Small businesses face many challenges regardless of the economic climate, but how can you know if you rate well against your peers?
Recently, we launched a new member of the Network Solutions community called Grow Smart Business. The primary component of the site is the Small Business Success Index. This Small Business Index is a partnership between Network Solutions and the Robert H. Smith School of Business.
The Small Businesses Success Index was designed to measure how successful small businesses believe they are in six key areas of business that include:
- Capital Access
- Marketing and Innovation
- Human Capital
- Customer Service
- IT Deployment and Compliance
The benchmark survey, which gathered data used to create the Small Business Success Index, was conducted in December 2008 and January 2009; a total of 1,000 small business owners were interviewed by phone.
Interesting Survey Findings
From those 1000 small business owners, the initial results showed some interesting things. The Small Business Success Index found the following things:
Small businesses are succeeding despite the economic downturn.
- 69% of small businesses made a profit in 2008
- 7% of small businesses report that they broke even
-The majority (69%) of those who showed a profit in 2008 said it was equal to or better than the previous year
- 6% of small businesses are positive about their future
Being Successful is About Understanding How You Rate
With surveys you can take and be rated against a baseline of 1000 verified small business provides a means to understand and measure the factors that lead to success with your small business. By allowing any small business to compare itself to its peers by taking the survey and receiving a quantitative analysis in return you can immediately see where any remedial action is required to more effectively compete and succeed.
Take the Survey and See How You Rate
We would love to hear from you and if you haven’t yet, take a look at Grow Smart Business when you get a moment. Take the survey and see how you rate against your peers.