A significant majority of small businesses believe that they will lead the U.S. Out of recession and plan to increase hiring and spending on sales and marketing this year.
A significant majority of small businesses believe that they will lead the U.S. Out of recession and plan to increase hiring and spending on sales and marketing this year.Almost three quarters of small business owners believe they will lead the U.S. out of the great recession and more than half claim their business has already recovered or will this year. Those optimistic perspectives are among the findings of the third annual Sign of the Times national business business survey. The online study, conducted in early April, was commissioned by FedEx Office.
According to the survey findings 72% of small business owners believe they will lead the recovery and 51% say that business has already rebounded or will by year end. A year ago the same survey found that 54% of business owner were concerned about the economy and how it was affecting their business and only 9% planned to hire. This year, 18% are considering increases in staffing.
Business owners are also planning to spend more on sales and promotions, with 42% planning to increase spending on marketing and advertising and 30% looking at increases in sales initiatives.
Commenting on the survey findings and adding a plug promoting the services his employer offer, FedEx Office vice president of marketing, Randy Scarborough, said, "Small businesses are definitely getting it right when it comes to identifying and investing in the tools that will help them bounce back from a difficult period. From print ads and direct mail campaigns to online marketing programs and a social media presence, small business owners today are smart and savvy about how to maximize their budgets while connecting effectively with new and existing customers down the street and around the world."
Despite the growing availability of online tools, small business owners cling to the familiar: 87% says that printed marketing/advertising tools are somewhat to very effective and 61% see traditional marketing methods as more effective than web-based alternatives. According to the report findings, small businesses plan to allocate dollar to the following marketing advertising methods:
39% Yellow Pages listings
37% Flyers, banners, and posters
32% Newspaper advertising
Despite the interest in traditional methods, 46% do plan to grow business by improving the online presence of their business and 36% plan to use social media to drive business.
More survey findings and information is available here.
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