Good year or great year in your business? Though most are thought in bottom dollar growth, there can be other factors that lead to a “successful” year.
Did you take part in the survey?
Here's a summary of the report that was released:
A survey reports 76% of small business owners say they have been successful in the last year, it is great news all around. The data comes from the fifth annual First Citizens Bank Small Business Forecast, which reveals even more good news.
Almost the same percentage of owners (74%) also say they expect their business to grow in the next six to 12 months. This is a 12% increase from the 2018 survey.
Overall, the respondents in the 2019 small business forecast survey are optimistic about the future of their business. Of those who said their business was successful (76%) this past year, 24.9% of them say it was very successful.
Image courtesy of: Clive Andrews
Wisconsin is first with 87% of respondents saying their business was a success. This was followed by Florida (83%), California (76%), South Carolina (75%), and North Carolina (69%).
So how do owners plan to grow their business? Improving customer satisfaction and loyalty is first on the list with 51% of owners. Identifying new customer segments (45%) and creating new products and services (29%) round up the top three strategies.
Owners also say they plan to expand to new locations (25%), attend networking events (23%), work with social influencers (20%), and more.
A couple of the objectives with this research is to uncover the pain points and challenges small to mid-size business (SMB) owners are currently facing. And provide year-over-year trend analysis to determine where the segment is heading.
This was accomplished through a survey carried out in North Carolina, South Carolina, California, Florida and Wisconsin. A total of 330 small business owners in these states took part in the online survey in February 2019.
The majority (59%) of the respondents have fewer than 10 employees.
Read the full article following the link below:
Photo By Cristiano Betta
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