The Small Business Landscape [Infographic]
by Daniel R, September 18th with 3 comments
The Small Business Landscape [Infographic]
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It’s a tough landscape out there for small business owners. They’ve got a whole host of challenges to overcome and some many tasks to do that it might seem as if they’ll never get the opportunity for a full night’s sleep again. It’s not all bad news, though.
When it comes to money, small business owners have some struggles, but they also have tools to help them figure out the finances. It’s difficult to manage cash flow where your clients aren’t paying their invoices promptly. On the other hand, keeping tabs on the bank account is much easier with online banking—a tool that more than 70 percent of small business owners use.
Entrepreneurs have lots of options when it comes to financial advice. While most seek the advice of an accountant or financial advisor, many network with other small business owners for help. The Internet provides a fast way to get a lot of information, too—42 percent of small business owners get online for financial advice.
Small businesses are looking forward to hiring—31 percent stated they’d be interviewing candidates during the next 12 months. Finding good people is a challenge, though. The number one concern of small business owners is finding employees who have the skills they need to do the job.
Training new people is not cheap. Costs average over $1,000 and it takes at least 40 hours to properly train an employee. And not all those employees are stellar. Some report stealing, cheating, and using or selling drugs.
When it comes to marketing, small business owners are ready to ramp it up—a full 47 percent will increase their marketing budget over the next 12 months. How should they spend their money? Studies suggest that they should add more signage, such as custom banners and yard signs—64 percent of customers reported that they couldn’t find a business due to its unclear or small signage.
While there are plenty of pitfalls and challenges on the small business landscape, owners will also find plenty of opportunity.Continue reading...
The Benefits of Signage [Infographic]
by Daniel R, March 27th with 2 comments
Signage is simply the best, most effective form of advertising for your marketing dollar. Here are a few more statistics about the benefits of signs.
Signage is so ingrained in our collective minds that most of the time we go about our daily activities without even knowing they are there. They direct us, remind us and sometimes even inspire us to make decisions each day. For local small businesses, they are a priceless way to establish an identity and gain new customers.
Signs attract new customers and alert them that you exist. Recent surveys found that many customers would have never found a business unless they had seen its sign.
Signs help your business be more profitable. Installing a new sign, banner or yard sign, can increase business as much as nearly 16 percent. It’s a fast, easy way to plump up your bottom line without spending a bunch of money.
Small business signs are a vital part of the community. Many new people move into your neighborhood every year—your sign encourages them to drop by your business. Over 85 percent of your customers are neighbors—they live or work within 5 miles of your business. Your customers drive past your business daily; your signage keeps you top-of-mind. Studies show that consumers are more likely to remember your business from your signage than they are from television or radio ads.
Your signage draws people in on impulse. One survey showed that up to 45 percent of people reported stopping at a business on impulse last year. You’re already making money from customers who have planned to shop at your store—why not entice a few in on impulse? You’ll gain a new customer and they’ll gain a great new place to shop.Continue reading...
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