PaySimple Releases 2017 Small Business Outlook for the Service Industries
DENVER – December 13, 2016 -- PaySimple, the leading service commerce platform for businesses, has released its 2017 Small Business Outlook specifically focused on the service industries.
The 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 technologies they're integrating to help them scale and grow.
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.
"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.
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.
Key findings from the report are outlined below. Download the full report here.
Major challenges: Growing revenue (38%) and improving cash flow (27%) 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 technologies: 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.
About the Report:
This is the first report of its kind from PaySimple. 635 service-based small businesses were surveyed 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.