Small Businesses Are…Surprisingly Optimistic!
A recent survey of small business owners...revealed some very surprising results!
I didn't expect a huge number of small business owners to complete the November 9-10 2020 survey, with the US Election and being 6 months into a global pandemic that's worsening with every news cycle.
But, the results were the complete opposite of the doom and gloom I had expected.
The Past 6 Months Have Been Tough
When asked to assess their business results over the past 6 months (May through October) 20% replied that sales and revenue have increased.
45% reported either "Poor" or "Dismal" revenue.
While the global pandemic has driven many small business owners to find new and innovative ways to bring in revenue...only 19% of those surveyed reported they have pivoted - expanding into new markets with better opportunities, or moving away from some products and offerings and focusing on new ones.
YET...Most Think the Next 6 Months Look Rosy
Even though, almost half of the business owners who responded were not pleased with how the past 6 months have gone for them...
...An astounding 67% expect their business results will just get better over the next 6 months!
Even though we are 3 months further into the pandemic crisis, this is somewhat higher than the results published by Forbes in July 2020, that found "52% of small businesses surveyed expect to recover to pre-Covid profitability in six months or less".
15% don't expect to see any change in their business results and 15% thought things look pretty dismal unless things change significantly - and quickly.
They Wouldn't Quit If You Paid Them
I asked "If you had enough money in your bank account, right now, to do whatever you choose...would you still own the business you do now?"
A whopping 94% said YES!
That number was a big surprise.
Asked "If you had enough money in your bank account, right now, to do whatever you choose...would you still own the business you do now?"...94% Said YES! (BusinessSuccess.com Small Business Survey)
It told us that the vast majority, including those who are not too optimistic about their prospects over the next 6 months, have no intention of folding up their tents.
With all the challenges facing small business owners...even in the best of times, one would think there are lots of ways they could be spending their time and energy that would be a lot less stressful...and perhaps more importantly, less risky.
Here's what some of them told us were the reasons:
"My work isn't about money. It's about a mission I deeply believe in."
"I love what I do and left a well paying corporate job to pursue my dream"
"Because I love what I do, and before the pandemic hit I has done my best year yet - and was continuing to grow."
"I'm semi-retired and need to keep active."
"I have a great service and am passionate about my industry
This is "my calling," it is about more than money."
"I love what I do, do what I love!"
A running theme seems to be that small business owners, who love what they do...and the contribution their business makes to others, are fully committed to pursuing their dreams...no matter how many twists and turns they encounter along the way.
They're Big on Investing...in Themselves
Very few reported that they have increased spending directly related to business growth over the past 6 months.
For example, only 12% have increased spending on marketing and advertising.
Yet, almost twice as many (26%) reported they have increased spending on education for themselves and their teams.
Over the past 6 months, 12% of small business owners increased spending on marketing and advertising...but twice as many (25%) increased spending on education and training. (BusinessSuccess.com Small Business Survey)
This interest in spending resources, both time and money, on investing in strengthening their most important assets, their people, is an interesting phenomenon.
We are in rapidly changing times. How business is done, where it's done...and how it's done has changed permanently for many.
Business owners want to empower themselves, and their teams, to be as prepared as possible...for whatever is to come.
Additional Resources That Can Help You Grow Your Small Business
The Business Success Cafe - Weekly Training with Global Experts...in Just 20 minutes! - It's the Perfect Coffee Break!
- Small Businesses Are…Surprisingly Optimistic! - November 18, 2020
- Gift Giveaways Rock – Benefits of Hosting Your Own Giveaway - November 25, 2019
- Designrr Review and Lifetime Offer - October 13, 2019
Business Success Cafe - The Perfect Coffee Break!
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"They say money can't buy happiness. Don't you think that's a theory you should test for yourself?" Cathy Demers
"There's an old proberb that says 'If you chase two rabbits...you'll catch neither one' Focus on one rabbit and catch it. When you are eating rabbit stew you won't be thinking about the one that got away!" Cathy Demers