During Small Business Week this spring, EverCommerce surveyed small and mid-sized business owners and found that most respondents had never heard of National Small Business Week, with half of those familiar with the celebration saying it didn’t affect their businesses’ success. The survey also revealed that SMBs are concerned about economic headwinds, evolving consumer expectations, and the introduction of new AI technology hindering their journey to success. However, small business owners are turning to digital solutions to help them grow and overcome these challenges.
In an interview with Matt Feierstein, the president of EverCommerce, he highlighted the top challenges small business owners are facing today, such as finding new customers, hiring quality employees, and maintaining healthy finances and cash flow. Business owners also expressed concerns about maintaining work/life balance and staying competitive. To address these challenges, small business owners plan to focus on attracting more customers, building brand awareness, hiring more employees, and simplifying their business operations.
The survey found that local campaigns encouraging residents to “shop local” have had varying levels of effectiveness for small business owners, with only 17% indicating significant help. Feierstein recommends that business owners leverage their ability to provide personalized service experiences and convenient access to products and services to attract and retain customers. Digital solutions can help small businesses develop more personalized experiences, automate basic tasks, and make business interactions easier, ultimately driving growth.
Small business owners often overlook key factors that drive business growth, such as customer referrals, social media, and online search presence. Feierstein advises business owners to track leads coming in from different channels, leverage digital solutions to streamline processes, and collect feedback from existing customers through surveys to identify areas for improvement and new ideas for customer engagement. Technology plays a critical role in enabling small businesses to focus on strategic priorities and solve challenges in today’s marketplace.
Overall, small business owners should prioritize leveraging digital solutions, tracking key drivers of business growth, and engaging with existing customers to drive continued success. By embracing technology, streamlining processes, and focusing on personalized customer experiences, small businesses can overcome challenges, attract new customers, and ultimately grow their businesses. Visit SmallBusinessCurrents.com for more insights on business trends and tips for small business growth.
