Increasing revenue and attracting new customers are the main growth ambitions of SMEs in Romania, according to the new Dreamonomics study carried out by Mastercard. These objectives are in line with the trends observed in the four European markets analysed: France, the Netherlands, Romania and the United Kingdom. The study also reveals a high level of interest in digital tools that can support business growth.
Three-quarters (75%) of Romanian SMEs intend to increase their revenue over the next five years, whilst 72% aim to attract new customers. Over a third (38%) want to expand into new locations, the highest proportion of the four markets.
When asked to select the three most important overall business objectives, Romanian SMEs most frequently cite increasing revenue (47%) and attracting new customers (45%). As well as attracting new customers, Romanian entrepreneurs also value their relationships with existing ones. More than six in ten (63%) prefer to build deeper relationships with existing customers, even if this means a smaller customer base.
However, the ambition for growth does not mean growth at any cost. Two-thirds (66%) of Romanian SMEs prioritise stability and predictability over rapid growth associated with greater risk and uncertainty.
For 63%, success means building a business that allows them to look after their health, relationships and personal life, whilst over half (53 per cent) want their business or work to have a positive impact. Digital tools, in turn, play a role in supporting these objectives. SMEs in Romania currently use, on average, four digital business tools, and 88 per cent are interested in adopting others.
More than four in five (81%) consider it essential that the tools they use work together, the highest proportion across the four markets. This highlights the importance of solutions that simplify day-to-day operations and give entrepreneurs greater control over their businesses.
The data reveals a gap between the level of concern regarding cyber security and the actual use of protective tools. Although more than half (55%) of SMEs in Romania say that protecting their business against cyber threats is a major priority, only 28% currently use cyber security tools, such as antivirus software and firewalls.
“Romanian entrepreneurs want to grow, but not at any cost. The data reveals a very interesting combination of ambition and the need for stability, control and protection. As businesses become more digital, our role is to provide them with the infrastructure and solutions that simplify their day-to-day operations and enable them to grow with confidence,” said Cosmin Vladimirescu, General Manager for Romania and Croatia at Mastercard.
Business Bonus: support for business management and development
Mastercard supports SMEs in Romania through, amongst other things, Business Bonus, a programme that offers access to preferential rates for tools and services useful for business management and development, ranging from productivity and e-commerce solutions to cyber security and business travel services.