Global Resources Helps Small Businesses Evaluate Performance in 2018 Based on NFIB Data

The National Federation of Independent Business (NFIB) recently released data regarding small business performance.
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CHICAGO - March 28, 2018 - PRLog -- The NFIB report considered the most prominent marketing, financial, and management trends for the year and evaluated how small businesses performed against market reality. Surprisingly enough, smaller companies underperformed in key areas. Global Resources, a well-regarded management consultancy firm in North America, is offering advice to small businesses on how to improve based on data NFIB has compiled.

Here are some suggestions offered by Global Resources, a leader in the world of management consultancy, for small companies that want to boost performance and eliminate waste in the New Year:

Hire the Right Employees

According to NFIB data, about 23 percent of newer small businesses fail because companies hire the wrong employees. The employees may not have the right skill set to grow the company or have been hired without considering long-term consequences. It's important now more than ever to invest in individual employees. Hire talent based on what skills the individual can bring to the existing team and also with regards to whether the employee is willing to stay on permanently. Younger employees have high turnover rates because they like to scuttle between jobs. Offer incentive-based employment packages intended to hire the right talent to ensure that your business can grow and succeed in the future.

Evaluate the Competition

A significant percentage of small businesses are simply outcompeted from the market, the NFIB data shows. Small businesses, unlike larger corporations, are less likely to evaluate the competition. Global Resources LLC (http://www.linkedin.com/companies/global-resources-inc) consultants strongly advise small business owners to use the SWOT methodology to analyze competition. SWOT refers to strengths, weaknesses, opportunities, and threats for small businesses in any given market. This strategic planning framework helps small business owners identify their strengths as well as recognize obstacles ahead. The SWOT tool is highly effective in keeping small companies safe from serious competitive threats.

Use Social Media Marketing

Perhaps the most shocking revelation from the NFIB report was the tiny percentage of small businesses that had a social media account. Over 80 percent of consumers have at least one social media profile. In contrast, less than 25 percent of small businesses had a single social media profile. Marketing on social networks cannot be ignored as they remain a competitive ground for businesses. Therefore, small businesses should start investing in social media marketing to reach the core demographic directly.

Additionally, the NFIB data showed that small businesses spent just a few hours, typically four, on accounting and bookkeeping. Only a mere 12 percent of small businesses spent more than ten hours on accounting. Maintaining proper financial accounts is crucial for evaluating the business and analyzing profitability levels. If the company lacks in-house accounting talent, Global Resources consultants can assist smaller companies to formulate strategic financial plans and business valuations.

About Global Resources:

Global Resources is a management consulting company located in Illinois. The firm specializes in providing a variety of business development and consultation services to small- and medium-size businesses. Experienced GR consultants can help small businesses grow and scale, improve productivity and ensure a positive cash flow. Businesses can obtain thorough reviews of Global Resources at affordable rates.

Contact: (855) 338-0266 (https://www.google.com/search?num=20&safe=active&...)

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