SMEs are a crucial engine for employment, innovation and the Spanish economy in general: provide between 65% and 70% of employment and generate between 60% and 65% of gross added value. Within the Spanish business fabric, it is estimated that small and medium-sized companies generate 11,113,198 jobs, according to the latest data provided by the Ministry of Industry, Commerce and Tourism.
Data like these are what motivate many people every year start new business projects. In this sense, according to a study carried out by Sage, it is expected that between 2022 and 2025, 63,000 new SMEs will emerge. According to Jordi Navarro, Deusto Formación Academic Coordinator, “Betting on starting a business in Spain has many advantages, such as developing in high-calibre entrepreneurial ecosystems. However, it is crucial to have clear prior premises in order to start a business”.
In fact, according to Ainhoa Fernández, editorial manager of Campus Training, “turn an SME into a profitable and successful business involves a combination of factors to take into account.” For this reason, professionals from Campus Training and Deusto Formación present some of the keys to starting and turning an SME into a successful business:
- Strategic planning: Every successful company starts with a good business plan. You must be clear about what you want to achieve and how you plan to do it. For this reason, “a good business plan includes a market study, a marketing strategy, a financial plan and an operations plan”, explains Jordi Navarro, from Deusto Formación.
- Financial management: Profitability depends to a large extent on how the company’s finances are managed, so “it is necessary to have a good income and expense monitoring system, keep costs low and optimize cash flow,” says the editorial manager. by Campus Training.
- Customer Support: Offering a high-quality service or product that meets the needs of your customers is essential. Listen to your customers, receive their comments and make the necessary adjustments to improve and retain consumers.
- Constant innovation: In today’s business environment, the ability to adapt and evolve is essential. This may involve adopting new technologies, entering new markets, or creating new products or services. Being attentive to the news and in constant training is key to achieving success.
- Effective Marketing and Sales: You must have an effective strategy to attract and retain customers. This can include digital marketing techniques, public relations, direct selling, and more.
- Human talent: Your team can be one of your most valuable assets. Make sure you have the right people in the right roles and invest in their training and development, meeting their needs and taking care of them to have a strong and stable team.
- Efficient operations: Streamline your operations to improve productivity and reduce costs. This may include improving processes, adopting new technologies, or outsourcing certain tasks.
- Risk management: Identify potential risks to your business and develop strategies to mitigate them. This may include financial, operational, market risks, among others.
