Here’s some *ahem* shocking news: local shops are in business to make money.
Not surprised? Let us elucidate.
Womply recently asked small business owners what their biggest goal is: is it to sell their business? To maintain their current lifestyle? To create a legacy they can pass down to their family? To make a difference? To have fun? Nope.
Overwhelmingly, they told us that their number one business goal was growing revenue.
And when it came to the thought-provoking “would you rather have more time or more money” question, nearly 8 out of 10 small business owners said that earning 20% more money would have a greater impact on their life than saving 10 hours of work per week.
For small businesses, it’s all about the Benjamins.
This makes good sense, because unless they grow their revenue, these local shops face the very real threat of being out of business within 5 years. How good (or bad) are the odds? Let’s look at the latest figures from the Bureau of Labor Statistics’ Business Employment Dynamics.
Although four out of five businesses started in 2016 survived until 2017, a third of new businesses fail in their second year, only half last through their fifth year, and two thirds don’t survive 10 years.
Think about that for a minute: based on these stats, fully one half of new businesses started this year will be out of business before their 5th year is out. And a third will be out of business within two years. Ouch.
For small business owners, the urgent need for revenue growth isn’t based on a desire for a third vacation home or designer handbags. It’s about their business’s survival, and their livelihood.
If small business technology solutions don’t grow revenue, don’t bother
Today, there are many sophisticated products and tools claiming to help businesses improve this or grow that or automate the other. Unfortunately, most business owners are so busy that they are simply uninformed about the latest technologies available to them. Or worse, they purchase a tech solution that requires so much time and effort that it’s effectively worse than nothing.
So if you’re a service provider or sales agent looking to get the limited attention of the extremely busy small business owner, make sure your offerings actually grow revenue or you’ll just be another annoying “salesperson” knocking on their door, whom they don’t have time to talk to.
And if you’re a small business owner looking for technology solutions to help you grow your business revenue (by improving your online reputation, or attracting more customers, or boosting customer engagement and retention, or automating your email marketing, or saving you time, etc.) make sure the companies can back up their marketing hype with data.
The good news is that businesses that use Womply small business software earn 20% more revenue, get 22% more repeat customer visits, and save an average of 10 hours of work per week. Bonus.
If small business owners use the right technology solutions to help grow their revenue, there’s a much greater chance that they will still be in business 5, 10, or 20 years from now. Click for a free demo of Womply’s software.
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