SMEs face the following challenges:
- high rental of premises
- high wages and turnover of local workers
- local workers prefer to work for big companies
- supply of foreign workers has been cut sharply
The Government tries to help with the following:
- 40% wage subsidy based on increase in wages given to local workers
- cash grant of $5,000 (last year)
- productivity and innovation credits
Self employed workers are able to cope quite well, e.g
- taxi drivers
- food stalls
But, running a company to employ local workers is challenging.
What can be done to help small businesses, which has not been tried successfully yet?