Can brands help SMEs stand firm in adversity?
Yes indeed, but regarding a brand as "window dressing" won't do
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THE Singapore Business Federation recently announced that the business outlook among Small Medium Enterprises (SMEs) has fallen to a three-year low, reflecting the uncertainty in the global economy and the local business environment.
While business sentiments remain muted in the current quarter as SMEs cautiously keep tabs on the industry and their bottom lines, an important facet of businesses remains grossly underestimated - branding and the power of brands.
As it was observed during the Asian financial crisis in 1997, the dot-com collapse in 2000, the global financial crisis in 2008, and now in the current economic slowdown, the necessity of a resilient brand is more pertinent than ever in helping them tide through challenging times.
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