6 Small Business Stats You Should See

Sports fans have an amazing ability to rattle off batting averages or total passing yards for their favorite athlete. These statistics help them compare results and add to their enjoyment of the game. You can play the same numbers game with small business. Here are ten small business stats that can help you benchmark your own results and get more out of your business.

The average SBA loan was $417,316 in 2018.

And the average microloan was $13,000. The Small Business Administration (SBA) guarantees loans made by participating lending institutions. That reduces the risk to lenders making it easier for you to get a loan. This can be a significant source of funding if you’re looking to start a business or expand an existing one. 

SBA-guaranteed loans generally have rates and fees similar to non-guaranteed loans. Some have lower down payments, flexible overhead requirements and no collateral requirements. The SBA website provides more details.

60% of small companies that get hacked, close within six months.

Cybertheft doesn’t just happen to big businesses. Smaller businesses often lack the expertise to guard against these attacks, making them an easy target. So when it happens, it’s harder for them to bounce back. That’s why it’s critical to take a second look at your own cyber-security measures.

Cybercrime Magazine lists seven types of suspicious activity you should watch for along with ideas to combat them.

82% of businesses fail because of cash flow problems.

You need the right balance of money coming in so you can pay your financial obligations (or take advantage of a new opportunity). Cash flow is impacted by factors like how soon customers pay, how long you carry inventory and how well you manage your outgoing expenses. 

Your financial professional is in the best position to offer advice on cash-flow issues. But here are four cash-flow mistakes to consider as you work together to learn what’s right for your business. 

58% of small business owners work at least 50 hours a week.

That’s above the national average of 34 hours a week for everyone else. And 70 percent of small business owners say they work at least one weekend on a regular basis. It’s great to have that level of passion for your business but it can be a challenge to maintain a healthy work-life balance.

You may not be able to work less but you can get creative about achieving a greater balance. For example, instead of a two-week vacation, take 30-minute ones throughout the day. That’s enough time to share a school lunch with your child, listen to a podcast about your favorite detective, or take an extended walk outside. Those breaks will give you the energy to jump back into your business.

61% of marketers think consumers want social media posts that teach.

But when you ask consumers, 73% want to see posts about discounts and sales. Don’t assume you know what your customers want. Verify your hypotheses by asking consumers what they think. You’re likely to achieve better results.

There are a number of online tools that make it easier to learn what customers are thinking. Here are ten options to consider.

92% of small businesses think their website is their best digital marketing tactic.

Customers often look to the web before they’re ready to buy. Think of it as today’s Yellow Pages. Your website is often the entry point so it’s critical to make a good first impression.

88% of businesses identified search-engine optimization as a critical factor in the website’s success. Factors like key words and relevant content impacted their ranking on searches. Take a look at these insights on keyword research.

Stats reveal important insights you can use for your business. Consider how these numbers add up for your business and whether they might equal an opportunity to grow.

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