More than 50% of MSMEs are created by women: How to boost your business?

By the end of 2022, 3.8 million MSMEs were registered in Peru, of which 57% were created by womenaccording to the record of Alegra, an accounting management platform.

Following the COVID-19 pandemic, there has been a 15% increase in women entrepreneurs. Furthermore, 4 out of every 10 people who have started their own business are female, according to data from the Ministry of Production (Produce)

In this context, Ignacio Sica, Senior Vice President of Retail Banking at Scotiabank Perú, provides four tips that will allow businesses to take off:

• Continuous training: In a business environment characterized by its dynamism, continuous training stands as a fundamental pillar for growth and differentiation. For example, the “Scotiabank Women’s Initiative” is presented as a prominent option, providing specialized education at no cost, personalized advisory services, mentoring and a wide range of financial products adapted to business needs. Since its launch, this program has supported more than 20 thousand women around the world, contributing to the strengthening and expansion of their businesses.

• Technological tools: The strategic use of technological tools emerges as another essential component for business success. According to a study by Statista, in 2023, 80% of the Peruvian population connects to social networks daily. These digital platforms not only allow greater interaction with potential clients, but also make it possible to share relevant content and offer metrics to evaluate the performance of commercial strategies, fundamental elements for the growth and consolidation of a business.

• Selection of Financial Products: Identifying and choosing suitable financial products play a crucial role in business development. According to an internal analysis by Scotiabank, although 90% of its clients have the habit of saving, only 45% have an account for this purpose. Banks today offer a wide range of options tailored to individual business needs. For example, businesswomen associated with the “Scotiabank Women’s Initiative” program have access to preferential exchange rates through the online platform, thus facilitating their business operations.

• Business Self-Assessment: Before launching a business, a detailed self-assessment becomes essential. What value proposition will be offered to customers? How will you stand out in a competitive market? Thoroughly evaluating the distinctive features of the product or service and being prepared to adjust strategies based on market response are essential elements for business success.