(Expansión) – According to data from the Ministry of Economy, micro, small and medium enterprises (MSMEs) represent 99.8% of the country’s establishments, in addition to generating 52.2% of total income; therefore, they are essential to the Mexican economy.
Likewise, according to figures from the National Occupation and Employment Survey, at the end of the second month of 2022, 3.28 million people entered the workforce, which means that they drive the Mexican labor market.
In such a way that, in order for new ventures not to fail, they need to adapt to new digital environments, as well as to current consumer purchasing habits. However, first it is essential to have the qualities of the entrepreneur’s profile to achieve a successful business:
1) be resilient to change;
2) vocation and passion for conflict resolution;
3) high capacity to handle uncertainty;
4) entrepreneurial spirit and current knowledge of the market, and
5) ability to establish support networks.
Once the entrepreneur has developed these characteristics, the business strategy must be planned. To achieve this, the following questions can be answered: what need is the business going to solve? According to the market niche in which it operates. How are you going to satisfy them? That is, the way in which this idea will reach the potential client. What sets you apart from your competitors? Focusing on differentiators is key; A tip is to investigate the weaknesses of the competition and, based on them, solve them in your business.
Likewise, it is very important to recognize who makes up your business, for example, delve into the characteristics of your work team to find out if they share the same values and thus establish joint goals. Do not forget to be in constant communication with each one of them, this openness will be essential to avoid misunderstandings, resolve conflicts and establish new objectives.
Another essential point is to know the market niche in which you will operate, which segment of the population you are targeting: age, special conditions, gender, occupation, ideology and values. Once you have identified this, it is necessary to establish the investment necessary to create your business; For example, you can take out a loan, take from your savings, or work with investors.
Now, to define your goals, you can use the SMART methodology, which first appeared in 1981 by George T. Doran. Later, in 2003, Paul J. Meyer described each of the components in greater depth:
– Specific (specific): establishes a specific goal.
– Measurable (measurable): sets criteria to assess the progress of the company.
– Achievable (attainable): create realistic goals.
– Relevant (relevant): take care that the goal is aligned with the business.
– Time based (with a time limit): determines a compliance date.
When you have determined these objectives, it is time to establish the sales channels to market your products or services. Currently, the following are used:
1. Marketplace : sales portals or virtual platforms, where you can sell your products or offer your services, for example, Amazon, Mercado Libre, Aliexpress. The advantages they offer are visibility, the minimum investment, in addition to the fact that you will be able to know the evaluations about your attention or the quality of the products you offer.
2. E-commerce : Due to the pandemic, sales increased by 30% in this digital channel. This is an online store, for which you will need to create a website. Whether you create it yourself or hire a professional, there are several benefits that you will have, since you can generate customer loyalty, have personalized attention, 24-hour sales availability, as well as easy delivery of products. .
3. Social networks : through digital platforms, such as Facebook, Instagram, WhatsApp, Youtube, Twitter, you can increase your brand recognition, generate an advertising strategy, create content, monitor trends, increase the scope of your sales, among others. other benefits.
4. Search engine advertising : For example, with Google Ads, you can have short-term results and a greater reach.
5. Affiliate Programs – This strategy is based on platforms or people advertising the products in exchange for a commission, for example Shopify or Ebay.
Finally, don’t forget to focus on the user experience, that is, on the elements related to the interaction process of the potential customer with a product or service, both usability, design and accessibility as well as visual appeal, innovation and originality. . In short, follow these tips to avoid being part of the 25% of MSMEs that only survive the first two years of their creation.
Editor’s Note: Jorge Saldívar is Managing Partner of BC&B Transformación de Negocios, a firm specializing in strategic and commercial advice for SMEs focused on retail. He is also Director of The Retail Community, the first business community in Mexico aimed at innovation in Retail. Follow him on . The opinions published in this column belong exclusively to the author.