If you think the small business economy is tanking, you're not alone. This is a common thought. However, a recent study found the opposite - that 38% of small business owners plan to hire and those diet 46 percent hiring six employees. As such, Wasp Barcode Technologies conducted a survey to give small business owners a good idea of what the economy of the small 2015 companies can be. This article is a brief summary of some of the results.
The study by Wasp Barcode Technologies involved 1088 respondents. Eighty-seven percent of participants have headquarters in the US, and 100 percent are involved in making decision for their business.
Findings Key data
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47 percent have increased confidence in the economy
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57 percent predict a turnover growth in 2015
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38 per cent plan hire, those diet 46 percent hiring six employees
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56 percent spend less than three percent of their income in marketing - only five hundred invest more than 11% of their turnover in marketing
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62 percent have two or fewer marketing staff (42 percent zero )
confidence in the economy
compared to last year, it appears small business owners are more optimistic. The majority of participants (35 percent) said that we are in a place "a little better". However, companies of 11-50 employees are more pessimistic about the economy than more than 50 employees.
anticipated revenue growth in 2015
Although small businesses were pessimistic about the economy, 57 percent of participants said they expect growth in revenues - an optimistic number indeed. 26 percent said they expect revenue to go without change and low nine percent said they think income will decrease in 2015.
The study also found that 41 percent of participants said they expect at least an increase of five percent this year in revenue. And to achieve a growth of five percent, 56 percent say they will "improve the customer experience and retention of existing," 22 percent say they will "launch new products and services" and 20 percent say they will "invest in training or tools to improve employee productivity."
business challenges
Just that small businesses (11-50) were pessimistic about growth in turnover for 2015, the study showed that the biggest challenge ( 48 percent) for them would be "revenue growth." the next big challenge was "increase Profit" (43 percent), followed by "Cash Flow" (42 percent).
It seems "hiring employees" (29 percent) and "Raising Capital / financing" (21 percent) are not considered too big an obstacle for small business for 2015. However, companies with 51-100 employees placed "hiring employees" as the second biggest concern (45 percent). Companies with 101-499 employees placed "Hiring Employees" as their biggest concern for 2015 (56%).
staffing plans
Speaking of hiring, the data showed that 38 percent of companies surveyed intend to hire employees in 2015. planning to hire 38 percent, a 50 percent plan to hire one to five employees and 46 percent plan to hire six or more employees.
marketing investment
regarding the marketing, 56 percent of the companies surveyed spend less than three percent and 34 percent invest more than four percent in marketing. products companies typically invest a greater percentage of income as non-product companies. Of these, 49 percent will invest less than three percent, while 42 percent will invest more than four percent.
In addition, the data revealed that 61 percent of companies surveyed use social media as a marketing tool, 46 percent use email marketing, 37 percent of advertisements printer use, and 36 percent use of press releases. In the bottom half of the marketing tools used were pay internet per click (12 percent), product videos (12 percent), outsourced PR firm (nine percent), and five telemarketing services percent used.
Conclusion
although exact figures and data are hard to come regarding the economy of small businesses, the study Wasp Barcode Technologies provides a well-rounded look that small business owners can expect in 2015. While smaller businesses (11-50) are somewhat pessimistic about the economy in 2015, overall most of the companies surveyed are optimistic about the future.
full Wasp Barcode Technologies infographic can be found here as the complete study can be found here .
What do you think of the state of the economy of small businesses based on the results of the investigation? Comment below
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