According to a new report from Constant Contact, a majority of small business owners find running a company tougher than it was five years ago. The survey found that 59 percent of small business owners think it’s more difficult to run their business than it was in 2008.
Just 12 percent of respondents said that it’s easier to operate their own company than it was five years ago. Of the 59 percent that cited hardships, 55 percent reported that economic declines seriously impacted their business, while 40 percent said there’s more direct competition than in years past. The combination of economic troubles and increased competition has made it hard for many to keep pace in their fields.
Respondents overall said that keeping up with changes in the economy is a great challenge, especially as online marketing is becoming more important. Approximately 84 percent of those who took the survey listed having to use Internet marketing tools as the most challenging development of the past five years, and 23 percent said it’s hard to stay on top of the evolution of online marketing tools.
General economic uncertainty was listed as a concern for 59 percent of respondents.
In the midst of all the negative responses, however, there was some optimism. Even though 54 percent of those surveyed said they had not achieved projected goals, 58 percent of people said that they expected their businesses will thrive in five years. Of those who did not project growth over the next five years, 26 percent said that they expect to remain steady in revenues and hiring.
Unfortunately, 8 percent said they may be closed in five years. For those business owners who are struggling, National Funding can help. National Funding can provide companies with small business loans as well as options for equipment leasing.