The Small Business Infographic

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THE SMALL BUSINESS LANDSCAPE: PITFALLS, PLANS & PERSPECTIVES Small businesses make up 80% of the total number of businesses in the U.S. today. And for their owners, today’s economic environment presents a unique set of challenges and opportunities to build their business. Here we explore some of the pitfalls, plans and perspectives of current business owners to get an idea of how they succeed. FINANCES 45% 26% 9% Not getting paid on time by clients and customers Low profits and lack of business Not getting out invoices in a timely fashion WHERE DO YOU GO FOR FINANCIAL ADVICE? An accountant/bookkeeper A financial advisor Other small business owners Family/friends A banker Online A lawyer Nationally recognized expert Local non-profit or government organization such as the SBA GETTING FINANCIAL ADVICE: 73% of small business owners say they need the occasional financial advice or support GETTING PAID: 72% of small business owners use online banking to help keep them organized. 40% make direct payments to help manage cash flow. When asked their biggest challenge in managing cash flow, small business owners cited: 20% CONVENIENT LOCATION 18% 17% RELATIONSHIP REWARDS ACESS TO LOCAL EXPERTISE GETTING AND USING CREDIT: 78% of small business owners who applied for a business loan during the last two years were approved. 72% of small business owners look to their bankers for advice about the benefits of an SBA loan or how to manage payroll I have it, but I only use it in an emergency I am trying to pay down my balance so I have a portion available to use. It is the primary source of cash flow for my business It is maxed out Don’t know Yes No Don’t know If you applied for a business loan within the last two or more years, were you approved? Which of the above best describes how you use/manage your line of credit? HUMAN RESOURCES HIRING: 31% OF SMALL BUSINESSES PLAN TO HIRE NEW EMPLOYEES WITHIN THE NEXT 12 MONTHS. What is the number one challenge you face as you look to retain top talent? Finding employees with the skills required for your business Providing competitive salaries Finding employees with a good work ethic Providing competitive health care and retirement benefits Providing the extra perks of lerger companies, such as a bonus, flexible hours, child care RISKY EMPLOYEES: A 2011 survey conducted by Hayes International showed that: I have frequently associated with fellow employees who admitted they were stealing merchandise from the company. 18.4% 5.4% I am not an honest person and might steal or cheat. 9.3% 1.7% I could be tempted to steal from my employer. 26.7% 7.8% I might help friends steal from my company. 14.6% 1.3% I have stolen money within the past 3 years. 17.5% 5.2% I have stolen merchandise within the past 3 years. 15.9% 4.5% I would possibly use marijuana/illegal drugs in the future. 23.1% 6.5% I have previously sold marijuana or other illegal drugs. 4.3% 0.9% HIGH RISK LOW RISK Various items on the Applicant Review ques- tionnaire and the percent of high and low risk applicants admitting to each. TRAINING: AVERAGE TRAINING EXPENDITURES PER LEARNER $1,041 AVERAGE HOURS OF TRAINING PER EMPLOYEE 40.1 HRS BENEFITS: MARKETING of business owners surveyed reported that they plan to amp up their marketing efforts over the next 12 months. EFFECTIVE MARKETING TECHNIQUES: WORD OF MOUTH & CUSTOMER REFERRALS NETWORKING WITH OTHER SMALL BUSINESS OWNERS DIRECT MAIL OR E-MAIL ADVERTISING - PRINT, BROADCAST, RADIO, ETC. SOCAIL MEDIA 84% 55% 46% 43% 42% SIGNAGE: of customers report that they have failed to find a store due to small or unclear signage. % of woman who have driven by or failed to find a business due to small or unclear signage SOCIAL MEDIA: of small buisness report that they plan to increase social media marketing over the next 12 months. WEBSITES AND TRAFFIC: Consumers find local businesses through: 38% 17% 3% SOCAIL MEDIA SEARCH ENGINES SPECIALTY WEBSITES SOURCES http://www.thesignagefoundation.org/LinkClick.aspx?fileticket=5slQpadZY5o%3d&tabid=59&mid=485 http://mediaroom.bankofamerica.com/phoenix.zhtml?c=234503&p=mediaMention&id=467320 http://hayesinternational.com/news/annual-retail-theft-survey/ 100,000 Shoppers Can’t Be Wrong: Signage Communication Evidence from The Brand Spark/Better Homes and Gardens American Shopper Survey. James Kellaris, Ph.D. University of Cincinnati. The National Signage Research & Education Conference 2001. 50% 19% 7% 1% 78% 18% 4% How effective do you find these techniques in marketing your business? 23% OF SMALL BUSINESS OWNERS POLLED OFFER A FINANCIAL BENEFITS PACKAGE. 31% OFFER A 401(K) PLAN CHOOSING A BANK MOST IMPORTANT FACTORS 74% 68% 65% 58% 49% 42% 42% 29% 26%

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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.

Transcript of The Small Business Infographic

Page 1: The Small Business Infographic

THE SMALL BUSINESS LANDSCAPE:PITFALLS, PLANS & PERSPECTIVES

Small businesses make up 80% of the total number of businesses in the U.S. today. And for their owners, today’s economic environment presents a unique set of challenges and opportunities to build their business. Here we explore some of the pitfalls, plans and perspectives of current business owners to get an idea of how they succeed.

FINANCES

45%26% 9%Not getting paid on time by clients and customers

Low profits and lack of business

Not getting out invoices in a timely fashion

WHERE DO YOU GO FOR FINANCIAL ADVICE?

An accountant/bookkeeper

A financial advisor

Other small business owners

Family/friends

A banker

Online

A lawyer

Nationally recognized expert

Local non-profit or government organization such as the SBA

GETTING FINANCIAL ADVICE: 73% of small business owners say they need the occasional financial advice or support

GETTING PAID:72% of small business owners use online banking to help keep them organized.

40% make direct payments to help manage cash flow.

When asked their biggest challenge in managing cash flow, small business owners cited:

20% CONVENIENTLOCATION

18%17%

RELATIONSHIPREWARDS

ACESS TO LOCAL EXPERTISE

GETTING AND USING CREDIT:78% of small business owners who applied for a business loan during the last two years were approved.

72% of small business owners look to their bankers for advice about the benefits of an SBA loan or how to manage payroll

I have it, but I only use it in an emergency

I am trying to pay down my balance so I have a portionavailable to use.

It is the primary source of cash flow for my business

It is maxed out

Don’t knowYes

No

Don’t know

If you applied for a business loan within the last two or more years, were you approved?

Which of the above best describes how you use/manage your line of credit?

HUMAN RESOURCESHIRING: 31% OF SMALL BUSINESSES PLAN TO

HIRE NEW EMPLOYEES WITHIN THE NEXT 12 MONTHS.

What is the number one challenge you face as you look to retain top talent?

Finding employees with the skills required for your business

Providing competitive salaries

Finding employees with a good work ethic

Providing competitive health care and retirement benefits

Providing the extra perks of lerger companies, such as a bonus,

flexible hours, child care

RISKY EMPLOYEES: A 2011 survey conducted by Hayes International showed that:

I have frequently associated with fellow employees who admitted they were stealing merchandise from the company. 18.4% 5.4%I am not an honest person and might steal or cheat. 9.3% 1.7%I could be tempted to steal from my employer. 26.7% 7.8%I might help friends steal from my company. 14.6% 1.3%I have stolen money within the past 3 years. 17.5% 5.2%I have stolen merchandise within the past 3 years. 15.9% 4.5%I would possibly use marijuana/illegal drugs in the future. 23.1% 6.5%I have previously sold marijuana or other illegal drugs. 4.3% 0.9%

HIGH RISK LOW RISK

Various items on the Applicant Review ques-tionnaire and the percent of high and low risk applicants admitting to each.

TRAINING:AVERAGE TRAINING EXPENDITURES PER LEARNER

$1,041AVERAGE HOURS OF TRAINING PER EMPLOYEE

40.1 HRSBENEFITS:

MARKETING

of business owners surveyed reported that they plan to amp up their marketing efforts over the next 12 months.

EFFECTIVE MARKETING TECHNIQUES:WORD OF MOUTH & CUSTOMER REFERRALS

NETWORKING WITH OTHER SMALL BUSINESS OWNERS

DIRECT MAIL OR E-MAIL

ADVERTISING - PRINT, BROADCAST, RADIO, ETC.

SOCAIL MEDIA

84%55%

46%43%42%

SIGNAGE:of customers report that they have failed to find a store due to small or unclear signage.

% of woman who have driven by or failed to find a business due to small or unclear signage

SOCIAL MEDIA:of small buisness report that they plan to increase social media marketing over the next 12 months.

WEBSITES AND TRAFFIC:

Consumers find local businesses through:

38%17%3% SOCAIL

MEDIA

SEARCH ENGINES

SPECIALTY WEBSITES

SOURCEShttp://www.thesignagefoundation.org/LinkClick.aspx?fileticket=5slQpadZY5o%3d&tabid=59&mid=485

http://mediaroom.bankofamerica.com/phoenix.zhtml?c=234503&p=mediaMention&id=467320

http://hayesinternational.com/news/annual-retail-theft-survey/

100,000 Shoppers Can’t Be Wrong: Signage Communication Evidence from The Brand Spark/Better Homes and Gardens American Shopper Survey. James Kellaris, Ph.D. University of Cincinnati. The National Signage Research & Education Conference 2001.

50%

19%

7% 1%

78%18%

4%

How effective do you find these techniques in marketing your business?

23%

OF SMALL BUSINESS OWNERS POLLED OFFER A FINANCIAL BENEFITS PACKAGE. 31% OFFER A 401(K) PLAN

CHOOSING A BANKMOST IMPORTANT FACTORS

74%

68%

65%

58%

49%

42%

42%

29%

26%