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SMEs are at the heart of Colombia’s business structure for a number of reasons. According to Acopi, more than 90% of the country’s companies are SMEs, they create nearly 80% of jobs (a large integrated household survey) and contribute nearly 40% of the country’s GDP.
Despite their importance to the national economy, many small businesses must overcome challenges that hinder their growth and sustainability. According to Confecámaras, only three out of every ten companies in Colombia survive after their first five years. The outlook is challenging and this cannot be ignored within the framework of SME Day.
Access to financing. Colombia is one of the countries with the highest entrepreneurial activity in the world. Here we have great ideas, but in many cases they do not materialize due to a lack of financial resources.
High interest rates, the complexity of some bureaucratic procedures and collateral requirements that are often difficult to meet are obstacles. Although there are credit schemes in the country and even a so-called Startup Law, there is a need to develop more flexible credit access mechanisms, including microfinance and policies to promote financial inclusion.
Digitalization and technology. In an increasingly globalized world, the adoption of technology is key to the survival and growth of SMEs. Fear of migrating to digitalization is latent. However, entrepreneurs must be aware of the range of possibilities that come with it: automation of processes, increased productivity, efficiency and profitability, and more time to invest in creativity and development strategies.
For example, at Siigo, we are committed to providing personalized and affordable services so that SMEs can organize their accounting, manage their finances, and meet their tax obligations from anywhere using cloud technology.
Training training. Finally, adequate training is also important.
Taking on the challenge means trying and failing multiple times. However, these small business owners do not always have the knowledge in key areas such as business management, digital marketing, finance, etc., which can be overwhelming. It is our responsibility to promote continuous and accessible training programs, a task that spans both public and private institutions.
As a society, we must adapt to the boom in technology and must continue to learn to keep up with the pace of the market. Resisting change is not an option and SMEs must be aware of this great wave of technology.
David Ortiz
Siggo Latam
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