Reducing Costs And Increasing Marketing Among Small Business’ New Year’s Resolutions
Looking ahead to 2017, small enterprises are worried about the potential impact of Brexit and Donald Trump’s US presidency on their business
A reduction in spending and an increase in marketing are top of small business’ New Year’s resolutions, according to a report by liberis.
The survey of 200 small firm owners and managers revealed that 58% cite tightening the purse strings as their main priority for 2017, followed by increasing web development and marketing (53%), expanding the business (39%) and engaging in more networking (33%).
Smaller resolutions among respondents include achieving a healthier work-life balance (28%), reducing wasted time (17%), managing cashflow (15%), and collecting money owned (7%) – with 9% admitting they’re going to wield the axe and let go poor preforming employees.
When broken down by sector and their main priorities, those in retail are mostly dreaming of reduced expenditure over the next 12 months, beauty businesses are hoping to expand, manufacturing firms wish staff will upskill, while creative enterprises are hoping to increase digital marketing.
Some of the challenges anticipated for small firms in the coming year include: expanding the business, maintaining cashflow, and potential economic uncertainty and fluctuating exchange rates caused by the triggering of Article 50 and the start of Donald Trump’s reign as US president.