Small Business Success Strategy

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While many may associate America with some of the most famous companies like Ford, General Motors, Microsoft and Apple, the truth is that small businesses are just as important to the nation’s economy.

Small Business Success Strategy

In fact, according to the US Small Business Administration, there are approximately 28 million small businesses nationwide. Together, they account for 54 percent of US sales.

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In addition, small businesses are responsible for approximately 55 percent of jobs and more than 60 percent of new job growth since 1970.

Needless to say, the American business sector would look a lot different without small businesses and independent shops. Not only can local customers benefit from a nearby local business, but so can the owners.

Starting your own business is easier than you think, but there are still some important steps you need to follow in order to be successful in the short and long term.

First, ask yourself what your business goals are. Specific questions for yourself are:

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Talking about your business plans with experts always helps, whether it’s your first or fifth business venture.

Through in-depth conversations with other small business owners, you’ll understand the basics of starting and running your own business and what it takes to be successful long-term.

First, research the possibility of getting a small business loan from the SBA. You can get loans from $5,000 to $5 million.

If an SBA loan doesn’t work out, you can also secure financing from friends, family, and investors. Additionally, you need to consider opening a business checking account.

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Without a strong marketing strategy, your products and services will struggle to gain traction. You want to highlight how your business attracts new customers while ensuring revenue forecasting.

Maintaining a positive mindset is much more important than you think. Set achievable goals and benchmarks that will help your small business stay on the path to success.

The information in these articles is for informational purposes only. This should not be construed as an opinion of Central Bancompany, Inc. and/or its affiliates and does not imply endorsement or approval of any information, product, service or service provider mentioned. Any information presented is not an endorsement, guarantee or warranty of any kind as to the accuracy, adequacy or completeness of the information.

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¹ Additional service fee. If you click “Continue”, you will leave our site and enter a site about paying a loan by debit card or electronic check. The longevity and success of America’s small businesses is critical to our economy and economic vitality. Small businesses, which employ 120 million Americans nationwide, create two out of three new jobs.

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Since 1995, small businesses have created more than 65 percent of net new jobs. According to the Small Business Association, there are now nearly 28 million small businesses in the United States.

Small businesses also do good for society. A Citizen Economics study found that if you spend $100 at a local business, about $68 stays in the local economy. But if you spend the same at a large company, only $43 remains in the local economy.

More than half of U.S. small business owners expect growth this year, according to the CAN Capital Small Business Health Index. No matter how positive the outlook for small business owners is, the statistics say otherwise. The Small Business Administration reports that only half of all businesses survive five years, and only one-third last ten years or longer.

So why are 14 million business owners in the US optimistic about their longevity? Because they have implemented the right business growth strategies such as marketing plan, business plan and introducing new products to new markets at the right time.

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Social media marketing has been proven to increase consumption. According to Synnovatia, 68% of millennials are somewhat likely to make a purchase after seeing a friend’s post about a product or service.

2. Business owners who complete a business plan are twice as likely to grow their business or raise capital.

3. Introduce new products to new markets – but beware, Booz & Company claims that 66% of new products fail within two years.