Posts Tagged ‘business failure rate’

Small Business Owners Lead the Charge to Increase Sales

Small business owners according to the Third Annual FedEx Survey will lead the charge to economic prosperity or in simply terms increase sales.  This is good news. However, the question remains will they survive in the long haul?

With the business failure rate at 50% in the first 5 years of operation and by year 10 only 10% remain (according to the SBA and SCORE), there appears to be a disconnect between being optimistic and results.

Within the FedEx Survey, one of the surprising results was specific to poor marketing decisions. Prior to the recession of 2009, 41% of the businesses were considering to increase marketing expenditures. Then with the economic downturn, some of these businesses (34%) reversed course and 31% of those polled said this decision had a negative impact on their business results and did not increase sales.  Go figure!

What this survey does reveal is marketing is still not delivering the results it should for many small business owners. In this survey, small business owners were defined as 5 to 100 employees and own firms that generate over $100,000 in annual revenue.

To be successful in leading the charge to economic recover, these key points may help:

  1. Invest the time to research your market
  2. Create a core positioning statement
  3. Understand the psychographics of why people buy
  4. Survey your customers about why they buy from you
  5. Develop a simple marketing goal driven action plan
  6. Monitor your results
  7. Ask (firmly) from any marketing firm who wants your business for specific references and what results can they guarantee

By incorporating this points into your current and future actions, should help you be the Red Jacket as well as one of the 10 who are around in 10 years.

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