Posts Tagged small business success index
Professional Development Can Help Your Business Succeed
“Small business owners have challenges in growing business revenues. Half report moderate or no success in doing this.” – The Small Business Success Index* (SBSI)
The statement above is quite frightening; however, many entrepreneurs neglect to take heed of its warning. Rather, they go on to use their limited capital on unnecessary investments, thinking they’ll reap the rewards in upcoming years. In many cases, their rate of return is much lower than anticipated, and instead of basking in their newfound wealth, they struggle to make ends meet. The SBSI explains, “The ability to overcome challenges around capital and marketing can have a major impact on small business success.”
In the effort to control cost and achieve business success, “a plurality of business owners expect to hold spend steady through 2009; [however] 23% plan to increase this in the area of professional development.” So why is professional development such a worthwhile investment? The answer is simple. A well-educated workplace makes well-educated decisions.
Free Professional Development Opportunities
If you wish to engage in professional development but do not have the funds to do so, you’re in luck. Many consulting agencies and professional organizations now offer complimentary Webinars almost on a daily basis. You may also access sites like MySolutionSpot.com and SolutionsArePower.com, both of which offer relevant and industry-specific information for free. The more you educate yourself, the more likely you will be able to overcome your challenges.
*The Small Business Success Index, an ongoing measurement of the overall health of U.S. small businesses, was commissioned by Network Solutions, LLC and the University of Maryland’s Robert H. Smith School of Business. To take the survey yourself, click here.
Add comment April 15, 2009
Do Mature Businesses Have an Advantage Over Startups?
According to The Small Business Success Index*, an ongoing study of U.S. small businesses, “mature businesses have an edge over startups and newer companies.” The study also claims that “being in a growing or mature industry has a direct bearing on a business’ competitiveness.”
Many startups and new businesses have limited access to capital, which makes it difficult for them to advertise as aggressively as mature businesses or invest a great deal of money into building their businesses. They also typically have a harder time gaining the recognition necessary to compete with more reputable businesses. However, their lack of a recognizability can be a good thing, as well. It allows them to take larger risks. For this reason, many new businesses rely on innovation to build awareness and gain a competitive edge.
In my opinion, a startup that can create a product or service, capable of meeting an unfilled and long-lasting demand for a large consumer group, can obtain – and even secure – a competitive advantage over a solid, mature business. Take look at Twitter™, MySpace® and Facebook®, for instance. They are among the most well-known Web sites worldwide, yet they were all launched fewer than 10 years ago. Their quick success was a result of their innovativeness. Of course, Twitter, MySpace and Facebook are not representative of the norm, but you get the idea.
I want your input on these findings. Do you think mature businesses have an edge over startups and newer companies? Please leave a comment.
*The Small Business Success Index, an ongoing measurement of the overall health of U.S. small businesses, was commissioned by Network Solutions, LLC and the University of Maryland’s Robert H. Smith School of Business. To take the survey yourself, click here.
1 comment April 10, 2009
Why Your Site Urgently Needs Web Security
If you haven’t noticed, there is an explosive number of people falling prey to credit card fraud and stolen identities, yet according to a recent small business study, “only 21% of all businesses – whether or not they currently have a Web site – plan to have a Web site with security features in upcoming years.”* This number indicates that many businesses still have not recognized the need for Web site security.
So what is Web Security?
Web security refers to a series of techniques applied to protect sensitive data from unauthorized use. Security measures typically involve password protection and data encryption, a process in which data is scrambled so that it cannot be understood without a deciphering mechanism.
Web Security helps you gain user trust.
If you own an ecommerce site or a site that solicits memberships, you are constantly asking your users to supply their personal information and/or payment information. Therefore, it is particularly important for you to have a secure Web site.
Most consumers are reluctant to enter sensitive information when viewing an unsecured site. They know that the risk of fraud is overwhelmingly high. In fact, one study claims that 70% of consumers will only purchase from shopping Web sites that display a security protection seal.** You can prove the legitimacy of your site by displaying an official security certificate, such as the SiteSafe™ Site Confirm Seal issued by Network Solutions®. Once these consumers see that your site is trustworthy, they are more likely to become a new customer.
* The Small Business Success Index, an ongoing measurement of the overall health of U.S. small businesses, was commissioned by Network Solutions, LLC and the University of Maryland’s Robert H. Smith School of Business. To take the survey yourself, click here.
** According to a Jan 2006 IBM® Cybercrime Survey of 700 participants
Add comment April 9, 2009
Do Small Businesses Offer the Best Customer Service?
Everyone is familiar with the phrase “customer service.” We all have an idea of what good customer service entails, and we have all experienced our share of bad customer service in the past. Most business owners realize that customer service (or lack thereof) can either make or break their business; therefore, business owners are now focusing their efforts on building policies and practices that give their customers the best service possible.
Small businesses have an edge over large businesses because of the relationships they are able to build with their customers. According to the Small Business Success Index, an ongoing study conducted by Network Solutions, LLC, and the University of Maryland’s Robert H. Smith School of Business, “Customer service is an area where small businesses feel that they excel.” While most large businesses have customer bases that number into the thousands and beyond, small businesses usually have only a fraction of that. This gives small businesses an advantage when it comes to serving their customers and building customer loyalty. Since large businesses have such a high number of customers, they are often unable to cater to each customer’s individual needs. While it isn’t always possible, small businesses are more likely to be able to “bend” to meet their customers’ demands during special situations without compromising their business’s well being. Customers who frequent small businesses and receive this type of treatment are more likely to feel that their patronage is appreciated. They also feel confident that should any problems arise, the situation will be handed swiftly and respectfully. This combination results in lasting customer loyalty.
Small businesses can’t always offer the cheapest prices or the largest product selection. What they can offer, however, is unparalleled customer service. We would like to hear your thoughts on small businesses and their customer service. Do you notice a difference in customer service between small businesses and their larger counterparts? Do you prefer one over the other because of this reason? As a business owner, what have you done to ensure that your customers receive the best treatment?
*The Small Business Success Index, an ongoing measurement of the overall health of U.S. small businesses, was commissioned by Network Solutions, LLC and the University of Maryland’s Robert H. Smith School of Business. To take the survey yourself, click here.
3 comments April 8, 2009
Small Businesses Are Still Profiting Despite the Economic Downturn
Today, Network Solutions® and the University of Maryland’s Robert H. Smith School of Business announced the launch of the Small Business Success Index, an ongoing report on the overall state of US small businesses. Their benchmark survey indicates that small businesses are doing just fine despite the recession. In fact, the majority of the small businesses that participated in the study made a profit in 2008. To view the results of this study, go to: http://growsmartbusiness.com/small-business-success-index-highlights/
Add comment March 13, 2009
