Welcome to the first edition of the Reliant Funding Small Business Report. In this initial study, we took an overall look at pain points, challenges and plans for growth of small businesses in the eyes of their owners. It’s part of our ongoing process to understand the issues they face. We speak with small business owners every day and build partnerships based on the mutual goal of seeing them thrive.
*Embed code. Copy/Paste to embed this image on your website.
Age Profile | |
---|---|
45.1% | 35-54 years old |
44.4% | 25-34 years old |
10.5% | 55+ years old |
Employee Count | |
---|---|
83.5% | 5-100 employees |
16.5% | 101-200 employees |
Gender Profile | |
---|---|
51.8% | Female |
47.3% | Male |
0.9% | Prefer not to answer |
Gross Annual Revenue over the past 12 months | |
---|---|
53.0% | 251k – $1 million |
23.2% | Less than 250K |
21.5% | $1 million – $10 million |
2.3% | Over $10 million |
Primary investment plan for next 6 months | |
---|---|
18.2% | Marketing efforts |
17.7% | Hire more staff |
16.9% | Facility/equipment upgrades |
13.3% | Staff training |
13.1% | New products/inventory |
12.4% | Technology (Automation AI, Blockchain) |
7.7% | No investment plans |
0.8% | Other |
Current sentiment on status of business | |
---|---|
75.5% | Steadily growing |
23.0% | Staying the same (no notable increase/decrease) |
1.5% | It’s on a downward trend |
Sentiment on the future of their businesses | |
---|---|
62.8% | Optimistic |
35.2% | Satisfied |
2.0% | Discouraged |
Biggest internal challenge of operating a business | |
---|---|
35.1% | Hiring skilled workers |
33.3% | Marketing/advertising |
28.2% | Access to working capital |
3.3% | Other |
Areas where SMB owners need and seek consultation | |
---|---|
34.2% | Marketing/reputation management |
25.6% | Finances/taxes |
24.9% | Expansion opportunities |
13.5% | Business Strategy |
1.8% | Other |
External factors with biggest impact on business | |
---|---|
19.8% | Customer spending |
18.7% | Local government business regulations |
18.4% | Effectiveness of US government |
17.1% | Competitors |
12.2% | Healthcare costs |
10.0% | Minimum wage increase |
2.2% | Local Crime rate |
1.4% | Other |
Sentiment on local government promoting small business growth in the community | |
---|---|
59.4% | Feel supported |
40.6% | Don’t feel supported |
SMB owners planning to take a vacation this year | |
---|---|
82.7% | Yes |
17.3% | No |
SMB owners who bring their pet to work | |
---|---|
68.4% | No |
31.6% | Yes |