29 November 2023

Only 5% of Small Businesses Succeeded in Achieving Their Goals in the Past Year

By Ronald Smith

Can you believe it? I was just reading this eye-opening article about small businesses and their goals. It turns out that only a teeny-tiny 5% of small businesses actually managed to achieve what they set out to do in the past year. Wow, that’s really something!

So, let’s break it down. Small businesses, you know, those little shops and companies that we see in our neighborhoods, well, they have big dreams just like anyone else. They set goals to help them grow and succeed. But unfortunately, most of them face some pretty tough challenges along the way.

You might be wondering, What’s stopping small businesses from reaching their goals? Well, there are a few reasons. One big obstacle is the fierce competition out there. Small businesses have to fight tooth and nail to stand out from the crowd and attract customers. It’s like being in a race and everyone wants to be the winner.

Another challenge is the lack of resources. Unlike big companies, small businesses often have limited budgets and manpower. They have to do more with less, which can be really tough. It’s like trying to juggle a bunch of balls with just one hand.

And then, of course, there’s the unpredictable nature of the business world. You never know what surprises might come your way. Economic downturns, changes in customer preferences, and even disasters can throw a wrench in your plans. It’s like trying to navigate through a stormy sea.

But hey, it’s not all doom and gloom! Even though most small businesses didn’t reach their goals last year, that doesn’t mean they won’t keep trying. They’re a resilient bunch, you know. They learn from their mistakes, adapt to changes, and keep pushing forward. It’s like they have an indomitable spirit that keeps them going.

So, the next time you walk past that cute little shop on the corner or see a local business trying its best, remember the challenges they face. And if you’re thinking about starting your own small business someday, go for it! Just know that it won’t be easy, but with determination and hard work, you might just be one of the lucky 5% who reach their goals!

Only 5% of Small Businesses Succeeded in Achieving Their Goals in the Past Year

Did you know that setting goals for your small business is super important? Well, it is! But guess what? Most companies never actually reach their goals. It’s true!

In fact, a recent survey report called ‘5 Strategy Development Tips for Small Businesses in 2020’ by Clutch found that only 5% of small businesses were able to achieve all their goals in the past year. That’s a tiny percentage!

The survey spoke to 502 small business owners from different industries to learn more about how they plan for success.

Only 5% of Small Businesses Reach ALL Their Goals

Here’s what the survey discovered: around 65% of small business owners were able to meet more than half of their goals in the last 12 months. That’s pretty good! But sadly, only a small 5% achieved every single one of their goals.

I’ve got some interesting research findings to share with you. It turns out that more than a third of businesses have created a process strategy. That’s pretty impressive, right? But that’s not all! 46% of small business owners have a sales strategy in place, while 41% admit to having a clear marketing and advertising strategy. And guess what? 36% of businesses have had a customer service strategy in the last 12 months.

Let’s Talk Small Business Confidence!

Now, here’s something intriguing. The survey also looked at how confident small businesses feel about carrying out their business plans. Can you believe that 77% of small business owners said they are confident in their ability to execute their strategy? That’s really impressive! However, there’s a small catch. 95% of them still struggle to meet all their objectives. But hey, at least they’re confident in their abilities, right?

I believe that in order to reach our business goals and grow, we need to create a business plan. Without a solid plan that focuses on important areas like marketing and sales, it can be tough for us to stay competitive.

Every business’s plan will look different depending on its needs. However, all plans should be well thought out, including key areas like sales and marketing, and be regularly reviewed and updated.

Flexibility is the Key to a Successful Business Strategy

Given the disruptions caused by the COVID-19 pandemic and the constant changes that come with it, being flexible is crucial for our business strategy. By setting goals that push us beyond our comfort zone, we can gain valuable insights and overcome tough times.

When I spoke with Dan Bailey, the president of WikiLawn Lawn Care, a provider of lawn care tips and services, he told me something interesting: setting stretch goals can be really helpful. It pushes you to step outside your comfort zone and achieve more than you thought possible.

Tips for Developing a Strategy

After analyzing the survey results, Clutch came up with five tips for small businesses to develop their strategies.

Clear and Achievable Goals

According to Clutch, one of the key tips for strategy development is to set clear and actionable goals for your business. It’s important to focus on the areas that truly matter. And don’t forget, finding a mentor who can guide you in developing your business strategy can make a big difference.

Create a Formal Written Business Strategy

I found an interesting survey that shows only 15% of small business owners have fully documented their strategy in the past year. It seems like it’s important to have a formal and documented business strategy. When you have clear goals written down, it helps guide your business towards achieving them.

Keep Making Changes

According to Clutch, it’s also recommended for small businesses to stick to their business plan but make regular revisions. Your business plan should have specific and achievable goals, but it should also be flexible enough to adapt and change as needed.

This way, when unexpected things happen, like what we’re experiencing with COVID-19, you can refer back to your business plan and make adjustments to your goals accordingly.