The Small Business Landscape [Infographic]

by Daniel R, September 18th

The Small Business Landscape [Infographic]

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<img src="http://www.signs.com/blog/wp-content/uploads/2012/09/The-SMB-Landscape-Infographic.jpg" alt="The Small Business Landscape [Infographic]" /><a href="http://www.signs.com/blog/the-small-business-infographic">The Small Business Landscape [InfoGraphic]</a>

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.