TIPS TO ENHANCE THE SME GROWTH

One of the concepts that has gained most relevance in recent years is that of ‘entrepreneurship‘. In Mexico, for example, the so-called SMEs (small and medium enterprises) are one of the main sources of employment.

According to data from the National Institute of Statistics and Geography (INEGI), there are about 4.2 million economic units in that country, of which more than 99 percent are considered SMEs.

These companies, despite their size, are responsible for 42 percent of Gross Domestic Product (GDP) and generate 78% of employment in the country. However, their consolidation is not so easy, as most do not survive more than eight years.

So, what should be done for a project to last and be consolidated as a brand?

1. According to Stefania Mallett of Forbes Councils, building a company and forming work teams without fear is one of the main keys.

In this regard, the specialist cites as an example when directors, entrepreneurs, managers or work group leaders make decisions ignoring the data or reality that affects their companies, leaving the impression that arbitrary decisions are made or based on influence. Such actions cause fear to arise and employees to stop trusting their leadership.

In response, he recommends that pumice should set high goals but be transparent about how goals can be achieved to motivate teams to believe it is possible. He underlines that true transparency generates trust, while confusing or incomplete information foments fear.

2. Once a bond of trust is established between the SME and its work teams, it is time to transfer it to the clients.

What has made companies like Tesla, Airbnb or Xiaomi successful and Amazon, Apple or Samsung big is just that: they generate trust in their customers.

But there is no secret recipe for this to happen, however, specialists have identified some keys. For example, the Young Entrepreneur Council (YEC) recommends that companies should maintain a policy of honesty and transparency; share with customers some success stories (without exaggerating), as this helps to reduce the pressure on them when making a purchase.

Join a business recognition body (there are several in the country), in addition to offering guarantees and establishing positive transparent return.

To be a socially responsible company and we do not necessarily pull from the certification, but from the DNA of the brand, to commit with the society to help in the way that the economy and resources allow it.

According to the Brand Love Index study by Oath and Kantar, consumers want brands to talk about issues related to equality and diversity, women in leadership, closing the gender pay gap, support for the environment, among other issues.