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The Small Business Landscape

THE SMALL BUSINESS LANDSCAPE: PITFALLS, PLANS & PERSPECTIVES Small businesses make up 80% of the total number of businesses in the U.S. today. And for their owners, today's economic environment presents a unique set of challenges and opportunities to build their business. Here we explore some of the pitfalls, plans and perspectives of current business owners to get an idea of how they succeed. WHERE DO YOU GO FOR An accountant/bookkeeper FINANCES O A financial advisor O Other small business owners O O A banker O Online O A lawyer O Nationally-recognized expert O Local non-prafit or government organization such as the SBA FINANCIAL ADVICE? When asked their biggest challenge in managing cash flow, small business owners cited: 74% Familyfriends Q42% 49% C 26% 58%O 68% 26% 45% 9% 29% O GETTING FINANCIAL ADVICE: Low profits and lack of business Not getting paid on time by clients and in a timely customers 42%O 73% of small business owners say they need occasional financial advice or support Not getting out invoices 65% fashion GETTING AND USING CREDIT: 7% 1% O I have it, but I only use it in an emergency lan trying to pay down my halance sol have a portion GETTING PAID: 78% of small business owners who applied for a business loan during the last two years were approved. 19% 72% of small business owners use online banking to help keep them organized. 40% make direct payments to help manage cash flow. avalable to use I His the primary sourte of cash flow for my business O His maed out O Don't know 4% 50% 18% If you applied for a business loan within the last two or more 78% 23% O No O Don't know CHOOSING A BANK years, were you approved? you aselmanage your line of credit? Which of the above best describes how MOST IMPORTANT FACTORS 72% of small business owners look to their bankers for 20% 18% 17% CONVENIENT LOCATION advice about the HUMAN RESOURCES benefits of an SBA RELATIONSHIP loan or how to REWARDS manage payroll 31% HIRING: OF SMALL BUSINESSES PLAN TO HIRE NEW EMPLOYEES WITHIN THE NEXT 12 MONTHS. ACCESS TO LOCAL EXPERTISE What is the number one challenge you face as you look to retain top talent? **22% tH1|1 19% 19% 18% TRAINING: Finding employees with the skils required for your business AVERAGE TRAINING EXPENDITURES PER LEARNER Providing compettive salaries $1,041 Finding emplyees with a good work ethie Providing compettive heath care and retiement benefits AVERAGE HOURS OF TRAINING PER EMPLOYEE Prviding the entra perks of larger companies, such as a bonun, flexble hours, child care 1111112% 40.1 HRS BENEFITS: Cco 56% OF SMALL BUSINESS OWNERS POLLED OFFER A FINANCIAL BENEFITS PACKAGE. 31% OFFER A 401(K) PLAN. RISKY EMPLOYEES: A 2011 survey conducted by Hayes International showed that HIGH RISK LOW RISK I have frequently associated with fellow employees who admitted they were stealing merchandise from the company 18.4% 5.4% Various items on the Applicant 9.3% 1.7% Review ques- tionnaire and Iam not an honest person and might steal or cheat. 26.7% 7.8% the percant of high and low 1.3% risk applicants adnitting 5.2% to each I could be tempted to steal from my employer I might help friends steal from my company 14.6% MARKETING I have stolen money within the past 3 years. 17.5% 1 47% Ihave stolen merchandise within the past 3 years. 15.9% 4.5% I would possibly use marijuanalillegal drugs in the future. 23.1% 6.5% I have previcusly sold marijuana or other illegal drugs. 4.3% 0.9% of business owners surveyed reported that they plan to amp up their marketing efforts over the next 12 months. EFFECTIVE MARKETING TECHNIQUES: WEBSITES AND TRAFFIC: 84% 38% ENGINES WORD OF MOUTH & DIRECT MAIL SEARCH 46% OR E-MAIL CUSTOMER REFERRALS NETWORKING WITH OTHER 43% 42% 55% ADVERTISING - PRINT, BROADCAST, RADI0, ETC. 17% SPECIALTY SMALL BUSINESS OWNERS WEBSITES How effective do you find these techniques in marketing your business? SOCIAL MEDIA SOCIAL MEDIA Consumers find local 3% businesses through: 75% SOCIAL MEDIA: SIGNAGE: of small businesses report that they plan to increase social media marketing over the next 12 menths. 64% of customers report that they have failed to find a store due to small or anclear signage AGES 18-24 55% 25-34 52% 35-49 42% 50-64 46% 65+ 50% % of women who have driven by or failed to find a business due to small or unclear signage SOURCES 100,000 Shoppers Can't Be Wrong: Signage Communication Evidence from The Brand Spark/Better Homes and Gardens American Shopper Survey. James Kellaris, Ph. D. University of Cincinnati, The National Signage Research & Education Conference 2001.

The Small Business Landscape

shared by shuey03 on Mar 13
Small businesses make up over 80% of the businesses in the United States. This graphic portrays the challenges that small businesses encounter as well as how they work to grow their businesses.



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