondents imagine that the relief of social distancing restrictions can have essentially the most optimistic impression on their SME within the subsequent three months, adopted by the Employment Help Scheme (18 per cent) and Consumption Voucher Scheme (12 per cent).
When requested which areas of their enterprise have been most negatively impacted by the fifth wave, over one-third (35 per cent) nominated enterprise operations, adopted by money circulation (26 per cent).
Mr. Janssen Chan, Chairperson of CPA Australia’s SME Committee – Larger China mentioned, “We’re conscious that many small companies are struggling in the course of the fifth wave of COVID-19, however they’re additionally demonstrating resilience and flexibility throughout this era.
“The pandemic is a significant catalyst for remodeling enterprise fashions and shopper spending patterns. In Hong Kong, extra shoppers are buying on-line and utilizing digital funds. With social distancing restrictions set to loosen up from mid-April and the roll-out of stimulus measures such because the e-consumption vouchers, small companies ought to proceed innovating, digitalising and updating their enterprise plans to make sure they’re greatest positioned to rebound within the second half of 2022.”
CPA Australia’s November/December survey of Asia-Pacific small companies confirmed that whereas the proportion of Hong Kong small companies that grew in 2021 was beneath the survey common of 47 p.c, it rebounded strongly from 16 per cent in 2020 to 36 per cent in 2021, the identical stage recorded in 2019. Hong Kong was the one market of the 11 surveyed the place small enterprise carried out higher than anticipated in 2021.
Serving to drive this enchancment was a rise within the variety of native companies that discovered their funding in expertise in 2021 improved their profitability (40 per cent in 2021 in contrast with 25 per cent in 2020). Income generated from e-commerce additionally elevated. Over half (53 per cent) generated greater than 10 per cent of their income from e-commerce in 2021, the best end result for town since 2017.
Chan defined, “Though Hong Kong small companies general should fall wanting the survey common in expertise adoption, one other optimistic to emerge from the 2021 outcomes was that extra small companies embraced digital transformation. This bodes effectively for the longer term with the survey outcomes displaying that prime progress small companies are considerably extra prone to be utilizing digital applied sciences in lots of features of their enterprise.
“Over the previous two years, the pandemic has adversely impacted all surveyed markets. Our survey findings point out that those who innovate and digitalise have been extra prone to outperform different companies. I’m delighted to see that just about seven in ten Hong Kong small companies will or might innovate in 2022, the best end result since 2017.”
Based mostly on the traits of excessive progress small companies from the survey outcomes, we suggest that Hong Kong companies:
- improve their give attention to on-line gross sales and new cost applied sciences
- establish and undertake appropriate applied sciences into their enterprise
- innovate by means of the introduction of recent merchandise, companies or processes
- discover increasing gross sales into abroad markets
- search skilled recommendation akin to IT and monetary consultants.
“The SAR authorities provides a spread of assist mechanisms to small enterprise such because the Anti-epidemic Fund, Employment Help Scheme and incentives to innovate and digitalise. We encourage companies to contemplate these as they need to improve the possibilities of your enterprise succeeding,” says Chan.
Concerning the analysis
In mild of the fifth wave of COVID-19 in Hong Kong, CPA Australia polled SMEs on their present and anticipated efficiency in mid-March. Practically 300 Hong Kong-based accounting and finance professionals who present companies to or are working in SMEs participated within the ballot. CPA Australia’s 13th Asia-Pacific Small Enterprise Survey surveyed 4,252 small enterprise house owners or managers, together with 310 from Hong Kong, throughout 11 Asia-Pacific markets. The survey was carried out to grasp their enterprise situations and confidence, and was carried out from November to December 2021.
About CPA Australia
CPA Australia is likely one of the largest skilled accounting our bodies on the earth, with greater than 170,000 members in over 100 international locations and areas, together with greater than 22,200 members in Larger China. CPA Australia has been working in Hong Kong since 1955 and opened our Hong Kong workplace in 1989. Our core companies embody training, coaching, technical assist and advocacy. CPA Australia offers thought management on native, nationwide and worldwide points affecting the accounting career and public curiosity. We interact with governments, regulators and industries to advocate insurance policies that stimulate sustainable financial progress and have optimistic enterprise and public outcomes. Discover out extra at 
cpaaustralia.com.au
#CPAAustralia
The issuer is solely chargeable for the content material of this announcement.
[ad_2]
Source link
