What Keeps Business Owners Awake at Night?
What Keeps Business Owners Awake at Night
Hiding Under the Spreadsheets
These are the worries that keep business owners awake at night.
Few things are scarier than running a business. Big Foot, The Loch Ness Monster, maybe even the infamous Goat Sucker of Mexico known as El Chupacabra. Outside of those, there isn’t too many things that keep people tossing and turning through the night quite the same way worrying about a business does.
GoFanbase has scoured the records near and far, for a better understanding of business owners, and discovered a treasure trove of information that will leave you with a much deeper understanding of your clients, bosses, and coworkers.
THE ONLY THING TO FEAR, IS FEAR ITSELF…
and these challenges that a group of 800 business owners rated as “huge.”
- Said they didn’t have enough time to get everything done.
- Felt that they were having to manage everything themselves.
- Were having trouble trying to generate quality leads.
- Had problems turning those leads into paying customers.
MORE HATED THAN VAMPIRES AND ZOMBIES
In Infusionsoft’s most recent survey of 800 entrepreneurs and business owners, they identified the most loathed (and we assume bloodcurdling) activities among the community.
- 56% struggled working with financial tasks.
- 37% disliked dealing with HR duties
- 35% dreaded administrative tasks.
- 34% hated any technological activities.
- According to a study by Harvard Business Associate Professor Michael Luca “a one star increase in Yelp ratings results in a 5-9% increase in revenue”
- Moving from a 3-Star Rating to a 3.5 Star Rating increased business revenue by 21% for the most trafficked hours of the day
- 14% of all Yelp Reviews are 1-Star Reviews.
- Only 13% of people will use a business with an overall rating of 1-Star
- 72% of bad reviews are due to bad customer service interaction and having to explain the same problem to multiple people
When the Boogey Man goes to sleep at night, he checks under his bed for shrinking profits.
Profits and productivity are the backbone of any business, so it’s no surprise that issues surrounding them keep business owners up at night. Here are the top concerns that business owners were spending their time looking for solutions to.
- 66% said the possibility of a cyber attack on their business was a concer.
- 45% worried about increasing profits.
- 28% cited customer acquisition as a big concern.
- 27% were concerned about employee productivity.
Slaying The Beast
Sure you can take down a werewolf with a silver bullet, or vanquish vampires with the cunning use of blackout curtains, but conquering the hurdles of business requires a more well-rounded approach.
- 54% wielded their email lists.
- 51% utilized their websites.
- 48% engaged with social media.
- 45% relied on word-of-mouth.
IT’S ALWAYS DARKEST BEFORE THE DAWN
As scary as things can be for business owners, there is always light and the end of the tunnel. In Bank of America’s most recent Small Business Owner Report, many businesses had confidence in their products and brand growth.
- 78% planned to grow their businesses in the next 5 years.
- 72 % believe their revenue will increase in the next year (10% higher than the response in 2014).
- 67% plan to hire more employees over the next 12 months.
- 35% said they had confidence to apply for a loan in 2016 (11 higher than the response in 2014).
What We Learned
If there’s one issue consistently hounding business owners and decision-makers at companies, it’s that they need more time to focus on the big goals, less time on redundant small tasks, and a more streamlined way to reach customers, generate leads, and convert them without shaking every hand and kissing every baby.
That’s the reason we at GoFanbase created an app that manages your customers, leads, business statistics, and social marketing all with just a few taps of the button. Giving businesses like ours the time to think bigger, by making our challenges that much smaller.