In the article by Fran Chuan 'The 4 keys to transforming an SME into a hidden champion' recently published by the magazine Harvard Deusto highlights how some SMEs, known as "hidden champions", have managed to dominate specific market niches and achieve remarkable success. For an SME to become a hidden champion, it is essential to place its customers at the centre of its business model, deeply understanding their needs and offering unique products and solutions tailored specifically to them. It is crucial to maintain a close, multi-departmental and continuous relationship with customers at all stages of the process.
In addition, fostering a culture that values exploration and continuous improvement is essential. Employees must feel empowered to question the standard and propose innovative improvements. Innovation should not be limited to a specific department, but be an integral part of the organisation's DNA. SMEs must also be agile and flexible to adapt quickly to market changes, which requires organisational structures that enable fast and efficient decision-making, as well as leadership that combines strategic authority with operational involvement.
Internationalising early allows you to take advantage of global opportunities, which facilitate economies of scale. Presence in foreign markets is key to their growth and competitiveness, and it is preferable to establish one's own representation in different markets rather than delegating to third parties. These keys not only help SMEs to grow and prosper, but also allow them to stand out in their respective market niches, competing successfully against larger, more established companies.
We would like to thank Fran Chuan for his mention and consideration of Hidral within this framework, which undoubtedly serves as an inspiration for us to continue in our line of progression, focused on the future (a few months before our 50th anniversary), with the same enthusiasm of the beginnings and fully immersed in our project of Cultural Transformation and internal Innovation.
From this link the article can be accessed in the journal.
