Post on 13-Apr-2017
transcript
Since the recession the attitudes of small business owners in the UK have radically changed.
This has had a big impact on how marketers should interact with the sector if they want to win their business
Today, the small business sector is growing again.
0-9 employee businesses now account for 89% of all VAT registered businesses in the UK
3 out of 5 small businesses can be defined as growth businesses with a confident outlook
And the sector has growing revenues to spend on building their business further
But the recession has been brutal.
Only 46% of business that started in 2007 survived to 2012
So small business owners have had to change their mentality
The 65% of small businesses who started pre-recession had to change their business model
So, what makes a small growth business successful post-recession?
Resilience
Adaptability
Flexibility
Self-sufficiency
Cautiousness
Confidence
Small business owners now follow primarily 1 or 2 of these 5 growth strategies:
Make assets more efficient/ keep costs down
Focus on customer and invest in marketing
Invest in incremental expansion
Evolve and diversify
Increase investment in employment
New technology is also integral to growing small businesses.
Why? It’s the core of the business It extends capabilities in product and service delivery It enhances connectivity to customers and the supply chain It improves business efficiency
So what are these flourishing companies looking for from business who want to partner with them? Flexibility Immediacy Realistic pricing Guarantees, proof and transparency Small business owner at the centre of the relationship
Ready to succeed with these growing small businesses?
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