- Most businesses do not manage to stay for more than 10 years.
- The lack of application of best practices causes stagnation in most companies.
- In order to stand out, you must become professional from the beginning.
Companies in Mexico face a series of challenges and obstacles both to grow and to remain beyond the founder stage. Generational succession, risk aversion and conflicts between business and family are some of the factors that can contribute to the failure of this type of business. For the same reason, if you are in charge of your own doctor’s office You must learn to build your professional profile.
Just to keep in mind, the figures of the world Bank point out that two out of three companies disappear before five years. The main reason is the lack of application of best practices.
These types of companies often lack clear structures that define the roles and responsibilities of each team member. Likewise, there is often a lack of controls, as well as organizations that allow collegial decision-making, transparency and accountability. According to data from the Association of Entrepreneurs of Mexico (ASEM), only 15% of the companies in Mexico have been in operation for more than 10 years.
“In order to access better financing opportunities, streamline processes, improve the company’s image, and guarantee the operation of the business after the founder’s departure, as well as to be more professional, businesses have to incorporate better business practices,” he says. Dr. Guillermo Cruz, president and founder of Advisors to the Board and Senior Management (ACAD).
Similarly, a business that seeks to remain and excel needs mechanisms and resources that allow its professionalization and institutionalization. The above given that this can translate into benefits and growth for the company. According to ACAD, these are the elements to build the professional profile of companies such as a medical office
Solid structure. In order for an organization to access better opportunities, establish relationships with larger companies and expand its operations, it needs to have a solid structure. This means that the responsibilities, functions, obligations, scope, limits and remuneration of the members of the company are well defined, according to their position. This will help avoid misunderstandings and family conflicts.
It is common for family businesses to implode due to problems between partners and members of the organization due to personal factors. Corporate governance practices, such as the creation of a board of directors and a board of directors, strengthen this structure, create an appropriate environment for decision-making and make the organization’s profile more professional.
Transparency mechanisms. In order for a company to have a more attractive professional profile for partners, allies and other entities, it is necessary to have different control mechanisms that promote proper business management. Organizations must implement practices that allow transparency, accountability and control of operations.
“Corporate governance practices are aimed at providing economic and legal security to companies. These controls allow businesses to have greater certainty in their operations and this, in turn, allows them to access better opportunities”.
Define collaborator profiles. To build a professional profile, the company can draw a guide, in terms of human capital, to achieve its objectives. This practice makes it possible to establish the set of characteristics needed by the company’s administrators, as well as the definition of criteria to select the professionals who will eventually be incorporated to achieve the goals and objectives set.
It is necessary for companies to define in a document what skills are sought in the human resources of the family business, including technical skills, methodological knowledge, as well as social and personal skills.
This covers both the academic background and the professional path of the people who will be part of the company. Similarly, the ways in which that type of profile will impact their development and growth.
Objectives and processes. To build a more professional business profile, it is important to standardize processes and develop policies and procedures to ensure that they are followed. The vast majority of family businesses in Mexico could benefit greatly from this type of structure.