In the increasingly competitive arena of support services aimed at small and medium enterprises (SMEs), the Big Four accounting firms in Singapore are flexing their muscles, with dedicated teams and expanded services. A significant proportion of Singapore’s total SME population are either entrepreneurs or family businesses and more than half of the small to mid-cap companies listed on SGX are family businesses.
- Earlier this month PwC acquired ‘StrategiCom’ in a deal valued at between S$10 million and S$20 million, in an effort to bolster its services aimed at family businesses.
- KPMG’s Enterprise Services team also intends to have a sharper focus on family businesses, as well as innovative startups and high-growth companies. Through the Enterprise 50 awards they help to identify established SMEs that have contributed significantly to the economic growth of Singapore.
- Deloitte meanwhile has been working with the Business Families Institute at Singapore Management University. They have co-authored two thought leadership reports thus far, on business succession and corporate governance. A third report is targeted to come out later this year.
- Meanwhile, EY is investing in learning specifically aimed at professionals serving this client segment so they can have strategic discussions focused on issues that SMEs typically face.