The report reveals the growth trends and challenges faced by small businesses, along with trends in technology investments and AI
Keap, the leader in small business automation software, announces the findings of its 2024 State of Business Growth survey, providing a data-driven look at the status of small and mid-market businesses. This comprehensive report sheds light on the differences between businesses that met or exceeded their goals in 2023.
The 2024 State of Business Growth survey analyzed the responses of more than 500 entrepreneurs, founders, CEOs, COOs, marketers, and sales pros across three business types: emerging small businesses (1-10 employees), scaling small businesses (11-99 employees), and mid-market companies (100-1,000+ employees). The report unveiled a clear distinction between growth achievers (the 80% of the sample who met or exceeded their goals) and underperformers (the remaining 20% who missed their targets).
The survey found that the top three challenges entrepreneurs, founders, CEOs, and COOs are facing with processes and efficiency include: finding time to get everything done, having time to focus on building their business and finding qualified employees. It also revealed that growth achievers are more likely to automate processes like analytics and reporting, appointment scheduling, customer communication and onboarding and email nurturing.
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Here are a few other key findings from the 2024 State of Business Growth report, conducted by Demand Metric:
- 84% of growth achievers report that the use of AI has positively impacted revenue, compared to only 65% of underperformers
- More than half (52%) of growth achievers plan to increase their software budget next year, compared to only 40% of underperformers
- 44% of emerging small businesses and 43% of scaling small businesses expect to increase their 2024 marketing budgets, along with more than half of mid-market companies.
“In a year filled with business challenges, Keap’s 2024 State of Business Growth report can serve as a guidebook for entrepreneurs and business leaders alike to effectively scale their businesses,” said Clate Mask, co-founder and CEO of Keap. “By embracing strategic investments in technology and prioritizing marketing, businesses can not only survive but thrive in the face of today’s challenges. This report aims to equip small businesses with the knowledge and resources to navigate a path toward success in 2024 and beyond.”
The report underscores marketing investment as a pivotal driver of business growth, with over half of participants expressing willingness to allocate more revenue toward marketing endeavors. In addition, the top three investment priorities for businesses include: improving business processes, people and AI.
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