Small business report from a survey of 1,000+ small businesses

STATE OF small BUSINESS REPORT

Small businesses are bullish on the economy, optimistic on growth in 2015

Why does the State of Small Business Report matter?

Setting goals and identifying the key factors of success and growth are paramount for every small business owner. While developing a long-term plan for our own small business (Wasp Barcode Technologies), we found there were no hard numbers or statistics to answer the questions we were asking ourselves. We consulted with industry peers and experts, searched trade publications, and scoured the internet for concrete numbers that would help us compare our company’s growth and direction to other small businesses – all we could find were theories and assumptions.

We could not base the success of our company on those theories and assumptions without hard evidence. As a result, we developed a study to collect the data directly from other small business owners and executives. Our questions focused on their thoughts about the upcoming year, specifically: economic confidence, potential business challenges, and anticipated investments. Wasp’s final goal – to efficiently share the results so our peers can make more informed business decisions.

FoxNews and Forbes contributor Gene Marks weighs in on the 2015 State of Small Business Report (#SMBReport). (@GeneMarks)

Who participated in the #SMBReport?

1088

respondents

97%

Headquartered in North America

Company Size by Employees
11 -50
51 -100
101- 499

Job Titles Represented

Business Owner: 30%

Executive/C-Level/Senior Manager: 70%

 

100%

Involved in Decision Making

Industries Represented

Agriculture
2%

Construction
4%

Education
10%

Energy
1%

Financial
6%

Government
5%

Healthcare
10%

Hospitality
6%

IT
8%

Manufacturing
6%

Non-Profit
14%

Other
19%

Retail
6%

Repair Services
1%

Warehousing
2%

Confidence in the Economy vs. 12 Months Ago

Companies 11-50 are more pessimistic about the economy.

Anticipated Revenue Growth in 2015

 

Product Companies are expecting higher revenue growth than non-product companies.

41%

Anticipate at least a

5%

increase in revenue

Strategies to achieve expected revenue growth

 

  • 56%

    Improve existing customer experience & retention

  • 45%

    Invest in new customer acquisition activities & methods

  • 20%

    Invest in training or tools to improve employee productivity

  • 27%

    Expand into new markets

  • 22%

    Launch new products/ services

  • 18%

    Hiring new employees

  • 5%

    Open new stores/ sites/ facilities

*Other: 4%

Top 5 Business Challenges

Percent Revenue Invested in Marketing

 

56%

Invest less than 3%

34%

Invest more than 4%

 

Product companies will typically invest a greater percentage of revenue than non-product companies.

49%

Invest less than 3%

42%

Invest more than 4%

Employees and Staffing Plans

 

Planned or Anticipated IT Investments in 2015

What SMB's Use to Track Inventory

 

46% Don't Currently Track Inventory or Use a Manual Process

 

 

Poor inventory management
is listed as one of the TOP 8 reasons small business fail by SBA.gov.

 

 

RESPONDENTS

BUSINESS OWNERS

  • Partner
  • Principal Owner

C-LEVEL

  • Executives
  • President
  • CEO
  • CFO
  • COO
  • CMO

SENIOR LEVEL

  • Executive VP
  • Senior VP
  • VP Assistant
  • VP Controller
  • Assistant Controller
  • General Manager
  • Sr. Director
  • Sr. Dept. Director
  • Dept. Head
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Small business report concluded from a survey of 393 small businesses. Small business report covers these business' most pressing accounting issues.

© Wasp Barcode, 2015.
All rights Reserved.

Small business report concluded from a survey of more than 1,000 small businesses. Small business report covers expected revenue growth, staffing & hiring, confidence in the economy, & IT spending trends in 2015