5 elements that your SME’s growth plan must have for 2023

A new year has begun and with it the opportunity to start new projects for small and medium-sized enterprises (SMEs), as well as to rethink the way of conducting and seeking new growth strategiesbecause this year, SMEs will seek to have a greater rise and better economic recovery despite the socio-economic challenges that may arise.

“These companies (SMEs) require a plan that allows them to convert all the opportunities for tangible benefits. Thus, the results will be satisfactory and will allow the company to reach favorable numbers and have a company with great growth potential”, explains Guillermo Cruz, President of Asesores de Consejo y Alta Dirección (ACAD), a company that offers consulting services to businesses. relatives.

Despite the fact that 2022 closed with a high inflation rate and that much of the year it exceeded 8%, according to data from the Bank of Mexico, a decrease is expected for this year, albeit a slow process. By the end of 2023, it is estimated to decrease to 5%, indicates the Employers’ Confederation of the Mexican Republic, which represents a opportunity for SMEs to continue to stand out

For this reason, it is important that SMEs design an adequate permanence and growth plan, which is comprehensive, allows liquidity and a management “impeccable” to plan for the future and have firm foundations to implement strategies in a new year, which we still don’t know how complex it will be”, says Cruz.

For this, the president of the ACAD shares five elements that every strategy must include to have better results in this new year.

Know the market

One of the main reasons for failure of SMEs, according to the X-ray of Entrepreneurship 2021, prepared by the Association of Entrepreneurs of Mexico, is the lack of market knowledge with 34%Therefore, if this year it is expected not only to grow, but to continue in force, it is necessary to know the needs of the users and evaluate which of these the company satisfies and in what way it does so.

“Studying the market is often understood as a great project, many times SMEs do not have the infrastructure to do it, but given their proximity to clients, they can have reliable and first-hand information from their consumers. That is one of its great strengths”, explains Cruz.

Implement corporate governance

Although an SME can emerge without having this area formed, it is required to work to continue favorable growth because there good practices will be designedalign all the tasks of the company with the greater purpose.

Don’t forget to align with the ESG

Every element of the strategy must be aligned with environmental, social and corporate governance (ESG) standards, practices in which businesses incorporate measures that inhibit their environmental impact and, at the same time, have a Social; as well as optimal planning. The good news is that more and more SMEs are concerned about it, because 42% prioritize these actions, indicates the 2021 Family Business Survey, prepared by PwC.

“When a company has strategies that comply with ESG principles, it becomes more competitive and improves its reputation. Faced with new challenges, companies must prioritize their impact on both the environment and their communities. Businesses with good practices are the most resilient, and without a doubt, they will be the ones with the best chances of growing, even in challenging contexts”.

Have technology as an ally

A growth plan cannot ignore the use of technology. For this, it is important to evaluate which tools are available and which ones must be implemented to achieve the objectives.

It is not about incorporating technology just for the sake of it or to be a more innovative company, but about using these resources to your advantage and evaluating which ones are best suited to the company’s needs and possibilities.

For example, the digitization of processes must be in accordance with the needs of each company, since not all of them have the same level of digitization or They don’t have the same resources. humans to operate.

Promote positive leadership

It is important that managers exercise leadership that drives growth, is concerned about the health and well-being of employees, organizes schedules and work in order to avoid exhausting hours, and works to train teams.