Following last month’s article on what branding en-compasses: this week we talk about funding your SME branding needs. There are many stages to brand building. For smaller SMEs, the priority would be to Inculcate brand culture and determine its brand identity. SMEs with more established brands will need to communicate consistently to secure higher mind share and association. Especially for local exporting brands trying to compete in foreign markets. To gain popularity and to be identified as a preferred brand. SMEs can utilize branding tools like advertisements, exhibitions, product packaging, and sponsorships. In store promotions and other efforts.
Funds are required for these activities but most SMEs can’t spare the money even when their products and services are in good as or even better than other international brands. What options do SMEs have to access financial resources? The most viable option is to capitalize on financial assistance provided by the Malaysian government which has introduced many brand and marketing related grants and loans to lessen financial burden of SMEs.
How do grants work?
Government’s financial assistance in terms of grants is mostly on reimbursement basis. The grant recipient will need to spend first then claim the
amount according to the terms of respective grants. SMEs need I understand this to allocate sufficient budget for the related eligible expenses. A common misconception is that once the grant has been approved. The respective government agencies will award the approved grant amount beforehand for them to spend
Applying for the grants Understanding the guide-lines of respective grants and applying for the appropriate grants helps minimize processing time. Below are 3 areas to consider when applying for government grants:
except for the Brand promotion grant where bigger companies can also apply.
2. Identifying the right grant
on what expenses need government support before applying for a grant instead of exploring what grants are available then think of was to spend it