Corporate turnaround strategies adopted by SMEs in Singapore in view of economic recessions.

This paper attempts to study the various turnaround strategies that Small Medium Enterprises (SMEs) tend to turn to in a recession based on the Corporate Turnaround Strategies developed by Charles Hofer. Seeing his strategies developed from the studies on large US Multinational Companies (MNCs), this paper explores the possibility whether these strategies are also applicable to the SMEs, more so local SMEs in Singapore. This paper also includes a 4th strategy, which is a combination of any 3 of Hofer’s strategies, which was termed in this paper as: the Hybrid strategy. With the improvement of technology and inter connectivity around the region, this has greatly increase accessibility in the region, local SMEs have also outsource their operations and incorporate business reengineering process to increase their productivity and efficiency to adapt the dynamic business environment. There are 2 main research objectives that this paper aims to achieve. The first objective would be to present and explain the most likely strategy that would be adopted by local SMEs in a recession. The second objective would be exploring whether the number of years that the SMEs are in operation would affect the choice of turnaround strategy that SMEs used.BUSINES