In an effort to encourage businesses in Malaysia to go digital, the SME digitisation grant has been introduced to SMEs out there.
This grant is limited to the first 100,000 SME only. So, hurry up because this is the perfect time for your business to move forward because digital marketing is the present and the future.
It is a competitive world out there, you need to step up and grab this opportunity.
Let’s look at everything that you need to know about the SME digitalisation grant in Malaysia and the steps to apply for it.
What Is SME Digitalisation Grant?
Realising the importance of going digital, this has been introduced by the government alongside Bank Simpanan Nasional, SME Bank, and MDEC.
Local businesses can now move rapidly into the technology sphere which is the most sensible move during times like these.
If you’re looking into taking digital marketing services, the government will provide a 50% matching grant of up to RM5,000
That being said, there are 7 digitalisation areas that the government has identified as crucial for SMEs which are:
- Digital Marketing & Sales
- Electronic Point of Sales (e-POS) System
- HR Payroll System/CRM
- Remote Working
- ERP/Accounting & Tax
In order to be eligible for the grant, your business needs to fulfill these terms:
- The company is at least 60% owned by Malaysians
- Registered with SSM
- In operation for at least one year
- The sales need to be at least RM100,000 one year or at least RM50,000 for two years in a row.
If you fulfill all of these requirements, do not hesitate to reach out to a digital marketing agency to enjoy the services at such an affordable price.
How To Apply For SME Digitalisation Grant?
To apply, you will need to prepare the required documents.
1. Application Form
This will be provided by the digital marketing agency. All you have to do is fill in the SME Digitalisation Initiative form.
2. Copy of Identity Card
All relevant individuals from your company such as the owner, directors, and partners will need to hand in a copy of their IC.
3. Copy of SSM documents in a full set
Proof to show that your SME is a registered company and has a business registration license.
4. Latest company’s bank statement
For this, you are required to show your business’ bank statement for the last 2 months.
You will be provided with this from an authorized agency listed by MDEC.
Now, let’s look at the flow of applying for this SME Digitalisation Grant.
Step 1: Contact a digital marketing provider
Note that, not every agency has been given the privilege of being a provider of this grant.
So, check the list by MDEC to find out where you can claim this grant.
Once you have found one, you can contact and appoint an agency to be your provider.
Step 2: Submit the application form and supporting documents to any of the Bank’s branches
You will need to complete and submit the form together with all the supporting documents.
If your application is approved, you may proceed to the next step.
Step 3: Pay the difference of the total invoice after deducting the subsidised amount
By doing this, your company will be able to provide proof of payment to a bank branch.
When the bank receives the proof of payment, direct payment of 50% of the total invoice amount or up to RM 5,000.00 to the Service Provider by the bank.
Why Should SME Apply For The SME Grant?
Changes are inevitable as time passes by. In the world of business, this is very much the case.
Days of advertising your business on newspaper or radio are now considered as ‘traditional’ methods in this modern era.
With the SME grant in Malaysia, you are now a few steps away from embracing the digital marketing world.
1. Save Cost
When you compare digital marketing to a more traditional way, you will find that it is more cost-effective.
Back then, SMEs had difficulties to bring some competition to bigger businesses mainly because of the traditional marketing method.
To advertise on platforms such as TV, radio, newspaper, and more costs a fortune. Big companies have always made good use of this because they are financially strong.
However, with digital marketing, SME’s and big corporations are in the same field.
This method is more budget-friendly and the best part is the audience is larger.
So, yes, your SME business can now compete with the big boys.
2. Target Ideal Customers
Rather than randomly promoting your product to the public, digital marketing has the capability to identify your potential buyers.
It is impossible to target people with the traditional method because it’s like waiting for the luck of the draw.
In contrast to digital marketing, you are in control because you get to target customers specifically.
Using tactics such as SEO, Facebook ads, and Google ads, you can reach out to your ideal audience effectively.
3. Check Progress
Thirdly, you can observe your progress with digital marketing.
After you invest your money, surely, you want to see results or at least positive progress.
This will allow you to strategise and make business decisions in a more effective way.
Your business can always make improvements and run better campaigns.
4. Flexible To Make Changes
With the traditional method, you have to be careful before spending on advertising.
This is because it is almost impossible to make changes once you have advertised.
For example, you can’t make changes to the billboard if there are any adjustments to your products.
Digital marketing is way more flexible as you can make changes whenever you want.
Your online campaigns can all be updated. This is useful when you want to drive your campaign to drive the best results.
5. Improve Conversion Rate
Ultimately, the main goal of running a business is to get results.
The chance to achieve that is higher with the digital marketing method.
Your conversion rate can be improved massively because of your ability to target specific leads.
Hence, this increases your chances and as a result, your company gains more conversions.
With this grant, you will find your business moving in the right direction.
So, which agency should you turn to?
Why Bomstart Is The Best For You?
Like a few other companies, we are also one of the providers for the SME Digitalisation Grant in Malaysia.
With us, you will get to enjoy the Digital Marketing Package that we offer below:
Package A: SEO
Package B: Website + SEO (6 Months)
Package C: Google Ads + Ads Budget
Package D: Social Media Management (6 Months)
Package E: Video Production (Sales, Testimonials, and Product Video)
Trust us, opportunities like these don’t come often. Your business can be improved massively with our services.
We are a team of digital marketing specialists with one common goal which is to provide the best results for our clients.
Up until today, we have served over 100 clients from SMEs to big corporations.
This initiative by the government is music to the ears of those who are in the business industry.
It also indicates that going digital is absolutely necessary for SMEs to remain competitive.
You know what to do. Contact us now to claim your SME Digitalisation Grant!
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