There are any number of things that can derail a small business owner’s dream, particularly external issues that are out of an owner’s control such as an economic downturn, shifting consumer habits, or technology changes rendering products or services outdated.
But small business owners are optimistic, according to a late 2017 survey conducted by Staples. The survey showed 86% of respondents were optimistic and four in five reported that their businesses were thriving or surviving in 2018.
There are business matters that small business owners point to as cause for concern, as outlined in the survey. Those issues include disorganization, tax preparation challenges and a lack of marketing knowledge.
A Staples press release announcing the survey results offer a closer look at the challenges:
Disorganization Kills Productivity
- 53 percent of thriving/surviving small business owners describe their workplace as very organized, while only 23 percent of struggling/failing small business owners say the same
- 1 in 3 business owners believe that workplace disorganization leads to less productivity
- 3 in 4 owners with struggling or failing businesses believe disorganization has affected their company’s productivity
Tax Preparation Challenges
- More than half of small business owners view tax preparation as complicated
- Nearly 50 percent of small business owners handle their business’s taxes themselves
- 2 in 5 believe that leaving tax preparation to the last-minute causes complications
- Nearly 40 percent are not good with numbers or do not have accounting expertise
Professional Marketing Advice Makes All the Difference
- More than one third of thriving business owners face challenges designing effective marketing materials for their business
- Fifty percent do not know how to reach new prospective customers on their own
- Thriving small businesses are more likely than others to use all forms of marketing; 63 percent of thriving small businesses use social media advertising, 59% use online advertising, and 46 percent use print advertising