Small businesses are uncertain about the rest of 2021, weary of spending money, increasing marketing expenditures or adding new employees to the payroll. Even still, these business owners are optimistic that customers and revenue will grow.
Those are the key findings from a survey of 124 small businesses that are clients of McElvy Partners, a Houston-based company that works with more than 2,000 small businesses annually on marketing and customer growth strategies.
The survey, conducted the first two weeks of February 2021, asked small business owners to answer 10 questions about their business and their outlook for the remainder of the year. Respondents represented a mix of businesses, with 73 percent indicating they have anywhere between 2-25 employees. According to Small Business Trends, 90 percent of small businesses, nationally, have less than 20 employees.
Of those who responded to the survey over the phone or online, 65 percent had been in business for more than 10 years and 86 percent had been open five or more years. According to the SBA, only half of all small businesses remain open more than five years, weighting this survey heavily toward more successful business owners.
*In partnership with McElvy Partners