Written by: Christy Butler
According to the 2017 State of Small Business Report from a survey of over 1,100 small businesses, the top challenges facing U.S. Small Businesses are:
- Hiring New Employees
- Increasing Profits
- Employee Healthcare
- Growing Revenue
- Cash Flow
Here are some additional statistics so that you can see how you stack up to your peers:
- The top strategy folks noted they were working on to grow revenue is their relationship with existing customers, followed closely by acquiring new customers.
- 43% of small businesses do not track their inventory, or use a manual process to do so.
- The top IT changes in 2016 were updating network security and hardware.
- 54% of small businesses invest at least 4% of their revenue in marketing.
Building and sustaining your own business can be difficult. You constantly have to reevaluate where you are, where you are going, and how to get there. So based on the items above, what do you think is your most important priority today? Once you’ve answered that question, measure your current status and focus on how you can improve that area.
Determine your top priorities surrounding that one area, and put a plan in place for continuous measurement. At the very least, we recommend that you evaluate business goals on a quarterly basis. Next, engage your staff. Workers are happier and feel more at ease when their work aligns with the goals of the company. In fact, according to research completed by IBM’s Smarter Workforce Institute, 80% of employees are likely to report a positive employee experience when they feel that there is alignment.
If you want help on what changes you should make, take a look at some of our historical blogs (surely you’ve saved them all :P), or better yet, reach out to some of your peers. If you are a Choice Member, reach out to members of the network or contact Scott. Many of them have already faced some of the same challenges you have, and they can offer advice for overcoming those challenges.
Christy has a Bachelor’s degree in Business Administration with a concentration in Marketing, and she has over 10 years of marketing experience. Christy began her marketing career in construction, and decided she wanted to move to a field that gave her the feeling of being able to help others in some way. In 2010 she began working for a large healthcare organization in Virginia, and she oversaw the marketing efforts for a medical group comprised of over 380 primary care and specialty physicians. Christy received her Master’s in Business Administration (MBA) from the College of William and Mary in 2012. After receiving her MBA she joined the OPIE Software team where she oversees educational events and marketing efforts. Christy is a proud military spouse, a mom to a three year old boy, and she loves running and being outside. She feels at home in a hoodie with a Chai Latte in hand