In my line of business (online business) things today were very different compared to those five years ago. Then, it’s easier to make money online. Today, with all the changes in Google algorithm, things are becoming more difficult. The social media has also changed the online business landscape.
In brick-and-mortar business, changes are also inevitable. Of all the changes I learn from small business owners I know, I found out that mobile technology – and also technology in general – has changed the competition; things will not be the same anymore. When it comes to changes, it’s often “embrace them or die” situation.
I personally view changes as positive. Sure, it’s challenging to adapt, and it’s pretty worrying seeing things working 5 years ago no longer work today. But then, changes mean moving forward, and the best for us small business owners is to move forward.
If you are wondering how small business has been evolving, the best way is to take a “snapshot” of small business then and now, then compare them. Constant Contact has just done so, and visualized the findings of their recent survey in an interesting infographic:
Some interesting findings
It’s harder to run a small business today
59 percent of small businesses believe it’s harder to run a business today than five years ago. How so?
The economic uncertainly is the main culprit of the complexity of running a small business today, according to the survey respondents (55%) The second culprit is the difficulty in keeping up with the rapid changes of the technology.
The biggest differences in then vs. now: Marketing tools, economic situation and business automation
The major differences in running a small business today vs. 5 years ago is, again, technology: 84 percent of respondents say that online marketing tools are the game changer, 59 percent say that economic uncertainty is the difference maker and 27 percent say that the accessibility to automated business solution is the key change.
Locally owned business rocks!
It seems that the shop local movement succeed in a sense that customers now more keen to shop at local small businesses than 5 years ago. 51 percent of respondents think that locally owned business is more important than 5 years go. Furthermore, 55 percent think that the volume of customers shopping local is increasing compared to 5 years ago.
Customers today shop more but they also demand more
Perhaps the key to your small business’ future growth lies in this today’s customers’ characteristics: While there are more customers who spend more money today than 5 years ago, it’s apparent that they are pickier now: They expect more value, more discounts and better service. Your small biz’ ability to respond to the expectations will determine the future of your business – five years from now.
Takeaway
The Constant Contact survey is very interesting. It seems that today, customers are more sophisticated: They love locally produced products and do expect that they are exceeding their expectations. It’s a big opportunity – as well as a big challenge – for local businesses.
Are you ready to answer the challenge and grab the opportunity?
Photo credit: Steve Mohundro
