We’re excited to announce the release of our most recent report, “2017 Small Business Outlook: The Service Industries.” This report is specifically focused on the service industries, and is the first report of its kind developed by PaySimple.
What can you expect from the report?
In an increasingly digital world, businesses must be more tuned in than ever to what their customers want and how they want to get it. The ecommerce industry is ever-growing, and has helped level the playing field for smaller, service-based businesses to capture online sales and compete with their retail peers.
PaySimple’s 2017 Small Business Outlook highlights how service-based businesses plan to grow in 2017, where they’re focusing investments, and what customer-based resources, tools, and integrated technologies they’re integrating to help them scale and grow.
PaySimple surveyed 635 service-based small businesses throughout the United States, ranging in size, time in business, and revenue. The survey was administered in November 2016 through CINT survey service. Results were compiled in November 2016 based on survey responses.
The findings depict that service-based small businesses have grown significantly in 2016 (48% reported growing between 5-15%), and that growth is predicted to continue in 2017.
What are some of the key findings?
“A major trend that service-based small business owners are gravitating toward is taking advantage of the tools and technologies that help them grow their businesses and better serve their customers,” says Eric Remer, CEO of PaySimple.
Here are a few more takeaways:
- Business growth: More than half of respondents said their business grew anywhere between 5%-15% in 2016. And the majority responded that anticipated growth for 2017 will be in that same range.
- Major challenges: Growing revenue and improving cash flow were reported as the major challenges owners are looking at for next year.
- Acquiring customers: An overwhelming majority of business owners understand how customers are discovering their businesses – and how they’re generating new business.
- Tools and technology: Respondents are using new tools and technologies available for business operations. They use multiple tools to manage day-to-day functions and tasks like finance, marketing, and communications.
What are our predictions for 2017?
If service commerce does what ecommerce did for retail, the service-based business economy is on a trajectory to grow significantly in the upcoming year. Want to check it out yourself?