Sales and marketing are No.1 challenge to growth
MARKHAM, ONT.
nly 25 per cent of small and medium-sized enterprises in Ontario report funding to be their biggest challenge to growth, according to results of a study released last week by the Innovation Synergy Centre in Markham, Ont. Sales and marketing issues are of greater concern, with 53 per cent of small and mid-sized businesses, or SMEs, identifying those areas as their major growth obstacles, the research finds. The study, conducted by ISCM — a not-for-profit business advisory centre for SMEs — polled 200 SMEs across the province, through a combination of written questionnaires and face-to-face meetings, about their main business issues.
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The results showed that whereas a quarter of respondents reported “funding and financial management” to be their biggest challenge, a larger portion cited sales and marketing issues as their number 1 growth hurdle. Specifically, they cited challenges with “sales” (13 per cent), “marketing” (12 per cent), “branding” (11 per cent), “competitive intelligence” (seven per cent), “market research” (five per cent), and “export strategy” (five per cent). The other respondents claimed their greatest concerns were with “business strategy” (11 per cent), “human resources” (five per cent), “manufacturing” (three per cent) and “public relations” (three per cent each).