Small Business Report 2019

Every year around this time we deliver business news that we think our small business owners and entrepreneurs care about. 2019 has been a good year for those willing to stay on top of trends and charge headlong into the competitive landscape of the dot-com world.

In Ohio, small businesses employ over 2.2 million people, almost half of the State’s full employment. Our growth was slightly under the national average, but up from the previous year. The average small business owner that’s incorporated makes around $52,000; if unincorporated, the figure is around $23,000.

One of the fastest growing segments is the small business startup. For those startups to survive, they must be aware of and participate in today’s business trends:

  1. Automation Software: Successful business owners do more with less using automation for accounting, data entry, email marketing, customer service and customer relationship management.
  2. Smart Technology: Smaller business infrastructures, from smarter systems and manufacturing methods, the success small business owners learns how to reduce the cost of goods and services using technology.
  3. Smaller Brick & Mortar: Remote work environments give small business owners the freedom to have more hands on deck without the expense of increased office space, phone systems, utility bills, and amenities like larger break rooms and parking passes. Work-from-home employees stay in jammies and save on their commute time. They are happy, and this makes for greater productivity.
  4. Digital Access: In 2018, over 70% of small businesses used social media, websites, and email marketing to grow their business, find leads, solve problems, and deliver customer service. When the 2019 numbers come out, we expect them to have increased to 90% or above. According to Nextiva, 57% of customers would rather contact companies online than call a help desk, expect when it’s a payment issues.

In this connected world, consumers expect information at their fingertips, quick response to problems, and ease of purchase. 

Employees want casual work environments with state-of-the art technology that is fast, consistently updated, and available from almost any device.

We believe that small businesses who can best define their brand online and deliver great customer service through the use of digital marketing will be viewed most favorably and grow the fastest in 2020. We love to write about small business in our home town of Cincinnati. If you haven’t read past blogs, we invite you to visit us here or on Facebook.