Canadian small business owners are feeling optimistic about 2020 despite the challenges facing them. Nine in ten (90 percent) are confident they will achieve their main goal in the upcoming year.
The study of 500 small business owners found their top 2020 objectives include substantially increasing revenue and growth and reaching new customers. Over one quarter (27 percent) are also focused on generating repeat customers.
And although more than one in ten said the main reason they started their business was to earn more money – 15% are yet to break even. As a result, one in 10 consider this to be their main goal for 2020, although one in six are aiming to simply ‘survive the next year’.
The research was commissioned by Vistaprint – a leading online provider of marketing products and services to small businesses.
Business Owners Feeling Confident
When asked how they are currently feeling about 2020, Canadian business owners are most likely to say they feel optimistic, confident and prepared. However, more than one in ten (13 percent) do feel apprehensive about what is to come, with a quarter of business owners admitted they see the upcoming year being a ‘struggle’. More than two fifths (44 percent) are worried about bills and expenses rising, while 29 percent predict that political changes will have an effect on their business. A further quarter (27 percent) are anxious about the cost of materials rising.
Despite these challenges, sixty five percent of business owners admitted they don’t have a marketing plan in place for 2020, with nearly half (47 percent) saying ‘everything is going fine as it is’. A fifth (20 percent) would rather just ‘see what happens’. More than half – 58 per cent – believe the most important marketing channel in the upcoming 12 months will simply be word of mouth, while almost a third (31 percent) will rely on social media. A further one in ten think email marketing and search engine marketing will be most important for their business.
It also emerged that on reflection, nine in ten (93 percent) business owners are pleased they took the plunge and started their own business. For more than a third (34 percent) being their own boss was the main motivation for starting a company. This was followed by earning more money – with 15 percent wanting to decide their own hours – and flexible working hours according to more than one in ten (14 percent).
Here to Help
No matter what stage of business, or what problem you face, Small Business BC offers a range of seminars and one-on-one advisory sessions to suit any business.