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The Guardian Life Small Business Research Institute found that when prioritizing which technology is most important to their companies, America’s small business owners still value business software and their company website more highly than social media sites and services. However, while software and core Web presence rank highest in helping them to operate more efficiently and acquire new customers, the study also identified specific segments within the small business community that are starting to embrace social media as a communications and business building resource.
The research, fielded earlier in 2010, reveals that “using software to make my business run more efficiently” and “using websites to tell prospective customers about our business” are currently the two most important ways that small business owners tap the power of technology. In contrast, “using social media as a tool for communicating about our company” and “using social media as a way to find out about prospective clients or prospects” ranks significantly lower when viewed, in aggregate, across all respondents.
New Research Reveals Positive Economic Outlook for Small Business Owners MP3 (4 MB) or DownloadThe Guardian Life Small Business Research Institute found the majority of America’s small business owners are considerably more optimistic about the financial performance of their businesses than they were just one year ago, with 51 percent of owners anticipating higher revenues in 2010 – and many are planning to expand their business.
The Institute surveyed 12 key industry sectors and discovered that owners of environmental companies and healthcare providers hold the highest revenue expectations. Insights from this research support earlier claims of small business optimism in the face of financial instability and bodes well for the U.S. economy overall.
Six Characteristics of Success-Oriented Small Business Owners MP3 (4 MB) or DownloadAccording to The Guardian Life Small Business Research Institute, six dimensions characterize success-oriented small business owners. These characteristics include: collaboration, self-fulfillment, future focused, curiosity, tech savvy and action orientation.
The Index also identified 60 critical factors that correlated with success-oriented owners who projected 2009 revenues of more than 10 percent over 2008 in combination with the intent to expand their businesses in 2009-10.
Small Business Trends as Companies Grow in Size MP3 (3.4 MB) or DownloadAccording to The Guardian Life Small Business Research Institute, significant differences occur in what matters most to small business owners as their companies evolve from very small entities to sizeable enterprises that resemble larger corporations.
By examining four employee size categories – 2-9 employees; 10-24 employees; 25-49 employees; and 50-99 employees – The Institute identified key small business trends as companies grow larger.
Unique Management Style of Women Small Business Owners MP3 (3.57 MB) or DownloadThe Guardian Life Small Business Research Institute projects that women small business owners will create 5 to 5.5 million new jobs across the U.S. by 2018, transforming the workplace of tomorrow into a far more inclusive, horizontally managed environment.
Additionally, as owners/managers, women are more diligently engaged in strategic and tactical facets of their business, more proactively customer-focused, more likely to incorporate community and environment into their business plans, more receptive to input and guidance from internal and external advisors and more committed to creating opportunities for others, according to The Guardian Life Index.
Three Core Pillars of Small Business Success MP3 (4.47 MB) or DownloadAccording to The Guardian Life Index: What Matters Most to America’s Small Business Owners, U.S. small business owners say their companies will emerge from the recession strong and well positioned for growth over the next two years, leading the nation to economic recovery.
This fundamental optimism is the result of small business owners’ passionate, confident focus on three core pillars of business success – their customers, their employees and their own self-dependence.