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2016 is emerging as a promising year for small businesses, with more than 70 percent of those surveyed meeting or exceeding their first quarter revenue targets. This positive news follows on the heels of a solid 2015 where the majority of those surveyed achieved higher year-over-year revenue, indicating that small businesses are building momentum. This insight, along with perspectives on hiring, marketing, and training, comes from a new small business survey from Constant Contact, part of the Endurance International Group’s (NASDAQ:EIGI) family of brands. Constant Contact released the survey results in celebration of National Small Business Week.
Building Revenue Momentum
Sixty-one percent of small business owners surveyed report ending 2015 with higher revenues than 2014. As for 2016, many are off to a great start, with 48 percent hitting their revenue targets and another 24 percent pleasantly surprised with their first quarter results. Almost a quarter (24 percent) started the year with lower than expected revenue, and four percent are unsure.
More Money, More Marketing but Not More Hiring
Better overall revenues have more than half (53 percent) of small business owners surveyed planning to boost their marketing spend in 2016. This commitment to spending, however, does not translate into more hires, as only seven percent plan to hire full-time employees this year.
“Today’s small business owner is a realist, a calculated risk taker, and a fast learner,” said John Orlando, chief marketing officer at Constant Contact. “They understand today’s business climate and what elements are in their control, and are increasing their reliance on online marketing as they take measured steps to achieve their business goals.”
Natural Curiosity Drives Interest in Learning
Time-starved small business owners do view learning as a priority, with the majority (52 percent) of those surveyed allocating up to 10 percent of their time each month to learning something new.
Why do they devote time to learning? The number one reason isn’t to stay ahead of the competition. In fact, when asked what inspires small business owners to learn about a work-related topic, concept, or process, those surveyed provided multiple reasons. The top ranked answers were natural curiosity, professional development, and to better understand customers. The fourth and fifth most common reasons were competitive pressures and a directive from their manager.
The top three topics they most recently explored were social media, SEO, and Facebook advertising. In the absence of adding more employees, small business owners are turning to a variety of online and offline resources to learn about the latest marketing technologies.
When asked what learning resources they turn to, the survey participants provided a variety of responses. The top three were: colleagues/peers/friends, followed by online search and webinars. Additional learning resources cited were, in rank order: blogs, trade publications, news outlets, product review sites, and podcasts.
