Wasp Barcode Technologies: The Barcode Solution People

2015 State of Small Business Report


small-biz-report-2015-banner The New Year is a challenging time for all small businesses as we reflect back on the previous year and plan for the future.  At Wasp Barcode, we continue to hear from our small business partners that industry-wide metrics, specific to small and medium sized business, are difficult to find and are not substantiated by supporting facts and metrics.  As a result, we’ve surveyed over 1,000 small business owners and decision makers to identify the challenges and opportunities that are being forecasted in the coming year. Not only did we seek results to inform our own business practices, but we wanted to give a voice to other small businesses – to help others understand what SMBs are thinking, what they’re doing, how they see the future, and exactly what they’re planning for 2015.  Wasp wants to share that data with other small business leaders so they can compare, benchmark, and make decisions using solid data.

small-bizWho, What, and How

Although we had an idea of what we wanted to learn, we needed to know exactly which questions were important to ask and to whom we should be asking those questions.  Our team sat down and brainstormed a list of topics and questions; ones we felt would not only inform our business plans but would provide important information to all small business leaders.  From that first list, we narrowed, revised, fine-tuned, and then tested our questions. Here are just a few of the topics:
  • Confidence in the economy
  • Challenges of 2015
  • IT investments
To collect data that would be considered statistically significant, we determined our sample size should be at least 1,000 individuals spanning owner, C-Level Executive, and Senior Management roles within a variety of industries. Once we knew who and what we wanted to ask, then it became a matter of how to ask.  We decided the best method for gathering data would be an on-line survey.  We hired a consulting firm to review our questions and another well-known survey and polling company to conduct the survey itself.

Findings

What did we find out from the small business leaders?  After spending a considerable amount of time developing, administering, and collecting data, we delved into an analysis of the results.  The resulting 2015 State of Small Business Report confirmed many of our own thoughts and assumptions about the state of small business. Although they face many of the same challenges, small businesses are doing so with heightened confidence in the economy and anticipate revenue growth and increased profits in 2015. Here are just a few key results:
  • 47% have increased confidence in the economy
  • 57% anticipate revenue growth in 2015
  • Biggest challenges include: revenue growth, hiring employees & healthcare

Confidence in economyConversation

Although gathering data to better inform our own business practices and then sharing those results with other small businesses were main drivers behind creating and publishing the 2015 State of Small Business Report, we’d also like to start a conversation with other SMBs using the data as a benchmark. What did you learn from the report that either confirmed or refuted what your small business faces?  Does the data have application in your industry to help you make better business decisions?    We’d love to hear from you!