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Most small business owners surveyed have changed direction, goals, and plans: new report

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To survive in a difficult economic environment, small business owners around the world need to be agile, flexible and adapt to market reality.

For example, a new survey of 500 small businesses in the UK found that:

  • The original goal of 75% of owners has changed. 17% have completely changed the direction of the company.
  • Forty-five percent failed to meet the short-term goals set within their original time frame and budget.
  • About 64% were forced to extend the initial period to reach their long-term goals.

A survey of SMEs with less than 100 employees and annual revenues of less than $ 2.4 million was conducted in June 2022 by Iwoca’s Censuswide, which fund SMEs.

US small business owners know exactly what their UK counterparts are experiencing.

Reinvent everything

Photo scanning service ScanMyPhotos has discovered that customers need to complete their digitized photos and return them on the same day, CEO Mitch Goldstone recalls.

“This changed the workflow and goals. [We] I had to reinvent everything. This included the same day express photo scan and immediate upload offer, “he said in an email.

Plan changes

Samantha Allonce, owner and founder of Hot N Saucy, said the original business plan was to “sell hot sauce only online and on social media. Sell directly to consumers as the company grows and demand grows. The cost of doing it has become less and less meaningful.

“In order for us to grow nationwide and become the brand we are aiming for, we need to pivot and change our business plans to acquire retail partners and sell them in stores. Appropriate expansion We needed to hire a strategic partner to help, “she said in an email message.

Allonce points out that: “… Changes can occur at any time and must be adaptable enough to accept them. Especially in economic conditions, we are now that you always benefit your business. You have to be ready to make changes. Only you know what your business and what you need to do it, so only you can call it what you need and when can make it, right.”

Survivable

Sara Alshamsi, founder and COO of toy maker Big Heart Toys, said in a statement: We wanted to be able to offer products online for schools, therapy centers and families across the country, but we quickly realized that the road alone wasn’t enough to keep us up.

“We still use our online stores to bring our products to the global market, but most of our business is now in the local community,” she said.

“We needed to be creative, market directly to local schools, day care and therapy centers, and stock toys for the neurodiversity mind on the shelves. I felt that being able to do it was far more important than the logistics of marketing and distribution methods. I knew that I could serve the community even if I had to deviate from my original ambitious plans. I’m happy, “said Alshamsi. ..

“Perhaps we can rekindle our online store plans as online demand increases in the future,” she concludes.

Preparing for recession

When the fear of recession becomes a reality, the challenges faced by small business owners may increase.

As reported earlier this month, a new study shows how US small businesses are preparing for a recession. Their actions are as follows:

  • Reduction of expansion plan (16.7%)
  • Labor reduction (7.2%)
  • Retail or office space downsizing (5.4%)
  • Cutting service (4.5%)

The survey was conducted by the payment platform Veem from May 31st to June 8th, 2022 via Momentive Monkey. The margin of error was + 4 / -4%.

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