These objectives include substantially increasing revenue and growth, reaching new customers and generating repeat business. The study, commissioned by Vistaprint, an online provider of marketing products and services to small businesses, also found that UK business owners are most likely to feel “confident”, “optimistic” and “prepared” for 2020. However, one in five admitted to feeling some apprehensive about what is to come.
Simon Braier, the customer strategy and insights director from Vistaprint, said: “While political changes and economic barriers are very real challenges facing Britain’s small businesses, our research shows that these factors haven’t dampened the UK’s entrepreneurial spirit.
“It’s encouraging to see small business owners’ confidence and optimism going into 2020.
“The better they do, the more chance they have of generating jobs for local people, giving an economic boost to their community and continuing to provide significant value to customers.”
The study found that it’s not all optimism though as although almost one in 10 of the 500 small business owners polled said the main reason for starting up was to earn more money – a third is yet to breakeven.
As a result, one in 10 considers this to be their main goal for 2020, although one in five say their main aim is to simply “survive the next year”.
A quarter of business owners also admitted they see the upcoming year being a “struggle”.
This is due to more than half of those (52 percent) predicting political changes will have an impact on their business, while 38 percent think they will struggle due to bills and expenses rising.
A further sixth are anxious about competitor companies opening nearby.
Despite these challenges, seven in 10 admitted they don’t have a marketing plan in place for 2020, with 45 percent saying “everything is going fine as it is”.
And a quarter would rather just “see what happens”.
But 48 percent of those polled, via OnePoll, believe the most important advertising channel in the upcoming 12 months will simply be word of mouth, while a quarter will rely on social media.
A further one in 10 thinks email marketing and search engine optimisation will be most important for their business.
Vistaprint’s UK market lead Charlotte Holmes-Darby said: “Even if business is going well, in increasingly competitive markets small business owners cannot afford to rest on their laurels.
“Word-of-mouth marketing is, and will likely continue to be, one of the most effective forms of marketing for small businesses.
“But business owners should seize the opportunity to spread the word further by leveraging other offline and online channels and tactics to reach customers.”
The study also revealed that, on reflection, nine in 10 business owners are pleased they took the plunge and started their own company.
For 38 per cent, being their own boss was the main motivation for starting up on their own, followed by flexibility – with 14 percent wanting to decide their own hours – and job satisfaction.
To view the survey results, go here.