SME is the acronym by which small and medium enterprises are known.
SMEs generate just over 80 percent of the country’s jobs.
The number of workers as well as their income are moderate compared to large companies.
SME is the acronym by which small and medium-sized enterprises are known, which are usually defined as having a small base of workers, and a moderate income input. For Mexico, according to data from American Express, these small and medium-sized companies represent 80 percent of the total national businesswithin the study it is disclosed that for every 100 companies that start activities developing in any commercial area, only 30 remain as a company in the process of productivity, then taking into account that SMEs are a key factor in the national economy due to Since these are the ones that promote most of the country’s employment, it is important to know these five strategies to promote growth and development, thus promoting investment and the creation of new jobs.
For a small or medium-sized company to become stronger as the growth engine of the national economy, it must seek theas a way to innovate and stay within the positioning and taste of consumerssince the current pandemic has generated various damages that are still tangible in terms of national development and entrepreneurship.
It is essential that SMEs have a clear strategy, as well as a constant investment in terms of development and technological integration, in addition to constant training of staff, in addition to knowing the following strategies will allow them to know the first step to take for development of great and better positioning strategies in the market.
Strategies to boost the growth of SMEs
Generate a structured plan: the base of all silt is a good plan, therefore the objectives must be set, both in the short, medium and long term, knowing the income and expenses and understanding the new trends that dominate the current market, in addition to specifying and understanding the public target and the means by which it will be hit.
Know your market sector: It takes into account all aspects related to the business, knows the global, national and regional sector, the productive sectors and the suppliers as well as the distribution channels, discovers the most effective ones and optimizes the options.
Cook and adapt to sales channels: Every business is governed by sales, since these are the main engine that keeps them afloat, which is why all available channels must be known and counted on to deliver the product or service to the final consumer and not only is it enough with depending on a single means of sale, such as eCommerce or sales in physical stores.
Focus on feedback: Knowing the public is the basis that will allow the implementation of new strategies; however, failure should not be feared, since this is the opportunity to innovate, so being aware of the reactions and requirements of consumers or users will be essential in the development of a good strategy.
Invest in technology and training: It is important to know which technological advances are best suited to the planned strategy; however, it is just as essential to train the employees and personnel who carry out the use of these innovations, since without a correct balance this process can be hindered.
Now read: