For a small business to thrive it must change, adapt, and improve or it will fall behind. Even big brands create out-of-the-ordinary campaigns to stay top-of-mind. Citibank conducted a national survey of 750 randomly selected small business owners and found some interesting results.
How do small businesses thrive?
- 88% kept updated and knowledgeable about their field
- 70% increased face time with customers
- 67% updated/upgraded computer systems
- 52% increased their use of the internet and social media
- 51% built a network of suppliers and partner companies
What steps will small businesses take the rest of this year?
- 65% expect to increase marketing
- 56% will work to get better pricing on expenses
- 52% expect to work even longer hours
- 50% will introduce new products or services
- 49% will use social media, such as Facebook or Twitter, to market their business
The survey also found that 69% of small businesses owners use their own money to help their business survive and 54% have gone without a paycheck, including 23% who have gone without pay for one year or more.
What we interpret from all of this is small business entrepreneurs are hard at work growing their business. They are doing a lot of things right – staying educated about their industry and focusing on their customers – but some may need extra support to reach their goals. Our team is proud to support small business owners, from providing working capital to giving business advice and making the right connections. Let us know how we can help your company thrive!