Little Known Facts About... Small Business

The business world and the United States of America celebrate Small Business Week every first week of May. On this week, you can access unique opportunities for your business or leverage the attention through offers to attract new clients.

In celebration of all the hard work that goes into creating a successful small business, we will share facts that will dispel the myths and encourage you to keep growing your business.

General Facts

Small business day falls on the weekend between Black Friday and Cyber Monday.

25 percent of small businesses operate for up to and beyond 15 years, gradually grow into big businesses. 70 percent make it to two years and 50 percent to 5 years.

After a natural disaster, a small business that fails to resume in 10 days, may not survive the calamity.

Business Facts

Small businesses have created over 8 million jobs since 1990; in the same period, big companies have cut out over 4 million jobs.

In 2015, over $59 billion from Venture capitalists went into small businesses, with a large percentage helping start-ups and business in their early stages of operation.

Marketing Facts

  • Out of every 5 small businesses, two do not have a marketing team.

  • 96 percent of small businesses rely exclusively on social media for marketing, with only 32 percent investing in social media marketing and 25 percent online in marketing.

  • For 66 percent of small businesses, finding new customers is a priority.

  • Approximately 70 to 80 percent of people will research your company online before visiting or contacting you.

  • 20 percent of small business owners believe that SEO is the most effective tool when attracting new customers, but only 17 percent invest in search engine optimization.

  • Over 43 percent of small businesses focus their attention on improving the customer experience, with customer retention as their top strategy in revenue growth.

  • 30 percent of business owners are constantly looking for new ways to keep up with new technology.

  • Social media, email marketing, and websites top the list of online marketing tools small businesses use: 54, 51 and 48 percent for email marketing, websites and social media respectively.

  • Over 50 percent of small businesses do not have a website, with 30 percent citing cost as the top limiting factor.

  • Over 62 percent of small businesses invest at least 4 percent of their annual revenue on marketing.

At 95Visual, we understand small businesses and work towards creating solutions that allow you to grow your business. The digital landscape offers a myriad of opportunities you can leverage to attain your business goals. However, you may not have the budget or human resource to drive a digital campaign. Success in the digital world is more about creativity and a smart strategy, as opposed to a big budget. Many small businesses, just like yours, struggle to understand and take advantage of opportunities available online, you are not alone.