2024-02-28 10:07:19
In Spain, SMEs represent 99.8% of the national business fabric according to the Family Business Institute, 89% of these businesses are owned totally or partially by family groups, which makes generational change one of the most challenging challenges. important issues facing most organizations in the country. However, the Hiscox 2023 SME and Self-Employed Report shows that only 11% of SMEs and the self-employed have a succession plan. The picture is significantly different if only SMEs (between 10 and 249 employees) are taken into account. where the proportion increases to 37.5%. In comparison, according to National Institute of Statistics (INE)microbusinesses (0-9 employees) have succession plans in force: 12.4%, a high percentage considering that 94% of companies in Spain are microbusinesses.
On the other hand, in terms of turnover, the report reveals that 29.3% of SMEs with a turnover of more than 2 million euros had a succession plan in 2023. This figure represents a decrease of 5.8 percentage points in compared to the previous year, when it reached 35.1%. For those with a turnover of less than 2 million euros, the percentage is 13%, only 1 percentage point less than in 2022.
In terms of sectors, 19.3% of SMEs in the industrial sector claimed to have a succession plan, experiencing the largest increase, since in 2022 this percentage was 13.8%. In contrast, in the commercial sector, the percentage decreased by 1.5 points, going from 11.4% in 2022 to 9.9% in 2023.
«Having a succession plan in a family business is imperative when it comes to guaranteeing its continuity over time, since its lack implies lacking the necessary tools to do so. However, as we have seen, very few have one and, therefore, their ability to compete in the market is affected. Therefore, in the current complicated context, it is necessary to remember that, from the leadership of the organization, awareness of the importance of perpetuating the legacy as a basis for it to last over time must first be promoted,” says Miguel Ángel Aguilar, Director of Distribution. and Sales of Hiscox Spain.
Challenges to face
Digitalization has become the main focus of business strategies in Spain, since it represents both a prevailing need and a valuable opportunity for growth. Adapting to digital brings a wide range of benefits, including process optimization, cost structure improvement, and more effective response to customer expectations. These elements are essential to maintain competitiveness in a business environment that is constantly changing and full of uncertainty.
In a market where customers are increasingly immersed in digital, it is imperative that SMEs follow the same path. The way these companies connect with their customers must be completely digitalized, leveraging technological tools such as digital marketing and e-commerce.
Innovation must be the main engine that drives the development of SMEs. There are numerous ways to improve through innovation. For example, adopting new working methods, such as agile methods, can help improve operational efficiency. Likewise, new business analysis tools, such as data analytics and predictive models, make it possible to predict variations in demand and segment customers, which improves the relationship with each of them.
Innovation also enables improvements in customer service management processes, which can lead to greater loyalty and offer the opportunity to turn negative experiences into positive ones.
Small and medium-sized businesses should also look for growth opportunities through strategic alliances with partners in areas they may not be familiar with. In the current business environment, characterized by its volatility, having technological or strategic partners can be essential to capitalize on your strengths and focus on your clients, products and profitability.
The aid initiatives provided by the European Union aim to strengthen the entire business value chain. They seek to ensure that the applications for the different funds offered cover all participants in the production process, which encourages companies to seek allies for their growth and development.
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