Despite some small business owners feeling less positive about the economy and growth compared to earlier this year, Capital One’s Spark Business Barometer, an ongoing survey measuring the perceptions, trends and financial conditions of small business owners also found that even amid the current economic climate, women and millennial-owned businesses have a positive outlook.
My suspicion is that even males and older business owners are feeling the same thing!
In addition to their optimism, the business owners surveyed admitted to having increased sales in the last six months.
The Spark Business Barometer shows that while slightly less than a third (31 percent) of overall business owners reported improved financial positions over the past year, a large portion of those surveyed, over 50% reported that business overall was doing pretty good.
Small businesses continue to struggle to keep up with the pace of technology, and lack some tools that drive efficiency. As small businesses work to establish themselves and grow, they struggle in key areas that limit growth opportunities. According to the Barometer, some of the top challenges business owners face include finding efficient ways to operate business (34 percent), managing business expenses (32 percent), managing cash flow (25 percent), and finding the right software, technology, and/or management tools (16 percent). That being said, business owners plan to increase investments in key areas such as: solutions that drive efficiency (34 percent), expanded workforces (20 percent), and new technology to improve client interactions (18 percent).
How can small business owners take steps to optimize their operations amid this time of decreased optimism? During times of economic uncertainty, business owners need to look for opportunities to drive efficiency and streamline operations; and technology can help with both significantly. Investing time in learning about these new technologies, being resourceful, and open to how new technology can help protect small businesses from fluctuations by saving time and money and ultimately drive growth. A few more suggestions:
- Invest your time – in order to fully understand the benefits of technology, you have to dedicate time, change your approach in how you used to operate your business, and incorporate them into your overarching business model.
- Talk to experts – there are many experts and resources to find out more information on technology.
- Banking/Mobile Solutions: Today’s highly innovative banking and mobile solutions are designed to help business owners manage and grow their business.