One of the best indicators of economic expansion is the mood of small and medium-size business (SMBs) owners. After a long period of slow growth, more SMBs are giving a thumbs-up to this year’s business conditions. As these enterprises roll out new products and increase hiring, they’ll also be spending more on marketing.
Insperity recently released its Business Confidence Survey based on 5,500 client companies throughout the U.S. Paul J. Sarvadi, Insperity’s chairman and chief executive officer, noted that “business owners are slowly beginning to implement business plans that they hope will take advantage of any coming economic opportunities.” About 74% expect to meet or exceed their 2013 performance plans. The number of businesses doing worse than planned has dropped from 29% to 26% since October. Four in ten companies are adding employees – a significant increase over the 28% that were doing so last fall.
At least 59% of surveyed SMBs are anticipating higher sales this year. Additional marketing activities will be needed to support initiatives these companies have planned:
Selling increased services to existing clients: 67%
Selling new accounts: 66%
Adding new products/services: 67%
If you’re working with SMBs, have you noticed optimism about sales and marketing this year? Have you used specific marketing strategies to help these clients improve their competitive position?
Kathy is the Vice President of Research for SalesFuel. She holds a Masters in Business Administration from the University of Vermont and oversees a staff of researchers, writers and content providers for SalesFuel. Previously, she was co-owner of several small businesses in the health care services sector.