Fewer small enterprise house owners (24 p.c) are planning so as to add jobs or positions of their corporations this yr, a lower from final quarter, in accordance with Wells Fargo/Gallup Small Enterprise Index survey, performed Jan. three to 10.
Nonetheless, 64 p.c of enterprise house owners anticipate their revenues to extend lots or just a little within the subsequent 12 months, and 81 p.c anticipate their firm’s money stream can be excellent or considerably good in the identical time interval. Moreover, 84 p.c anticipate their monetary scenario to be considerably good or excellent 12 months from now, and 80 p.c stated their present monetary scenario is considerably good or excellent.
Concerning the nationwide economic system, 67 p.c rated it as both good or glorious, a 4-point improve from final quarter. Only a quarter of enterprise house owners say that the general economic system impacts their enterprise an awesome deal, nonetheless.
“It’s promising to see that, basically, enterprise house owners stay optimistic,” stated Elli Dai, Wells Fargo’s head of small enterprise and private lending group in a press release. “As we stay up for the remainder of the yr, it’s useful to know what’s impacting their companies and the choices they need to make. Solely after we perceive our prospects can we higher help their monetary targets and continued progress.”
Digital advertising and marketing now can play a serious function for small enterprise success … Funding in managing their on-line presence can have an awesome payoff for small companies in attracting and retaining prospects.
– Linda Soldatos, head of Wells Fargo’s small enterprise advertising and marketing
The survey additionally centered on how house owners really feel about attracting prospects and new enterprise.
Attracting prospects is an even bigger downside than retaining present prospects, in accordance with 82 p.c of respondents. When attracting new enterprise, house owners’ largest challenges embrace the fundamentals of discovering after which retaining new prospects, creating the correct mix of promoting and advertising and marketing, coping with competitors for purchasers, protecting costs low, customer support and staffing, and having sufficient cash to run the enterprise successfully, in accordance with the survey.
To draw and retain prospects within the subsequent 12 months, 65 p.c of enterprise house owners highlighted growing networking alternatives, 52 p.c stated they might get hold of buyer suggestions, 51 p.c stated they might improve their social media presence, 49 p.c stated they might replace their web site, and 38 p.c famous they might improve spending on promoting and advertising and marketing.
On-line opinions are rising in significance for small enterprise house owners, in accordance with the survey. Greater than half of small enterprise house owners (53 p.c) have entry to person opinions on-line and 69 p.c of these enterprise house owners say that opinions are extraordinarily or essential to them. Two out of three house owners with entry to opinions on-line encourage their prospects to publish constructive suggestions, and the identical quantity reported that they publish responses to on-line opinions when it’s obligatory.
“Digital advertising and marketing now can play a serious function for small enterprise success – permitting them to have interaction with prospects straight by means of social media, get real-time buyer suggestions, and construct their on-line fame with buyer opinions,” stated Linda Soldatos, head of Wells Fargo’s small enterprise advertising and marketing in a press release. “Funding in managing their on-line presence can have an awesome payoff for small companies in attracting and retaining prospects.”