Are you a financial fanatic constantly checking your business’s cashflow, or are you more focused on the future of your company? Take this light-hearted quiz to find out what kind of business owner you are. Not only will it reveal your business owner personality, but it will also offer ways to rethink and help small businesses thrive in this tricky economic climate.
According to research, six in 10 small business owners say their only goal for the year is just to stay afloat. A poll of 500 British small business owners and decision makers found that 43 percent believe adaptability is critical to delivering success. They believe that having a presence on online marketplaces, selling via social media, reducing systems and streamlining operations, and finding new markets abroad are ways they can stay afloat in the current climate. Unsurprisingly, 58 percent are worried about their business revenue for the rest of 2023.
The findings are from PayPal’s Business of Change 2023 report, which aims to encourage SMEs to rethink the potential of their business. The report found that over a third of revenue, on average, has come from thinking outside the box. Vincent Belloc, managing director at PayPal UK, said, “We recognize the many challenges currently facing UK small businesses. But we hope that our latest findings inspire SMEs to rethink their potential and the ways they do business for the better – moving away from just surviving, to a thriving mindset in 2023.”
Despite finding success from trying new processes, almost half admit to not rethinking how they could approach their business differently. The biggest barrier to rethinking new ways of working is worrying about finding the right people to help enact them. Other factors holding SMEs back include feeling overwhelmed by multiple different financial and operating systems needed to run their business, not having a website or social media channels, and not having a presence on online global marketplaces.
However, there is hope as seven in 10 small business owners are hopeful their business will reach its potential in the next five years. It’s encouraging to see the positive sentiment UK small businesses have about the future, and as a trusted payments partner, PayPal’s all-in-one solution can help them focus on what’s most important – managing and growing their business.
Here are the top 10 things SMEs think they should be doing to stay afloat:
1. Make time to think differently about your business
2. Keep a close eye on all outgoings
3. Improve customer service
4. Sell through online marketplaces
5. Sell via social media
6. Invest in digital platforms to improve customer experiences
7. Reduce prices
8. Reduce advertising/marketing budgets
9. Find new markets abroad
10. Reduce systems and streamline operations