Small Businesses Keeping Positive
Confidence is on the rise among small business owners. A new survey from Citibank shows a sizable jump in the number of those who said their own business is better than it was a year ago—from 24 percent in August 2010 to 43 percent in June 2011. The sentiment seems consistent with others targeted toward entrepreneurs—including the Startup Confidence Index from the Kauffman Foundation.
So how did they stay competitive during tough times? A majority said that they had to ‘reinvent their business’—mostly by overhauling the products or services they offered (43%) or adjusting technology and/or staffing infrastructure (24%). Other findings include:
- 70% increased face time with customers
- 67% updated/upgraded computer systems
- 52% increased their use of the internet and social media
- 51% built a network of suppliers and partner companies
Half of the respondents anticipate launching new products or services in the second half of 2012.