UPS Asia Business Monitor 2008:
Even though small and medium-sized business leaders in Asia Pacific view their Thai counterparts as less competitive than last year, Thai business leaders are confident about their own growth prospects. According to the UPS Asia Business Monitor 2008, optimism remains strong with 60 percent of Thai small-to-medium enterprises, or SMEs, expecting to do better than they did last year and 52 percent expecting an increase in their workforce.
The UPS Asia Business Monitor is an annual survey that has tracked the competitiveness of SMEs, across 12 countries in Asia Pacific since 2005. Forty-four percent of the 1,201 SMEs leaders in the survey rated Thai SMEs prospect for growth in 2008 as good, a drop from 50 percent in 2007.
According to the survey, the greatest growth opportunities are found in Manufacturing, Automotive and Agriculture, Forestry and Fishing. However, the most lacking areas are in government support, the ability to innovate and access to overseas markets.
Also lacking for the SMEs is the use of effective supply chain management in their businesses. Fifty percent of the Thai SMEs surveyed are either under-utilising, neglecting or not using supply chain management in their business.
The UPS ABM 2008 identified a critical shift in the top three business concerns of Thai SME leaders. In 2007, Thai SMEs were most concerned with the quality of products and services. This year, the issue of political and economic stability (57%) is keeping most Thai SMEs awake at night, followed by retention of quality employees (55%) and customer loyalty/retention (46%).
Regarding drivers for the recovery of Thai economy, Thai SMEs feel that education (59%) and government support (47%) will most help the economy recover and catch up with its neighbours.
Even though small and medium-sized business leaders in Asia Pacific view their Thai counterparts as less competitive than last year, Thai business leaders are confident about their own growth prospects. According to the UPS Asia Business Monitor 2008, optimism remains strong with 60 percent of Thai small-to-medium enterprises, or SMEs, expecting to do better than they did last year and 52 percent expecting an increase in their workforce.
The UPS Asia Business Monitor is an annual survey that has tracked the competitiveness of SMEs, across 12 countries in Asia Pacific since 2005. Forty-four percent of the 1,201 SMEs leaders in the survey rated Thai SMEs prospect for growth in 2008 as good, a drop from 50 percent in 2007.
According to the survey, the greatest growth opportunities are found in Manufacturing, Automotive and Agriculture, Forestry and Fishing. However, the most lacking areas are in government support, the ability to innovate and access to overseas markets.
Also lacking for the SMEs is the use of effective supply chain management in their businesses. Fifty percent of the Thai SMEs surveyed are either under-utilising, neglecting or not using supply chain management in their business.
The UPS ABM 2008 identified a critical shift in the top three business concerns of Thai SME leaders. In 2007, Thai SMEs were most concerned with the quality of products and services. This year, the issue of political and economic stability (57%) is keeping most Thai SMEs awake at night, followed by retention of quality employees (55%) and customer loyalty/retention (46%).
Regarding drivers for the recovery of Thai economy, Thai SMEs feel that education (59%) and government support (47%) will most help the economy recover and catch up with its neighbours.
Other top-line highlights revealed by the UPS ABM 2008 include:
– U.S. economic woes create uncertainty in the region
– The possibility of economic downturn in the United States is creating anxiety among SMEs in the region. Forty percent of Thai SMEs are concerned their businesses will be hampered in a U.S. economic downturn.
While fewer SMEs regard China as a threat compared with 2007, the UPS ABM 2008 shows that mixed feelings still linger. SMEs in Thailand feel that China presents both a boost and a threat to businesses in the market.
Based on the survey findings, UPS held a symposium with industry insights on how SMEs in Thailand can gain easier access to the world of international commerce and how good supply chain management can improve overall business operations and reduce costs. Themed “E-Commerce: Gateway to World Market for Thai SMEs,” the exclusive seminar featured a number of industry veterans on topics relating to e-commerce opportunities in Thailand, effective fund management, effective ways to build brands on the Internet and UPS role on e-business.
