New Kabbage Survey Shows 67 Percent of Small Business Owners Expect To Finish 2017 with Higher Revenues
Findings reveal work-life commonalities across small business owners, including the number one sacrifice they make each year
Kabbage Inc., a global financial services, technology and data platform serving small businesses, released new data reporting on the similarities that connect all small business owners (SBOs), including personal sacrifices, professional challenges and growth expectations. Featuring responses from 400 SBOs, the data shows more than 67 percent expect to increase revenues by the end of 2017, with more than half anticipating an increase of 10 percent or higher. The findings demonstrate work-life-balance commonalities across SBOs and illustrate what it takes to build a business, irrespective of industry.
In partnership with Bredin, a leading small-business market research firm, Kabbage polled small business owners across industries, including retail, education, manufacturing, food and beverage, healthcare, automotive, energy and finance. The number one sacrifice SBOs make each year is not taking a proper vacation. Sixty percent said they take only one vacation per year; 23 percent take fewer than two vacation days annually; and, when on vacation, 75 percent still work.
SBOs also prioritize building their businesses over personal financial gain. When asked how they spend surplus cash, a greater number will invest it in their business (40 percent) rather than paying themselves (21 percent), saving for retirement (17 percent) or setting aside for personal or family investments (14 percent).
Additionally, the survey found:
- Nearly one-third (29 percent) of small business owners work more than 50 hours per week; 86 percent work on weekends.
- Almost half (47 percent) of all SBOs use personal savings to pay for aspects of their business. This is particularly common among 25- to 34-year-olds (75 percent).
- One-third work at least three of the six major US holidays, including New Year’s Day, Independence Day, Memorial Day, Labor Day, Thanksgiving and Christmas.
To improve productivity and be more efficient in 2018, the data showed:
- 36 percent of SBOs will seek ways to improve their skills.
- 32 percent will invest in new technologies.
- 28 percent intend to hire more employees.
“Small businesses are the heartbeat of our economy, and they deserve an enormous amount of gratitude,” said Kabbage Chief Revenue Officer, Victoria Treyger. “These are the individuals who take service calls at midnight on Christmas Eve, work long hours and forgo what many Americans take for granted. They define hustle and motivation and go to great lengths to support themselves, their families and their communities.”
See the full results from the survey and learn how Kabbage is giving back to help keep small business owners motivated here.