May is the month for Memorial Day, graduation from school, and a week to commemorate small businesses. What’s the common thread among these three?
Everyone knows someone in school. Every American knows someone protecting our country. Small business owners are so prolific and growing daily by the minute.
Entrepreneurs Are A Necessity
So often we small business owners get short shrift for what we accomplish as the engines of prosperity in America. There are days I feel that way, too, alongside the 600 brothers and sisters in small businesses surveyed and reported by Cox Media in the 2014 Small Business Barometer.
Cox Blue is a proponent of small businesses; you can see that theme throughout its website. In this sponsored post, I want to share some results of its study that hit home with me.
The study of 600 small business owners said that economic uncertainty was the driving fear factor threatening their success. As a small business owner myself, I can attest to that!
Here are some results of how small businesses measure up in the Cox Blue survey:
- Running a close second and third to economic uncertainty were government regulations and the Affordable Care Act. Other factors included the quality of labor and immigration reform that was lower on scale.
- About 54 percent of those surveyed said there was no money for vacation.
- Bill Gates and Richard Branson were the top two vote getters with whom small business owners would like to consult on business issues.
- The good news is that 60 percent of small businesses are executing against a marketing plan. That is solid business sense!
Social Media To Communicate
The results of the survey were surprising in one critical area — how small to medium businesses communicate to customers about promotions using social media.
- Get this…83 percent never use Instagram and 80 percent never use Pinterest! Now, I can understand that these two channels might be less used, but shouldn’t businesses explore the channels and determine if they work instead of never using them?
- Another stat from the survey is that 79 percent don’t use YouTube! I have to say, this is the most surprising, as it is so simple to shoot a selfie video via an iPhone or tablet and upload to a business channel. A promotion can be easily produced with little to no investment in high-dollar studio gear.
How does your business stack up to results of this survey? If you’d like to see more of the good things Cox Blue is doing for business, please visit right here or here.