The Singapore State of Business Growth 2025: Part 5
Growth in Uncertain Times: How Singapore Businesses are Adapting Their Strategies
74% have become more cautious—but the winners are doubling down on what works
The New Growth Reality: Strategic Adaptation in Uncertain Times
Economic conditions are significantly reshaping business strategies across Singapore. Three in four (74%) businesses have become more cautious in their growth approach due to global economic uncertainty. This caution is most pronounced among businesses with North American operations — over 90% report increased caution, outpacing all other global regions. Only 7% have become more aggressive in response to current conditions. But caution doesn't mean inaction. Singapore's growth-focused businesses are making strategic choices about where to invest their limited resources for maximum impact.
Where Smart Money Goes: Singapore's Strategic Growth Priorities
Despite uncertainty, businesses have clear focus areas for investment
Singaporean businesses have clear growth priorities for the next 12 months: Operational efficiency (38%) is a top priority, as is implementing AI and automation tech (36%). Businesses are looking to improve their go-to-market across functions, as well as serve customers better.
From Fragmentation to Efficient Growth: How Aspire Cracked the Code
The Challenge
Aspire was founded to solve a clear market problem: the fragmented financial tools landscape that made managing payments, cash flow, and spend inefficient for startups and SMEs. But as Aspire scaled, their internal teams ironically dealt with fragmentation of their own — disconnected data, inefficient lead and ticket routing, and misaligned workflows across regions.
The Integration Solution
Through focused adoption of HubSpot Service Hub integrated with third-party solutions, Aspire centralised customer operations. The team now manages tickets and support functions globally, has standardised lead scoring, lead rotation, and campaign tracking, and created deal pipelines to align regional teams.
The Growth Results
Better cross-departmental collaboration, improved targeting and feedback loops for campaigns and ads, and scalable systems that support rapid expansion. Through focused adoption of Service Hub and integrations, Aspire has grown through a largely self-service model despite resource constraints.
Aspire's story demonstrates our core research finding: businesses that prioritise integration and unified systems can achieve efficient growth even when resources are tight. It's not about spending more — it's about making your existing systems work smarter together.
The Resource Reality: What Businesses Actually Need to Execute
Singapore companies identify the #1 capability gap holding back their growth strategies
When asked what resources would be most helpful to achieve their growth goals, Singapore businesses point to a clear priority: upskilling employees for digital transformation (53%).
This resource prioritisation aligns with our earlier finding that 32% of businesses cite talent shortages as a barrier to growth. The solution isn't just hiring more people — it's enabling existing teams with digital capabilities that multiply their effectiveness.
The pattern is clear: successful growth in uncertain times requires both the right technology foundation and the human capabilities to leverage it effectively.
Market Expansion Barriers: What's Holding Singapore Businesses Back
Cost, uncertainty, and competition create significant obstacles for growth
For Singapore businesses exploring regional growth opportunities, the challenges are substantial and require strategic navigation. Two in five businesses say their biggest expansion challenge is the cost of entry (38%) or economic and political uncertainty (37%). Meanwhile, one-third face competition from established players and technology infrastructure limitations.
“To scale regionally, Singapore businesses should prioritise strategic partnerships with local stakeholders and focus on market localisation to minimise entry costs. Digital readiness provides a significant advantage — digitally prepared businesses can 'test' foreign markets through digital tools before allocating substantial resources. Key focus areas include cross-border compliance and market-specific product compatibility, with support needed in local market insights, compliance guidance, and targeted funding.”
Dato Seri Ashraf Bakar, Council Member, Association of Trade and Commerce (ATC) Singapore
The Sustainable Growth Playbook: What Works in Uncertain Times
Actionable strategies that work across multiple growth scenarios
Whether businesses are optimising domestically, expanding regionally, or building internal capabilities, certain principles separate the successful from the struggling: