In a recent survey of small business owners conducted by Bank of America, results show that while small business owners have high levels of stress, they are also highly optimistic. The article states that “running a small business is more stressful than raising a child or managing a relationship with a significant other”. Do you agree with that statement?
Despite the challenges of running a small business, the survey also shows regained confidence among business owners as many plan to expand their workforce. Of those surveyed, 31% expect to expand their workforce in the next 12 months. When asked about their revenue expectations, 61% expect a revenue increase for their business and 32% anticipate their revenue to stay the same.
Small businesses can make efforts to increase their revenue through supporting their local economy and embracing technology and social media as a means to better manage and market their business.
Thinking locally
It’s safe to say that most all of you encourage customers to spend locally with your business instead of turning to the "big box" stores. Are you doing the same? According to the survey, 69% of small business owners view the local economy as very important to the success of their business.
There are many ways spending locally supports your local economy. When stores are kept in business, it keeps jobs in town and gives community members the money to purchase goods and services from other local businesses. This is especially important in smaller communities. Money that you spend locally usually stays local, circulating through the local economy and hopefully back to your business.
Of the small business owners surveyed, 42% expect their local economy to improve in the next year. Their view of the national economy is not as positive, with only 35% expecting the national economy to improve in the next year. Support your local economy, and it should support you in return. (Support local businesses and independent dealers through Independent We Stand.)
Embracing technology
Technology has proven to be a valuable tool for managing your business and marketing products and services. Despite its benefits, many small business owners are not taking advantage.
Social media marketing can be a powerful tool for small businesses to use for marketing to their local community, yet many are not using it. Only 38% of small business owners take advantage of social media marketing (5 Strategies for Implementing Social Media).
Business management systems (Choosing the Right Business Management System for Your Business) and other paperless technology have helped many operations to cut down on waste and improve efficiency and profits. You may not use the most up-to-date technology in your dealership, or maybe you are just not using it to its full capabilities. Either way, you are not alone. The survey also revealed that 64% of small business owners wish they took better advantage of technology for managing and marketing their business.
Maintaining optimism, while supporting your local community and embracing technology, can help you to thrive in business this year.
Read the full article about the survey here: Small-Business Owners Stressed but Optimistic
