The Small Business Survival Rate Map was created by the Small Business Administration to assist businesses in understanding the survival rates and success rates that their customers face. These maps have been widely adopted by small business owners across the country. The maps provide important statistics, facts and data that are crucial to a business owner. If you are not familiar with the information presented on the maps, you should obtain further information about them.
While most Small Businesses are experiencing growth rates above 10%, there are some areas of the country where the statistical results may vary. These areas tend to be lower income communities. It is important to remember, however, that no statistic is complete without the proper analysis. There are many different statistical categories used to determine a businesses’ statistical success or failure. These include customer satisfaction, profitability, cost of goods sold, sales, location, and technology. Customer service and profitability are two of the most important statistics to a small business owner.
The statistics that show the percentage of unsatisfied customers that a company has on a yearly basis are referred to as unsatisfied customer satisfaction. The term ‘unhappy customers’ could be subjective. The SBA’s Satisfaction Survey would determine the actual percentage of customers that are dissatisfied with how they were treated by a business. If this is a concern for a business then it is necessary to develop customer service that is excellent.
The statistics that show the companies’ profitability is referred to as profit. A profit margin is a calculation that compares total revenue between a business’s total assets and its total liabilities. This allows a business to determine its profit and break it down into the different areas that contribute to it. The best way to do this is to purchase a financial statement and have an accountant prepare it for you.
The business cycle, or cycle times, is a statistical measurement used to determine the profitability of a company. A business cycle is a four stage process that consists of: research & development, sales & services, management & operations, and sales and marketing. Some business owners believe that the statistics can lead to a better understanding of their business. For smaller businesses it is very important to have this information because it represents the lifeblood of their business.
Finding the statistics online is very easy. There are several websites that are dedicated to gathering, compiling, analyzing, and presenting these statistics. Small business owners should take the time to find these websites. They will provide a wealth of information on small business profitability, customer satisfaction, and trends in the industry.
If there is one thing that every small business owner can agree on is having a good owner is the key factor in being successful. This also goes for a small business’s financial health. Determining the statistical data on the performance of your small business is an essential part of being a successful small business owner.
There are many websites out there that will provide statistics online to help you decide which marketing strategies are best to employ for your business. By utilizing the statistics available you will be able to make better decisions in regards to the marketing campaigns that you are currently using. If you want to get the best results in your business then taking the time to learn the importance of statistics is very important. Taking the time to look into the various statistics that are available can give you a better idea of where your business is at and what it needs to improve upon in order to be even more successful.