Those who create a company today, regardless of size or industry, must review the problems that those who started on that path went through a few years ago.
That was the invitation to the Confecámaras congress held a few days ago in Cartagena, where it was described how 1 in 4 companies created in 2017 survived; several stayed for the first year, and others could no longer withstand the attacks due to the closures due to the covid-19 pandemic.
The challenges are not just about “surviving”, but also ensuring that the business survives and grows beyond its initial stage. Here is another interesting fact, and it is that of the 70,116 companies that were created in the year in question and that survived 60 months, only 6.5% grew, that is, 4,612.
The practices of companies
For this reason, during the Confecámaras congress, emphasis was placed on eight points that create business activity, that is, companies that, based on certain factors or facts, have been able to grow from 2017 to 2022.
1. FIND MARKET OPPORTUNITIES
First, Confecámaras recognizes that the organizations that differentiate themselves are those that “produce products and services with a market focus.” In other words, they find the needs of their consumers and the opportunities in the market. In fact, 63% of companies that grow are created from identifying a business opportunity, and 42% invest in market research.
2. UNDERSTAND THE ENVIRONMENT AND CHANGE YOURSELF
The second point is “strategic vision”, those projects characterized by understanding their environment, where they carry out organizational changes, such as merging areas (25%) and restructuring in management functions (16%).
3. LEARNING TO MANAGE HUMAN TALENT
The third axis is “appreciation of human talent.” According to the union, “personnel management is also a factor in the success and performance of the business, 40% of the companies that have grown have areas of people management, 41% invest in the training of their staff and implement flexible work schedule, 30% have welfare programs for workers and their families and 26% offer extralegal benefits.”
4. ABILITY TO ADAPT TO NEW TIMES
Another point is the “capacity to adapt”, and according to Confecámaras, 17% use advanced technologies and 22% invest in research, innovation and development to address this.
5. STRATEGIC USE OF INFORMATION
Then come the companies that “know their operation.” The experts from Confecámaras explained that, of the organizations with good results, 28% analyze data to make decisions and 26% implement Big Data.
According to the specialized company Ayuware, “the importance of data for a company lies in the fact that it allows a more complete and accurate analysis that guarantees stable movements,” based on real information about the situation and variables that may occur in the future. ..
6. THE IMPORTANCE OF HAVING SEVERAL MARKETS
Then followed the “market diversification”, as 36% of the companies that grew sold their products and services in different regions or exported.
7. THE EDUCATION OF EXECUTIVES, A DIFFERENTIAL FACTOR
The “level of education of leaders” is also key: 50% of mobile companies are led by people with professional education.
8. PARTNER WITH ANOTHER COMPANY TO MODUM
Finally, the partnership is relevant. It was found that a company participating in a cluster has a 10% greater probability of having a growth move.