Well, according to The State of Small Business Report by Network Solutions and the Center for Excellence in Service at the University of Maryland, not so hot.
C-. Not so hot at all.
The researchers compiled information from 500 small businesses, and compared the change of the small business environment since 2009 to now using an index they created that is meant to measure small business success.
As one goes through the report, the findings are not very surprising. Disheartening? Sure, but it is no shock that small businesses are still struggling.
– According to the index, 53% of all small businesses are either Marginally Failing or Failing.
-Businesses noted that they are having a tougher time competing with the big companies than ever before
-But the future is bright. Small businesses are continuing to embrace social media, mobile marketing, and are planning to hire in order to compete
So it is not a totally bleak picture.
The report notes what key factors are most important when it comes to success as a small business. They placed the areas on four quadrants, the graph is below:
You guessed it- marketing and innovation.
Small businesses are having trouble:
-Coming up with advertising and marketing activities to show their competencies
-Translating their marketing and advertising dollars into sales
-Finding platforms where new audiences are going to be
If you are a small business owner, you are not alone. According to this report, many small business- more than you think- are going through the same struggles.
This is why JDW: The Charlotte Agency started. Our goal is to help small business eradicate these issues.
We want to help small businesses survive, and grow. But we can’t do it unless you are willing to focus on your business, and let us worry about reaching your customers.
Help us make the next State of Small Business Report conclude with a happier ending.