Business card gives SMEs buying power

A recent survey has found SMEs have little leverage in negotiating with suppliers for everyday business purchases. American Express''s new Business Card aims to change all that.

As the Asian economy crawls back to health, there has been much focus on the health of Hong Kong's Small and Medium-sized Enterprises SMEs. And rightly so, with the SAR having some 290,000 SMEsáthat constitute over 98% of business establishments, and contributing to 60% of GDP.

The Hong Kong Productivity Council and American Express revealed in a recent survey some of the business habits of SMEs. Not surprisingly, it found SMEs have comparatively little leverage in negotiating with suppliers for everyday business purchases.

SMEs spend on average HK$40,000 or more each month on these expenses, and 89% of SMEs surveyed expect these costs...

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