by Ray Hayes
Small businesses have experienced one of the largest growth spurts over the past decade, then versus any decade before. Despite the positive gains, small business owners are only “somewhat” optimistic about their current financial situation. I believe owners are only “somewhat” optimistic due to 71 percent of business owners stating that their financial situation is very or somewhat good which is down by five percent since July 2017.
In addition to financial standing, hiring is also a top challenge for small business owners. Mark Vitner,Senior Economist at Wells Fargo, recently explained the challenge for owners highlighting that “Labor markets have tightened around the country and many workers that had been employed part-time have moved on to full-time positions, making it particularly difficult to fill these positions right now.”
Lastly, developing and executing a marketing strategy is of utmost concern to establish a successful small business. The Wells Fargo Small Business Index recently reported that almost half of small business owners have made changes to their marketing strategy in an effort to increase sales. Over half, (53%) of owners stated that they actively use Facebook for marketing to connect with potential customers and also use other social media platforms to expand that strategy as well. While still growing, I am sure that we all can conclude that the use of social media will be key to further success.