SINGAPORE, Aug 18 — While about 80 per cent of businesses have seen their revenues decline so far this year, only 8 per cent have retrenched workers, preliminary findings from a new survey showed today.

In the survey by the Singapore Chinese Chamber of Commerce and Industry (SCCCI), half of the companies said the Covid-19 pandemic has had a major impact on their business models and almost 60 per cent said it will take them one to two years to recover to pre-pandemic levels. 

As companies scramble to adapt, 62 per cent said they are seeking new sources of revenue and 56 per cent said that they will speed up the adoption of technology.

The poll gathered responses from 1,020 companies in June and July, 95 per cent of which are small — and medium-sized enterprises (SMEs). The firms provided feedback on topics such as business challenges, key shifts observed and transformation strategies amid the Covid-19 pandemic.

Here are some of the key findings: 

Business environment in 2020: