By Content Team
Updated on: August 28, 2017
Welcome to the first edition of the Reliant Funding Small Business Report. In this initial study, we took an overall look at pain points, challenges and plans for growth of small businesses in the eyes of their owners. It’s part of our ongoing process to understand the issues they face. We speak with small business owners every day and build partnerships based on the mutual goal of seeing them thrive.
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Age Profile45.1%35-54 years old44.4%25-34 years old10.5%55+ years oldEmployee Count83.5%5-100 employees16.5%101-200 employeesGender Profile51.8%Female47.3%Male0.9%Prefer not to answerGross Annual Revenue over the past 12 months53.0%251k – $1 million23.2%Less than 250K21.5%$1 million – $10 million2.3%Over $10 millionPrimary investment plan for next 6 months18.2%Marketing efforts17.7%Hire more staff16.9%Facility/equipment upgrades13.3%Staff training13.1%New products/inventory12.4%Technology (Automation AI, Blockchain)7.7%No investment plans0.8%OtherCurrent sentiment on status of business75.5%Steadily growing23.0%Staying the same (no notable increase/decrease)1.5%It’s on a downward trendSentiment on the future of their businesses62.8%Optimistic35.2%Satisfied2.0%DiscouragedBiggest internal challenge of operating a business35.1%Hiring skilled workers33.3%Marketing/advertising28.2%Access to working capital3.3%OtherAreas where SMB owners need and seek consultation34.2%Marketing/reputation management25.6%Finances/taxes24.9%Expansion opportunities13.5%Business Strategy1.8%OtherExternal factors with biggest impact on business19.8%Customer spending18.7%Local government business regulations18.4%Effectiveness of US government17.1%Competitors12.2%Healthcare costs10.0%Minimum wage increase2.2%Local Crime rate1.4%OtherSentiment on local government promoting small business growth in the community59.4%Feel supported40.6%Don’t feel supportedSMB owners planning to take a vacation this year82.7%Yes17.3%NoSMB owners who bring their pet to work68.4%No31.6%Yes