WaspBarcode has published their annual State of Small Business Report for 2017. This is their third annual survey analysis of over 1,100 small business owners and executive leaders across a number of fields. See the full report with visuals at the link above.
Small businesses are more optimistic going into 2017 and expanding hiring and marketing spend. I am highlighting the above image from their research because businesses are making their plans now.
52% of small businesses plan to hire in 2017Click To TweetI find it interesting that hiring new employees ranked above increasing profit, employee healthcare and growing revenue. This could indicate a shortage of digital marketing experts or workers with other specialized skills. I wish we had more details about what kind of new employees they are concerned about.
See the State of Small Business Report highlights in the infographic below and extensive details in the full report. Click To TweetTopics covered by their research include:
- Revenue Expectations for 2017
- Strategies to Improve Revenue Growth
- Employee and Staffing Plans
- How much they invest in marketing and where they spend it
- Inventory and Asset Management
Annual WaspBarcode State of Small Business Report 2017 [Infographic]
![State of Small Business Report 2017 [Infographic]](https://growmap.com/wp-content/uploads/2017/01/smb-2017-report-infographic.jpg)
State of Small Business Infographic Highlights:
Revenue Growth
- 69% of SMBs predict revenue growth during 2017
- 31% of SMBs predict revenue growth of 1-4%
- 26% of SMBs predict revenue growth of 5-10%
- 12% of SMBs predict revenue growth of 11% or more
Confidence in the 2017 Economy
- 42% of companies with 11-50 employees believe the economy is better now than in 2016
- 39% of companies with 51-100 employees believe this
- 47% of the largest small businesses with 101-500 employees are confident in the 2017 economy
Top Strategies to Drive Growth
40% improve customer experience and retention
36% launch new products or services
32% invest in new customer acquisition
30% expand into new markets
Who’s hiring?
52% of all SMBs plan to hire in 2017
57% plan to hire 1-5 employees
39% plan to hire 6 or more employees
IT Spending in 2016
42% of all smbs plan to increase IT spending
36% of companies with 5-10 employees plan IT spending increases
42% of businesses with 11-50 employees
54% of businesses with 51-100 employees
49% of businesses with 101-499 employees
IT Priorities
29% upgrade wireless infrastructure
33% upgrade network
33% upgrade server infrastructure
37% upgrade network security
38% replace computer hardware
Their full research is worth reviewing. You can see their post summarizing the report and review the full report here. There is no cost and you don’t have to provide any personal information.
Gail Gardner
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Yup, totally agree with that. Every country is always almost the same stuffs here and there.
And have a great day everyone. =)
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I agree Gail -it’s interesting that hiring new employees ranked above increasing profit.
Wonder if this was coaching advice or optimism about growth projections. Some companies outsource to other countries to bring down staffing costs.
~Keri
Hi Keri,
I suspect this may reflect demand for marketing expertise in analytics, split testing, big data and conversion optimization. Unless you can find a way to increase conversions, the declining economies around the world are going to really hurt.
These are skills in high demand and people in any country could do them remotely.
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Excellent overview on the data that Wasp Barcode put together. Freelancers should pay attention to where the budget is being allocated to in order for them to invest thier time and efforts into that apsect of marketing.
Thanks for taking the time to comment, Eren. Yes, we need to be aware of what clients are willing to pay for so we can ensure we are offering services they want. We can also use it to determine what to learn next.
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Thoroughly,I liked your content,what a great way to present some highly valuable and complex things in a very simple way.