Small businesses are once again starting to feel great about their local and national economic and financial conditions.
Since the financial crisis small businesses have been pessimistic about the state of the economy and apprehensive regarding the expansion of their own enterprises. With weak consumer spending, less-than-stellar quarterly gross domestic product growth and uncertainty over the actions of the Federal Reserve, the private sector has been unsure about how to proceed.
Survey Reveals Small Business Gaining Confidence
This attitude could be changing, however. According to the latest Spark Business Barometer by Capital One, small business owners (SBOs) are generating a great degree of positivity over the economy and many are planning to increase investments in various areas, including technologies, business processes and employee compensation.
It was reported that 50 percent of small businesses' current conditions are either "excellent" or "good," which is up six points from this time last year. Meanwhile, close to two-thirds (63 percent) of SBOs are feeling jubilant about their municipal economies' performance over the next year. Moreover, 40 percent of small businesses have reported improved sales in the past six months, and another one-third report their businesses' financial positions have greatly improved from the previous year.
The survey further revealed how small businesses define and calculate success. Apparently, customer satisfaction, revenues and profits are the most important factors. Also, work-life balances and community are paramount.
Overall, small businesses are more confident about their respective business growth, which will prompt them to invest, or plan to invest, in their company. Of course, this bodes well for national commerce as the United States economy is two-thirds represented by small businesses.
"Small businesses are upbeat, with many anticipating improved economic conditions and planning for growth and investment - a good sign for our economy and the communities these businesses serve," said Keri Gohman, Head of Small Business Banking at Capital One, in a statement. "However, with that success and plans for increased investment comes greater responsibility and roadblocks to achieving the work-life balance that many business owners, especially women, so highly value."
What Should Small Businesses Invest In?
As Quikstone wrote late last year, U.S. small businesses are investing in social media ubiquity, mobile commerce, customer service training and content marketing over the next year. Aside from that, what else can companies invest in to help improve their overall bottom lines?Here are several areas that your small business can look into:
Sincere Add-ons for Customers
Businesses do this all the time. When you walk into a fast-food restaurant, the cashier may sometimes ask if you would like a soda with your order. When you walk into a jewelry store, the clerk may inquire if you would like to have a cleaner with your purchase. It's just business, and a sincere gesture. There is no need to conduct a hard sell and regularly probe the customer to purchase the add-on.Garner Some Publicity
Every retailer wants publicity, whether it's a well-known newspaper, a popular blog or social media mentions. This can be done by hosting a community-wide event at your store, bragging about an award on your corporate blog and contacting a media outlet or offering a promotion where proceeds of sales go to some charity. Businesses should realize that philanthropy is one of the latest marketing trends.Be a Community Leader
A small business owner becomes a community leader by offering his or her knowledge to others and helping those who need it, such as by sponsoring local children's sports teams. In addition, you can become a community leader by speaking at business engagements, non-profit organizations and conferences.Create New Sales Opportunities
Once your brand has succeeded in selling the products you specialize in, it's an opportune time to start diversifying your inventory. For example, if you sell specialty coffee from New Zealand then you can later complement this order by selling authentic New Zealand desserts, like the Pavlova.Back to Basics
It's often the case that small businesses get too big too fast. They become successful and venture into other areas quickly, and through the process they may forget what made them successful in the first place. To protect against that it's important to focus on the basics. Every growing business should offer excellent customer service, remain dependable, return phone calls, answer emails and stay dedicated to its products or services.Final Thoughts
It's a combination of the big stuff and the little things that can help grow your business and expand upon your current business funding. By maintaining a healthy balance of the basics and keeping an eye on the larger picture, your small business brand can take advantage of an improving economy and experience tremendous business growth. Take advantage of funding options from Quikstone Capital Solutions and grow your business now. Apply today! 
