As a small business owner, it’s easy to feel like you’re in an isolation bubble, with your success or failure dependent solely on your own actions. But the truth is, there are many factors outside of your control that can impact your business, and it’s important to stay informed about the latest statistics. Here are a few small business statistics that you shouldn’t ignore.
1. Half of All Small Businesses Fail within Five Years
This is a sobering statistic that should be kept in mind by any small business owner. While it’s not a guarantee that your business will fail, it does highlight the importance of planning for the long-term and having a solid business strategy in place.
2. Small Businesses Create Two Out of Every Three New Jobs
While small businesses may be at a higher risk of failure, they are also a crucial part of the economy. Small businesses employ over 57 million people in the US and are responsible for creating the majority of new jobs.
3. Digital Marketing is Essential for Small Business Success
In today’s digital age, having a strong online presence is no longer optional for small businesses. In fact, 63% of consumers use a company’s website to find and engage with businesses. Investing in a strong online marketing strategy can help you reach new customers and grow your business.
4. Small Businesses are Increasingly Vulnerable to Cyber Attacks
As more and more business is conducted online, cyber attacks have become a major threat to small businesses. In fact, 43% of all cyber attacks target small businesses. It’s crucial to invest in cybersecurity measures to protect your business and its sensitive data.
5. The Majority of Small Businesses are Not Prepared for Disasters
Disasters can strike at any time, and it’s important for small businesses to have a plan in place to protect their assets and employees. However, a recent survey found that over 60% of small businesses do not have a written disaster recovery plan.
In conclusion, staying informed about the latest small business statistics can help you make better business decisions and improve your chances of success. By understanding the challenges facing small businesses and taking steps to address them head-on, you can position yourself for long-term growth and profitability.
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