The longevity and success of America’s small businesses is crucial to our economy and economic vitality. Employing 120 million Americans across the country, small businesses create two out of every three new jobs.
Small businesses have generated over 65% of the net new jobs since 1995. There are now nearly 28 million small businesses in the U.S, according to the Small Business Association.
Small businesses are good for the community, too. A Civic Economics Study found if you spend $100 at a local business, about $68 stays in your local economy. But, if you spend the same at a large business, only $43 stays in the local economy.
According to research from the CAN Capital Small Business Health Index, over half of U.S. small business owners expect growth this year. However positive the outlook may be from small business owners, the statistics state otherwise. The Small Business Administration reports that only half of all businesses survive five years and only a third survive ten years or more.
Successful Business Growth Tactics
So why do 14 million U.S. business owners feel optimistic about their longevity? Because they’ve implemented the right business growth strategies, such as developing a marketing plan, a business plan, and introducing new products in new markets at the right time.
1. When small businesses develop a marketing plan, it impacts their business.
38% of business owners will grow by expanding or trying new forms of marketing.
Social media marketing has been proven to propel consumer spending. According to Synnovatia, 68% of millennials are somewhat likely to purchase after seeing a friend’s post about a product or service.
2. Business owners who complete a business plan are twice as likely to grow their business or secure capital.
3. Introduce new products in new markets – but beware, Booz & Company states 66% of new products fail within two years.
For these secrets to business survival and sustainability, check out our infographic below.
Courtesy of: IndustriusCFO
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<div style="clear:both"><a href="http://industrius.wpengine.com/wp-content/uploads/2015/07/15IND_Infographic_V6.jpg"><img src="http://industrius.wpengine.com/wp-content/uploads/2015/07/15IND_Infographic_V6.jpg" title="small business growth secrets" alt="small business growth secrets" border="0" /></a></div><div>Courtesy of: <a href="a href="http://industrius.wpengine.com/three-secrets-to-small-business-growth/">IndustriusCFO</a></div>
CAN Capital Small Business Health Index
Forbes, Jason Nazar, @jasonnazar
Small Business Trends, @SmallBizTrends, Shannon Lamoreaux
Synnovatia, @Synnovatia, Jackie Nagel