There should be growth in all fields. Where there is no way for growth, then that way is the way for extinction. In the business world, growth is the basic expected outcome. Young new entrepreneurs start up a small business expecting the best business.
Rise by taking small steps
Small business includes basic works. Transportation and material moving, construction and extraction, community and social service, production, education, health care, legality, protective services etc. fall under the small business category.
❖ Here are 6 small business growth statistics that can give a better scenario of reality
1) 85% of business owners, leader managers that work in the business which are firefighting. They keep on trying to do the same things over and over again looking for a different result. 15% are those who take a moment to breathe and be strategic. Refining things cannot help to a greater extent. Look for new innovative ideas that are never experimented earlier.
2) In small-scale business, two-thirds of owners take up responsibility personally in multiple areas like operation, finance, sales, marketing, human resources, customer service, IT sector or product development.
3) Millions of people work for a small business, which is over 50% of the working population. Small business field is the place to learn and then to grow up.
4) The business startups which are of low financial investment can show vigorous growth if it comes with new ideas. It is found that two-thirds of small business owners are satisfied with their financial state. 71% are expecting to improvise the financial statements by experimenting with better ideas.
5) Small business is the job creators. Many lives are saved because of small-scale industry. Since 1995, small businesses have generated 65% of all the net new jobs created.
6) Since 1990, small businesses are successful in adding 8 million new jobs to the economy, while large businesses have lost 4 million jobs. The loss of jobs may be due to outsourcing, moving overseas and technology.
These 6 small business growth statistics gives the info that the small business is the foundation for bigger projects. Life of many people is spent on small business companies.
Along with innovative ideas the team, the execution, adaptability matters a lot. If there is growth, then there will be decrease stats.
❖ Reason for not showing a growth stat
Not having professional and optimized websites, focusing on growing business quick and fast, lack the planning, insufficient capital, poor management. In most of the cases, people start a business for making money without having a passion to work.
❖ Reasons that work for showing growth stats
Analysis of present-day demands, innovation, finding opportunities, strategy etc. More importantly, work for growing up with passion should be there.
Statistical analysis was done in each and every field give the practical do’s and don’ts in that particular field. The reality comes into the picture when we look into the stats. Small-scale business ups and downs can be put up in a mathematical way by statistical analysis. Taking the statistical growth rate into the account, the small business can work in a better manner. So, before people start their startups they need to look in growth stats.