Hello QuickBooks Community! Today we’re going to tackle one of the most important questions you can ask the small business world: how do you achieve and define success? Simon Worsfold over in our QuickBooks Blog decided to find out the answer. Read below and see if you agree with other business owners in the U.S.!
COVID certainly affected small businesses negatively, but there’s also some good that came from this pandemic. The data shows a huge spike in 2020 in interest surrounding small businesses. Two-thirds of people polled (66%) say small businesses are the lifeblood of their community. More than three-in-five (64%) describe small business owners as “community heroes.” Seven out of ten (70%) want them to get more recognition.
The love and support of small businesses is alive and strong! Most people report having the best experience in Customer Support and they're more likely to get the help they need. There's also more personalization in small business. More times than not, there’s an effort to know you as a person and the convenience of shopping locally can’t be beat.
Now that we’ve raved about how much people love small businesses, what’s the secret to success? According to an April 2022 QuickBooks-commissioned survey of more than 1,100 small business owners, they reveal the three most important ingredients for a successful business are great customer service, good financial management, and support from the local community. Those three components are the ingredients to maintaining and growing a business, and while small businesses have a lot of challenges they face, their importance can’t be overlooked.
The last part of our question is what does success look like? Check out the list and see if your top choices made it:
Providing for my family – 61%
Having a good reputation – 61%
Building a business – 55%
Making a difference to the community – 54%
Financial reward – 50%
There’s so much more covered in the article, so go ahead and check it out in full here: Small business success: How do small business owners define it, and how do they achieve it?
