& how to deal with them
This month is all about facing your fears to level up your business to success. Being able to target and anticipate these scary situations will allow you to navigate smoothly around the obstacles and steer straight to the bank instead. Here are the top 5 Scary Small Business Statistics:
1. Recruiting & Retention Struggles
79% of employees that leave a job will state that a lack of recognition and appreciation is the key reason for quitting. This means that roughly 8 out of 10 employees leave a job because they don’t feel appreciated. For anyone who knows the costs associated with recruiting and retention, this is a shocking statistic!
What you can take away from this small business stat: If you work with either internal team members or external contractors, let them know you appreciate their hard work and contributions. Having happy employees who enjoy coming to work and feel their contributions are recognized will work harder than those who don’t. From a simple thank you to an unexpected gift, make sure your team knows they are valuable.
2. Fierce Competition
543,000 new businesses are started every month.
This is both exciting and a little scary. It’s inspiring to see businesses getting off the ground, but it’s another reminder that there’s a lot of competition out there.
What you can take away from this small business stat: Focus on customer service. This makes your small business stand out from the competition. It also reminds your customers why they work with you and not your competition.
3. Responsibilities Overload
66% of small business owners and leaders are personally responsible for three or more of the following areas of their business: operations, finance, sales, marketing, human resources, customer service, product development, or IT. You care about your business and success. Sometimes that means putting together the budget, running ad campaigns, handling customer questions and being tech support for your website all in one day. It’s a lot.
What you can take away from this small business stat: As much as you want to do everything, it’s hard to keep all those plates spinning. Delegation can help you get your time back and allow you to spend it on the work that you do best. There are countless free and competitively priced software options available. For help with small business marketing, this one is our favorite.
4. Budgets & Finances
57% of small business owners use their personal savings for startup capital.
If you take personal credit cards, “other personal assets” and home equity into consideration, this number reaches 74%. Starting a business is expensive. While some take the financing route, the majority of small business owners are using their own savings to get their business off the ground.
What you can take away from this small business stat: This is probably the least surprising item on our list of small business stats. All small business owners are familiar with the expenses related to starting a business. Every penny of your hard-earned money should be used as efficiently as possible. One way to do this is to set a budget as early as possible, considering everything from staffing to marketing costs.
5. Marketing ROI
Content marketing gets 3x more leads than paid search advertising. Content marketing is a cost-effective marketing method that sees solid ROI. This type of content isn’t super easy to create, which is part of the reason why more small businesses aren’t taking advantage of it.
What you can take away from this small business stat: Content marketing should be part of your overall marketing plan. By crafting and sharing useful, insightful content, businesses are able to position themselves as thought leaders. They can also promote their business alongside the industry adjacent content.
Face your fears and start your business TODAY!
With the opportunities for small businesses booming, why wait another moment. What else is keeping you down? Financial restraints have been a complaint for many of the dreamers, limiting themselves to their immediate funds. There is an alternative. If you have the dreams and decent credit, Small Business Loans and No Doc Loans are available to you. Our goal is to provide you with the knowledge you need and the resources available to make your dream a reality. Give us a call – we have the education and the perspective to help you obtain the loans you need for your small business. Visit our website or give us a call to find out what financial backing is available to make your business soar!
Unsecured Finances has over 10 years in the consulting business! We specialized in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans including; Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.
Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584