If you are going to establish a startup business, knowing the useful SME statistics will help you to plan and transform your vision into reality.
Small business enterprises largely dominate a country’s economic innovation and employment opportunities. Here are some of the recent SME statistics that reveal what is going on and around the SME or the small-medium-enterprise world.
1. Happiness Level :
A survey was conducted taking around 3000 SME owners into account to report about their happiness, age, education, challenges, and confidence levels.
To everyone’s surprise, more than 75% of the SME owners rated their happiness and satisfaction level at an average rate of 8 out of 10 which is pretty overwhelming.
This shows that they are more than happy with their current situation. This self-satiety is undoubtedly the key to future business success.
This happy feeling boosts up the confidence level of the SME owners which is very important to be successful in any spheres of work life.
2. Education :
Education is yet another one of the useful SME statistics as such it is no longer a mandatory criterion to be successful in life.
Statistics show that more than 50% of the successful entrepreneurs did not even have their graduation degrees but are surprisingly successful.
So, success does not depend solely on one’s educational qualifications. If you have a robust idea and the courage to execute it, do not look back, just move on.
3. Age :
There is no particular age to start afresh. It is a common axiom that whenever we think about startups a clear picture of some young teens or some scrappy young graduates come into my minds.
But the real statistics give us a different picture. SME owners span the entire gamut of age between 50 to 85 years.
4. Financing :
Business does not always need a huge amount of Capital. If even it is so, there are various options available for sourcing your capital. So, don’t let this crappy fear deter your determination.
Go ahead and arrange for finances and give a kick start to your business. Small business especially if you are doing an online business do not necessarily need any capital.
For example, a writer looking for freelancing projects only need a computer and a strong grasp over English and that’s it.
5. Profit growth :
As per the reports, SMEs contribute to more than 90% of a country’s total employment opportunities. So, it is undoubtedly contributing to a nation’s GDP as such SMEs cannot be ignored in any circumstances whatsoever.
SMEs are leading the business arena across the world which is a positive sign that the market is yielding great returns.
6. Survival rates :
Despite the successful start, most of the SMEs fade out within 10 years. The SMEs typically cannot survive in the long run of business life.
There is no perfect reason for this, maybe the infrastructure or the cash flow issues are responsible for the short survival rates of the SMEs.
As per the useful SME statistics, nearly about two-thirds of the SMEs survive for only 2 years, half of the SMEs survive for only 5 years and only one-third survive for 10 years.
7. Self-discipline :
This is the most important aspect amongst useful SME statistics to look out for in 2019. Self-discipline is an indispensable quality for not only the business owners but also for people from other spheres of life.
It is a quality to see through your efforts through thick and thin. The same thing applies to business as well. If you cannot keep your calm at the most turbulent times then you probably have no right to reap the benefits of business during its best times.
8. Online business :
These days almost everything is being searched on in the web before they are approached in person. The same goes for business as well; if you are a business owner you must dedicate some of your investments towards making a robust online presence for your business.
Young generations are growing up in a world that is dominated by the internet. Despite this fact, nearly about 46% of the SMEs do not have their website and yet another chunk of 30% of SMEs think that their operations are too simple to warrant the need of a website.
This is one of the reasons that the SMEs fade out too early than they deserve. Even if a business does not plan to go for online selling, having a proper website at least makes it accessible to the customers.
They can get ready updates and information about the new happenings of their favorite products.
9. Digital marketing :
Having a website is not enough. It needs something more than that. Proper implementation and execution of the digital metrics are also very important for business success.
As per reports, around 88% of the customers who are well versed with digital marketing metrics are less likely to return to your website if it takes too long to open.
They will soon navigate to other similar websites and eventually, your web traffic will fall drastically. 85% of the customers prefer a mobile-friendly website rather than a desktop compatible one.
57% of the customers will never recommend a business to their friends and relatives that have a poorly maintained website. This is the reason why some small medium enterprises fail despite having a website.
10. Cyber security :
Large businesses have robust cyber security and despite that, if they fall prey to cyber-attacks, they get the maximum media attention.
This has led the attackers to target SMEs as such 43% attacks are targeted at SMEs and only 14% of the total SMEs have the infrastructure to mitigate the attacks.
Cyber securities require extensive financial resources which most of the SMEs cannot afford. This is amongst the most useful SME statistics that are often overlooked by the small business houses.
However cyber-attacks can even cripple the financial condition of the small business houses even more. So, it is high time that the business houses understand the importance of cyber security as being small does not guarantee protection against those fatal cyber-attacks.