Most small business owners will tell you that the past year has been challenging. Due to the economic downturn, many small businesses have seen a decrease in sales, an increase in operational costs, and more limited access to funding. Small businesses, however, still continue to thrive. According to the Small Business Success Index, a joint research effort between Network Solutions and the University of Maryland’s Robert H. Smith School of Business, 56% of small businesses made a profit in 2008*. The Small Business Success Index (SBSI) also found that despite the poor economy, most small business owners are optimistic about their business’ future.
According to the SBSI, there are six main factors that affect a business’ health and overall success. Small businesses that excel in these six areas are likely to be more competitive, more profitable, and more posed for growth than their counterparts; those that fail to focus on these areas are more likely to not reach important business goals, including growth and profit. The SBSI found that while today’s small businesses have a relatively strong grasp on some of these areas, including customer service and business regulation compliance, other areas are still problematic. In June of 2009, the SBSI found that the average score for small businesses in the area of marketing and innovation was only 70 out of 100, or the equivalent to a C- on a letter-grade scale. Marketing and innovation is a critical area to excel in, yet many small businesses are having trouble doing so.
To increase their competitiveness, small businesses must use innovative marketing tactics to appeal to new customers and maintain their current customer base. Unfortunately, limited access to capital and other side effects of the economic downturn have placed restraints on the amount of money small businesses can spend on their marketing efforts. SMB owners are now seeking new, non-traditional alternatives to older marketing strategies. While some businesses have been able to adapt, many still feel lost as to how they can use marketing to drive their business while still staying within a tighter budget.
On Tuesday, September 29, Network Solutions® is hosting the GrowSmartBiz Conference in Washington, D.C., that will focus on overcoming the challenges that small businesses are currently facing. The conference will cover ways small businesses can improve their performance in the six areas of the SBSI, including raising capital, growth strategies, and cost-efficient marketing techniques. Attendees will hear the insight and advice of keynote speaker Chris Anderson, editor-in-chief of Wired magazine, as well as get the chance to network with other small business owners. Whether you’re an experienced business owner or a budding entrepreneur, the GrowSmartBiz Conference promises to be educational for all involved in the small business world.
To learn more or register for the GrowSmartBiz Conference, visit www.tinyurl.com/gsbiz. MySolutionSpot™ members and visitors will receive a 50% discount by entering the code GrowSmartMSS.
*The Small Business Success Index, an ongoing measurement of the overall health of U.S. small businesses, was commissioned by Network Solutions, LLC and the University of Maryland’s Robert H. Smith School of Business. To take the survey yourself, click here.