The 6th annual Small Business Survey conducted by Wakefield Research for Brother International revealed that the majority of small business owners are ready to invest in their businesses – as well as let go of bad habits. Having surveyed 500 small business owners with 100 employees or less, the report identified that 54 percent of small business owners surveyed would prefer to invest in their businesses rather than stockpiling their profits – an 18‐percent swing in preference since 2010.
Additional insight from the survey shed light on how small business owners feel about the economic climate. Based on this 2015 survey, 42 percent of respondents reported a high level of stress because of the economy – a figure that is flat with last year and down 16 percent from a 58‐percent high‐water mark recorded by the survey in 2013. Meanwhile, forty‐one percent of respondents stated they would be interested in investing their money on tech purchases or upgrades only if they increase their revenues by five percent or more this year.
Our survey shows that a majority of small businesses see a light at the end of the tunnel and are willing to invest in technology solutions to increase productivity and capitalize on new technology trends,” said John Wandishin, Brother Vice President of Marketing.
Keeping small businesses alive often mean recognizing bad habits and investing in technology. Photo Credit: Retail Minded
Maximizing technology to help maximize business success is an understandable goal. Keeping this in mind, the survey also aimed to reveal what other goals small business owners had. Among them included eliminating bad habits. Dr. Geoffrey Alan Gray, President of Heeluxe – a private science center for footwear research – and Brother Small Business Advisory Panelist suggests that having a mentor to help navigate weaknesses or bad habits is a good idea for small business owners.
I used to have a bad habit of taking on too many tasks, and not spending enough time on nurturing new business. It wasn’t until a mentor suggested I log my time that I realized how much I was spending on administrative tasks. Learning to delegate by letting employees loose on tasks they’re good at helped me re-focus on growing the business while also improving office morale, so it turned out to be a win-win.”
Dr. Gray isn’t alone in having experienced some bad habits. But unlike many small business owners, Dr. Gray addressed his and aimed to overcome them. For many small business owners, however, this isn’t the case. Good or bad, though, they can rest assured they aren’t alone in these habits. Brother’s 2015 Small Business Survey offered insight to some of the top bad habits among small businesses, noting the below four as popular habits that small business owners want to break.
- Bad Business Habit #1: Taking on too many roles and responsibilities
- Bad Business Habit #2: Not taking enough time off
- Bad Business Habit #3: Not separating work and personal life
- Bad Business Habit #4: Micromanaging
With respondents reporting that time off is a priority and finding work/life balance is important, as well, it seems like a natural fit that technology is an investment small businesses are looking to make. After all, isn’t the idea of technology to increase productivity, improve workflow, and enhance organizational efficiency?
Yes. The answer is yes. Technology and small businesses need to go hand in hand to keep up with the increasing work load of today’s businesses – as well as the realistic competition that big box competitors give our small businesses nowadays.