Survey: Small Businesses Make Noticeable Post-Recession Changes
The Growth Coach Franchise `Business Barometer' Points to Specific Behavior Modifications
January 04, 2010 // Franchising.com // CINCINNATI, OH – A majority of U.S. small business owners have changed the way they think about and operate their companies as a result of the recent recession, according to a survey conducted by The Growth Coach, a business coaching franchise system which serves several thousand small business clients annually in more than 150 markets across North America.
Based on survey responses of The Growth Coach franchise system, 95 percent of business coaches reported that their small business clients (defined as less than 100 employees) have made overall expense reductions, while 80 percent implemented a workforce reduction and/or a hiring freeze.
Other post-recession behavior modifications were highlighted. Another 80 percent of survey respondents reported that their small business clients were now more focused on achieving better results and receiving a higher return on investments (ROI). Owners are questioning every expense and demanding better ROI validation before spending their cash.
Other indicators that small business owners have learned their lessons, modified their mindsets, and implemented noticeable changes to their day-to-day business operations include:
- Wiser sales and marketing investments (77.5 percent)
- Better focus on all-around productivity (77.5 percent)
- Better budgeting and planning process (70 percent)
- Changes to leadership and management approach (67.5 percent).
In addition, 85 percent of business coaches surveyed reported feeling that the recession has fundamentally changed the way their small business clients view and think about their businesses, while 75 percent believe the recession has had a positive effect on the way their clients now think about and operate their small businesses.
"As a fast-growing, prestigious business coaching franchise, it's important for us to periodically take the pulse of the small business community that we serve," said Daniel Murphy, President and Founder of The Growth Coach. "This survey validates our theory that the recession has created humility among small business owners and opened up their minds, making them more receptive to working with business coaches to grow their businesses and stay ahead of the competition. Given all the recent challenges, small business owners are searching for better ways to manage their businesses and lives as they want greater success and fulfillment. That's a very positive outcome."
The Growth Coach utilizes its signature Strategic Mindset® group coaching process, one-to-one coaching, telecoaching, and other related services to help clients reach success in business and in life. All initial coaching services come with a 100 percent money-back guarantee. The coaching process helps clients gain clarity, strike a balance between their personal and professional lives and close the performance gap with ongoing action plans and accountability.
About The Growth Coach
Founded in 2002, The Growth Coach is the only pure business coaching franchise system with the single purpose of helping drive the success and balance the lives of business owners. Their goal is to help clients gain greater focus so they can work less, earn more and enjoy more fulfilling lives. Clients include small business owners, franchisees, self-employed professionals, high-end sales and financial services professionals and managers from businesses of all size. Through an expanding national accounts program, The Growth Coach serves franchise systems, dealer networks and associations. With a presence in more than 150 markets across North America, The Growth Coach encourages diversity within its franchise system, as well as the development of small business and franchising worldwide. Currently, The Growth Coach is a member and/or affiliated with the following professional organizations: International Franchise Association, SBA Franchise Registry, VetFran, Minority Fran and is listed in Bond's Minority Franchise Guide, 2010 AllBusiness.com AllStar Top 300 Franchises, and Entrepreneur's 2010 Franchise 500®.