Survey Highlights Small Business Challenges for the Holidays
A new survey of small business owners asked how they are preparing for the upcoming holiday season and examined how stress differs among small business owners across the country. The survey was conducted by Incfile, an online business formation and startup service.
Small Business Owners’ Biggest Holiday Season Challenges
Business owners across the board said boosting sales is their top concern this holiday season, with 39% saying it's their main priority and cause of stress. Difficulty with hiring was second at 24%, followed closely by supply chain issues at 22%.
Nearly 70% of Small Businesses Are Running Holiday Promotions
The holiday season means sales and deals, especially for retail businesses. The top three in the U.S. are Black Friday, Cyber Monday, and Small Business Saturday. Close to 70% of all respondents said they would be running a promotion for Black Friday or Cyber Monday and Small Business Saturday.
85% of small business operators said they will hire seasonal workers. A slim majority of respondents 34% said it was harder to find help this year than in years previous. However, a further 28% said it's been easier, and 23% claim it's been the same.
City business owners were more likely to say seasonal hiring has been easier (32% reporting), while rural and suburban business owners said it's been harder (36% and 37%, respectively).
Competition is Fierce this Holiday Season
37% of all business owners said they're introducing new products this year to earn more sales, and over half (55%) cited this as the number one way they're planning to beat their competitors. Increased marketing/ad dollars (54%) and special sales (54%) came close behind, but loyalty programs trailed at just 20%.
To see the complete results of Incfile’s survey, visit Incfile.com.
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