53% of SMBs Make New Year's Resolutions
If you made a New Year’s resolution on behalf of your small business, you are not alone. In fact, new survey data from Constant Contact reveals that 53 percent of small businesses make New Year’s resolutions every year, while 23 percent make resolutions every few years.
When it comes to keeping these resolutions, however, the data shows that only one third of small businesses (33 percent) are successful, with 65 percent of respondents claiming they are “sometimes” successful. That said, 53 percent of respondents claim that keeping business-related resolutions is easier than keeping personal resolutions.
“I think most of us can relate to the treadmill gathering dust in the basement, or the long-abandoned pledge to stop procrastinating, so it’s easy to see why the majority of people surveyed think business-related New Year’s resolutions are easier to keep than personal ones,” said Christopher M. Litster, senior vice president of sales and marketing at Constant Contact. “Business resolutions can be easier to measure, as can the rewards if you stick to them, so I think staying focused on them can feel a bit easier.”
When it comes to business-related New Year resolutions, revenue growth and efficiency tend to be the focus. For instance, 26 percent of the respondents make resolutions to grow annual revenue, 18 percent make resolutions to run their business more efficiently and 16 percent make resolutions to increase customers. Moreover, 10 percent of respondents resolve to do a better job at planning, while another 10 percent resolve to try new marketing tactics and 8 percent make a commitment to create a better customer experience.
The survey also shed light on some of the resolutions that small businesses have been able to keep in the past, including:
• “Ask for more help”
• “Be more aggressive with social media”
• “Blog more frequently”
• “Find out what personally motivates my staff”
• “Drop what isn’t working and move forward”
Lastly, the survey asked respondents to get specific about their resolutions for 2014. Check out some of the responses below:
• "To expose my business to potential clients that don't know what services I offer"
• "To increase social media presence on all levels by 15%"
• "Be better at teaching my staff how to provide exceptional customer service, while offering irresistible bargains"
• “Run more efficiently. Need to keep costs under better control. Having a better plan/budget in place should help with expenses.”
• “Increase the number of in-store and out-of-store educational seminars to better engage our customer base.”
Did you make a resolution for your small business in 2014? If so, share it in the Comments section below.