Updated for a Future Generation
As noted in a 2016 PwC Family Business Survey, “a strategic plan that links where the business is now to where it could be in the long term, and addresses the challenges along the way, is essential to resilience and continuity”. Although the survey shows that local businesses lag behind the global average when it comes to business strategy alignment and processes, the two SMEs highlighted here certainly do not fit the bill. In fact, H2 Hub and Clear2Dark – both family businesses helmed by the second generation – are acutely aware that innovative plans and forward-looking strategies are crucial to their continued well-being.
A younger management team may bring with it novel ideas that would resonate with a younger demography of consumers. However, there is still a need to proceed cautiously as SMEs typically do not have the deep pockets nor vast resources of conglomerates, and setbacks can prove devastating. This is where the UOB-SMU Asian Enterprise Institute can play a role.
Through its flagship SME Consulting Programme, the Institute provides SMEs with cost-efficient, high-quality consultancy services including market research, brand audit and marketing strategies. Each project is undertaken by a team of student-consultants, and closely supervised by an industry veteran and the Institute. At the end of the project, the SME will receive a project report comprising the research data, analyses and proposed recommendations to help bring the company forward.
The Institute’s SME Consulting Programme has benefitted many SMEs with diverse objectives. The SMEs may be looking for salient industry insights, their standing vis-à-vis their competitors’, strategies to penetrate new markets or an independent audit of existing policies and plans.
But don’t just take our word for it. In this issue, you can find out how a returning client, H2 Hub, is again finding value in the services we provide. Also read about how the consulting team helped Clear2Dark discover its niche, and penetrate a market dominated by big players.
If you have a business idea or a “gut feeling” that requires some support, come talk to us. Our scientific approach may be what you need to validate – or invalidate – that feeling.
New Way of "Seeing" Things: Clear2Dark Pte Ltd
Clear2Dark Pte Ltd is a newly-established company specialising in photochromic lenses. Such lenses automatically change colours in the presence of ultraviolet (UV) radiation from the sun, thus blocking more UV light and providing more protection and comfort to customers. Read more
Timeless Luxury: H2 Hub Pte Ltd
An icon of Singapore, H2 Hub Pte Ltd prides itself as a leading watch and optical retail chain store with its finger on the pulse of the ever-changing consumer wants and trends. Renowned for watch servicing and repair, the company – established in 1979 – has expanded over the years to become a retail powerhouse representing over 40 specially-curated list of international brands. Read more