Every small business has success as its biggest priority. To highlight its priority, they set up their own strategy for encouraging profits. Each and every person of a company tries his best to take their business to next level as per their incentives lie on this. Growth can happen when you let your business to take breathe and motivate everyone. These basic business statistics for growth and expansion can lead to grow and expand your business.
- Majority works in small business: Small business is the backbone of every economy. These small business entities are responsible for the growth of the economy as more than half of the population work for or own a small business. And these small businesses create over 66% of the jobs every year. Businesses with less than 10 employees make up to 75% of the private sector employers and these businesses employ 10.5% of all the employees.
- Manual work hampers growth: An average small business team spends about 23% of their work time in manual inputting the data, whereas this time could have been well spent in boosting productivity. This is losing more than one day in a week and almost 2 months a year for each employee on an average for manual processing.
- Hiring great talent: Most of the small businesses struggle to hire great talents. As the experienced candidates are running for big organizations. Finding the next suitable hire for the post keeps 54% of them awake all night. Searching for the perfect candidate is more troubling than searching for the next funding round or making payrolls.
- Work per hour: How much does an entrepreneur do? An entrepreneur has to work day and night to boost the growth and to eye for the business expansion. According to a survey, 19% of the entrepreneurs work 60+ hours per week, 30% work for 50-59 hours, 33% work for 40-49 hours per week, 14% work for 30-39 hours per week and only 5% work for less than 30 hours in a week.
- Small businesses and Technology: online presence and use of technology have been a must for every business. As per a research, more than 75% people search for the business before visiting or making a purchase through a small business. According to the top entrepreneurs, driving sales (51.3%) and building awareness of the brand (48.4%) are the top priorities while planning for the digital marketing strategy.
- Top challenges: Decline in spending by customers, Economic uncertainty, regulatory burdens and cost of health insurance benefits are the 4 major challenges that every business has to face.
- E-commerce: Almost 60% of the customers like to shop online. 74% small businesses either do not own any website or their website does not contain E-commerce feature. Thus, missing out on a huge opportunity for business growth.
Small businesses need to study these business statistics for growth and expansion closely and work on them to make them in favor of their business and advance their business growth and expansion chances.