In a commentary, SMU Associate Professor of Accounting and Singapore divisional president of CPA Australia Themin Suwardy and Singapore general manager of CPA Australia Melvin Yong, gave advice on what SME owners can do now to prepare themselves for the challenges ahead. Both opined that it is a good practice for one to change one’s business plan to reflect current and expected circumstances, as well as to properly manage the costs under the firm’s control. They also highlighted the importance of improving the firm’s productivity and the skills of its employees. They noted that while business conditions may seem challenging, SMEs will find value in the many opportunities if they are consistent in the strategic direction of the organisation and can be properly funded.