Small businesses in the USA are becoming more confident about their long-term outlook eyeinggrowth and investment, according to the results of the fourth annual FedEx Office survey.
The survey revealed that the majority of small business owners are increasingly optimistic with63% owners declaring confidence in their businesses’ long-term success. In 2010, only slightly morethan half (54%) of respondents had been confident about prospects.
With the rising confidence level, decision-makers are considering greater investments in theirbusiness to support their growth plans in 2011. This includes expanding product and serviceofferings (44 %) and hiring additional full-time and part-time staff (26%). Marketing andadvertising efforts also continue to be a major consideration for budget increases, with 55% ofsmall business owners considering investment in these areas compared to 42% last year.
Randy Scarborough, Vice President Marketing at FedEx Office, commented: “Small businesses are avital economic driver and their outlook for 2011 is an indication that the health of this businesssegment is getting stronger. We are encouraged by the commitment that we’re seeing among smallbusiness owners to assertively and strategically invest in their company’s offerings and image inorder to grow.”
The 2011 survey also indicated that nearly one quarter (23%) of owners feel that their marketingmaterials do not reflect the quality of their products and services. Moreover, nearly half of therespondents believe they do not spend the right amount on marketing and advertising materials. 24%thus say they spend too little because of budget cuts and 23% indicate they spend too much butcannot find a better deal due to lack of time or knowledge.
The survey also analysed changes in the use of traditional marketing tactics versus expandingonline options. 50% of the respondents indicated that they have experimented with social media tomarket their business. In addition, 52% plan to improve their company’s online presence and 45%said they would use social media and networking websites to grow their business. In contrast, 53%want to use traditional marketing and advertising materials and 35% will distribute their effortsequally among web and printed channels.
Separately, The UPS Store will host more than 50 free franchise-opportunities seminars acrossthe USA as part of the National Small Business Week running from today (May 16) to Friday May 20.The seminars are targeted at individuals interested in learning about the small business communityand the largest franchise network of retail shipping, postal, printing and business servicescentre.
Earlier this year, The UPS Store announced a collaboration with Franchise Finance America (FAF)and The Bankcorp Bank, providing $15 million for the development of new locations and an additional$7.5 million for the transfer of current locations to new franchise applicants. The UPS Store isthe first franchise network in its category to receive this funding, which will provide qualifiedcandidates with faster credit approval.
