This shouldn’t come as a surprise to many small business owners…but innovation and swiftness are cited as the two biggest focuses that will help your business succeed and thrive.
A recent Wells Fargo survey found that as the small business competitive landscape becomes increasingly crowded, small business owners continue adapting to economic fluctuations and market demands by focusing on innovation.
Of those surveyed:
- 75% have adopted new procedures to improve quality assurance
- 71% have increased spending on new technologies like computerized bookkeeping and updated computer systems.
- 71% are focusing on marketing and selling products.
- 60% are focusing on new product or service innovation.
Also interesting is that 57% of small business owners currently set aside time for idea generation and creative exploration. Additionally 59% percent are taking courses or training to improve their skills.