Friday, December 13, 2019

Business Industry Overview

Established in 1953, the SBA (Small Business Administration) reported in 2019 that 30.2 million small businesses are operating in this country, which comprise a massive 99.9% of all United States businesses. The SBA defines a small business as a firm with fewer than 500 employees. The majority of small business owners considered a lack of capital or cash flow one of their major challenges, followed closely by trouble with marketing and advertising. 
Small Business Failure Rate
“If you fail to plan, you are planning to fail” (Benjamin Franklin). Careful, methodical, strategic planning -- and hard work – favor the success of any major event. The same can be said of most business accomplishments.
According to the Bureau of Labor Statistics, 20% of small businesses fail in their first year, 30% of small business fail in their second year, and 50% of small businesses fail after five years in business. Finally, 70% of small business owners fail in their 10th year in business.
It’s critical for all businesses to have a business plan. It must be realistic, based on accurate, current information and educated projections for the future. Components should include:
·       Description of the business, vision, goals, and keys to success
·       Financial: capital equipment and supply list, balance sheet, income statement, cash flow analysis, sales and expense forecast
·       Market analysis
·       Marketing, advertising, and promotional activities
·       Analysis of competition
·       Potential problems and solutions
·       Budgeting and managing company growths
Whether you have a business plan or not, our services identify many essential elements needed to grow your business that are included within a strong business plan.
Business Owners Need Help
Various studies show SMBs lack the time and knowledge to manage digital media effectively. Many small business owners acknowledge their shortcomings with more than 70% stating they wish they could take advantage of digital media to help expand their businesses and reach new customers. Most small business owners believe current marketing providers don’t have their best interest in mind. Owners often feel marketing providers push “flavor of the month” products on them and don’t bother to learn what they actually need.
300% - 500% Return on Investment
URWA Consulting has been providing digital marketing consulting services to hundreds of SMB clients since our inception in 2011. The success of our firm is directly attributed to our unique business model which enables us to work with businesses to identify, develop strategies and measure KPI’s (key performance indicators) that drive business growth goals and increase the probability of long-term success. Clients implementing our recommendations experience between 300% to 500% returns on investments.
Give us a call to schedule your complimentary consultation.