Small Business Optimism Increases
Reinventing Selling Strategies At Core Of Change
In a significant change from 2010, 43% of small-business owners are now optimistic about the current sales climate, largely because of their own efforts at reinventing their selling strategies, a Citibank survey shows. Two years ago, just 24% of small-business owners thought conditions were positive, leading to serious adjustments in running their companies.
"Small-business owners risk everything to pursue their dreams and are willing to do what it takes to make it," said Maria Veltre, Managing Director, Citi Small Business. "Their personal sacrifices, passion and ability to adapt have positioned them to capitalize on improving business conditions."
Data shows a full 53% of survey respondents "reinvented" their businesses in recent years to survive in a competitive sales environment. About 47% of business owners said they have overhauled the products or services they offered, while 24% have adjusted their technology or staffing infrastructure. Approximately 18% increased their marketing spend, and 7% said they reduced pricing and took less profit.
"Small-business owners are especially adept at reinvention – whether because of obstacles or new visions for growth," Veltre said. "Change is never easy, but neither is starting and running a business. We see our small-business clients embracing change and reinventing themselves to secure a rewarding future."
Additional data provided by Citibank shows one-third of respondents said their own business is better than it was a year ago, up from 26% in January of 2012. Another 33% expect their business will grow by more than 10% during this year. To boost their standing, 65% expect to increase marketing, 56% will work to get better pricing, 52% plan to work even longer hours and 50% will introduce new products or services.