Welcome to the new world of small business, where there are no more excuses for not succeeding. We recently surveyed businesses in the U.S. with fewer than 50 employees, and found that 3 key factors drive success…
We recently surveyed businesses in the U.S. with fewer than 50 employees, and found that 3 key factors drive success…
In our recent survey of businesses with fewer than 50 employees, we found that 3 key factors drive success: sales and marketing, customer service and operations, accounting and administration.
- Sales & Marketing: The top reason why small businesses succeed is through their ability to attract customers. The most effective way to do this? A well-planned marketing strategy that engages your target audience with useful information or compelling offers. Your goal should be to develop a larger customer base by providing value at the right time for the right price—and doing so consistently over time will help you build a loyal clientele who will continue buying from you even after they’ve been burned once or twice by other providers offering similar products but not at competitive prices (or worse).
Sales and Marketing
Sales and marketing is the most important factor for small businesses to succeed.
The research found that sales and marketing is the most important factor for small businesses to be successful.
Customer Service and Operations
Customer service and operations are two of the most important factors in small business success.
- Customer service is a competitive advantage: A good customer service experience can help your company grow faster than competitors who don’t offer it. You’re also more likely to keep customers happy, which means they will be loyal and willing to buy from you again in the future.
- It’s an investment in your business: When customers have a positive experience with your company, they’re likely to tell others about their positive experience with it—and those people may want to do business with you too! This means that if one customer has an outstanding experience with your product or service, there’s a good chance that other potential customers will follow suit (and vice versa). If this happens often enough within a short period of time (like months), then it could lead into exponential growth for an already successful brand or organization like yours!
Accounting and Administration
Accounting and administration are two of the most important factors that can help you achieve success as a small business owner. These areas of your business will determine how much money you make, how efficiently it’s spent and whether or not it’s profitable enough to keep going.
Accounting is one of the most basic parts of running any kind of organization; without it there would be no way for people who work at these businesses to know what’s happening in terms of finances (and thus their own paychecks). On top of that, good accounting helps improve efficiency by giving employees access not only to each other but also outside vendors like lawyers or insurance companies that might need more information about your company’s operations before making decisions about them.
Good accounts payable policies tend toward less paperwork overall because they’re streamlined enough so that nothing falls through cracks; this makes life easier for accountants trying hard not only juggling tasks but also keeping track themselves!
Sound surprising? We didn’t think so…but wait until you see the numbers.
The results of our survey were surprising, but not in a way you’d expect. We conducted it in July 2019 and asked small businesses across the US about their business success. The results were then analyzed by a third party using an objective scoring system that helps us determine how well companies are doing on various factors that affect their profitability, such as sales volume and customer satisfaction rates.
The findings are clear: when it comes to small business success, there’s nothing better than having a strong team behind you who can help you grow your company effectively by meeting customers’ needs on the fly—and doing so at reasonable cost!
We hope this data was helpful for you, because it was fun to discover what influences small business success. We know that most people are just starting out and need all the help they can get, so we want to make sure you have access to quality resources like these. If you’re still looking for some more advice on how best to manage your company finances or find new ways to market yourself in today’s marketplace then check out our blog post about how important social media marketing is!