Small Business Outlook: Finding Time is Biggest Challenge for Owners
Monday, August 13th, 2018
Reliant Funding, a leading small business finance provider announced the results of its latest survey. Reliant has tracked trends in four core areas since Winter 2017: Top Internal Challenges, Top External Challenges, Investment Plans and Outlook for Future Success.
The study was sent to a sample of US small business owners in June 2018.
Key Findings from Small Business Outlook Report
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Customer spending consistently stands out as the top external challenge.
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Finding time to do everything was the top internal challenge for small businesses owners surveyed.
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When asked about future investments the top pick for plans were consistently focused on marketing efforts.
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Upgrades to facility and equipment came in as additional investment priorities for those surveyed.
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From Winter 2017 to Summer 2018, optimism about the future of their businesses decreased by 10 percent.
Consistent research shows that the majority of small business owners neglect to implement marketing strategies or try to accomplish it themselves on already limited time and resources. There are various marketing strategies which exist to improve revenue growth; it's a matter of investing in those strategies to see a return on investment. For this, a reliable source of working capital is vital.
"Marketing is often an overlooked investment because smaller companies often have less time and budget to allocate to promote themselves. We are starting to see a shift in where our clients are investing their money. Ramping up marketing efforts in various capacities are one of the top five reasons they come to us for funding," says CEO of Reliant Funding, Adam Stettner.