The Small and medium-sized enterprise (SME) or commonly known as small businesses are considered a vital ingredient for a healthy market economy in any country because SME’s make up almost the total number of businesses across many countries and they are responsible for contributing large value added and also employment to a lot of people, not to mention manufacturing local products which can be exported to other countries.
Have a look at the infographic from to see what your fellow business owners are spending on in 2019 and how best to keep your own expenses on track if you intend to make financial outlays this year.
Small businesses and Small and Medium Enterprises (SME) have been recovering slowly since a series of recessions from different countries around the world in recent years and each year it has brought a rise in spending and 2019 is no different from previous years which brings promise to these small business owners to gain more profit and improve their products and services to their customers. As small business owners see the economy steadily improve in 2019, their spending has also increased, so here is some important information about the current state of small businesses and what is in store for it in 2019.
The year 2018 was very optimistic for small businesses as well as the two previous years and their success is slowly growing as according to financial experts the 2018 benchmark expense survey recorded around sixty-percent of expected spending increased last year for all businesses regardless if it is a big corporation or a small business while around seventy percent of the expected spending was bigger in increase for small businesses alone.
So, there is surely a rising optimism since last year where a lot of small business owners seventy percent to be exact are very optimistic of their fate this 2019 while fifty-five percent in 2017 according to financial experts and Qupital SME Finance who made a survey among small business owners about optimism.
If you want to ask what makes them very optimistic, well, the hiring of employees that are in-demand for small businesses are growing tremendously and it has created more than a hundred thousand jobs last year in participating countries of the survey while small businesses are traveling more than in previous years so there is eighty-nine percent of small businesses increase its travel compared to 2017 and 2016.
A lot of business experts and analysts projected that small business owners and SME’s will get stronger this year with the availability of technology such as the internet and social media where they can reach their customers and patrons easier and can easily monitor all their product and service operation using tools and software to increase productivity which results to bigger earnings as they also increase their spending with one out of three small business companies spend more on promoting their businesses through the internet.