95% of Small Businesses Fall Short of Meeting Goals, yet 77% Are Confident in Their Ability to Execute
A business strategy helps small businesses achieve their goals, and the COVID-19 pandemic has made it clear that a successful business strategy must be flexible to change.
Just 5% of small business owners report achieving all their business goals in the past 12 months, according to a new survey from Clutch, a B2B ratings and reviews platform.
Clutch found that although 95% of small businesses fall short of meeting their goals, 77% are somewhat or very confident in their ability to execute their strategy.
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“I think the best goals are realistic but slightly optimistic,” said Malte Scholz, CEO and co-founder of project management tool airfocus. “If you don’t aim high enough, you risk setting unambitious goals, but if you aim too high, you may never hit your goals and feel discouraged.”
Overall, 65% of small businesses achieved at least half their goals in the past 12 months.
More Than One-Quarter of Small Businesses Didn’t Do Any Formal Planning in 2019
Small businesses should create a business plan that breaks down their goals and plans to achieve them, yet few businesses actually do.
Clutch found that just 15% of small business owners report fully documenting a strategy in the past year — and 27% developed no strategy at all.
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Companies can benefit from a documented strategy to meet objectives and motivate employees. Business owners should, however, be flexible to changing their plans, especially during the coronavirus pandemic.
E-commerce site iHeartRaves, for example, changed its focus to selling activewear and loungewear from selling festival apparel due to the current lack of in-person events.
“Luckily, we’ve been successful with the pivot,” CEO Brian Lim said “We’ve learned that necessity is the mother of change.”
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