UPS Connect conducted a 2014 report for the state of small businesses interviewing more than 300 founders, partners, presidents, and CEOs. With this report, they delivered a list of questions and answers. When asked what are the biggest challenges business owners are currently facing, companies replied with:
1) “Reducing cost of financing.”
2) “Government compliance and interference.”
3) “Funding and/or credit lines allowing my business to grow.”
4) “The cost of customer acquisition…declining volume per current customer.”
Although owners maintain an optimistic approach in the short term, they are still faced with obstacles from general concerns, costumer acquisition, financial problems, and increased competition.
When business owners were asked about their biggest pain points:
49% of respondents said they “aim for a healthy balance between [their] professional and personal life””; 31% said they prioritize professional over personal.
49% admit they “don’t have the time or expertise to figure everything out.”
37% feel as if they “manage [their] time efficiently”; 23% said they have difficulty managing all the moving parts of their business.
This is some fascinating data to consider within the context of your own small business.