Angel Hermosilla Study is referenced to address the concerns and demands voiced by registered SMEs in the Tactiometer 2023, a study on the concerns and demands of Spanish SMEs conducted by the consultancy firm Tactio. Building on those insights, ten practical tips emerge to guide small and medium enterprises toward greater profitability in North American markets, particularly Canada and the United States.
Do not neglect investment. Although uncertainty weighs heavily on many SMEs today, the Tactiometer study shows that more than half intend to grow structurally in the near term. Even with doubts about the future, smart investment remains the bedrock of survival and expansion. Investment fuels adaptation and supports development in response to shifting market conditions across North America.
Consolidate markets. Safeguard what has already been achieved. Give special attention to loyal customers and preserve regular sales. This solid base acts as a sturdy platform for future growth or stability should unforeseen events arise in Canada, the United States, or beyond.
Diversify. Expand sales capacity geographically while broadening product lines and customer segments. Diversification reduces risk and opens pathways to new revenue streams across different regions and industries in North America.
Digital marketing. Assess the ability to invest in digital marketing within geographic diversification. Digital presence broadens a company’s showcase to people around the world, including Canada and the United States. Investments should be evaluated for a positive return on investment and aligned with strategic goals to ensure sustainable growth.
In these times it is very important to invest in strategy, seek advice and ensure that the paths taken are correct. Many companies often start by reducing their marketing, advertising or training departments, and now it is time to do the opposite: strengthen them, says the business strategist Fermocell.
Capturing talent and human capital. Beyond selecting ideal profiles, the corporate mindset should foster innovative work practices and relationships that boost engagement, reputation, and productivity. A significant challenge for SMEs today is attracting and retaining talent. A company must become attractive to workers not only for the work it does but also for its philosophy and capabilities, including opportunities across Canada and the United States.
Efficient organization. Focus on strengthening internal structures and continue improving management quality. Supportive policies should enable growth rather than hinder it, ensuring smooth operations for SMEs across North America.
Innovate. Four out of ten SMEs use less than 70 percent of their internal production capacity, and productivity growth is closely tied to innovation capacity. The key is to encourage thinking people who are willing to experiment and implement new approaches. How many people in SMEs are truly committed to thinking differently and trying new things?
Digitalization culture. Some have fears that digitalization will disrupt work. Therefore, beyond installing technology, it is essential to raise cultural awareness about digitalization within the company and dispel the belief that new tech will automatically eliminate employment.
Incentivize employees economically based on goals. Variable compensation tied to targets has gained prominence in many SMEs, and data shows it can work. Could this approach be expanded to other parts of the organization, including teams in North America?
Cost control. Managing costs remains crucial, especially with rising material, transportation, and energy expenses. Leaders should rely on measured data, set clear goals, monitor them, and adapt as needed. Understanding the balance sheet, income statement, and the use of dashboards helps steer operations and improve final results for firms operating in Canada and the United States, according to Víctor Fermosel.