A recent report by The Wall Street Journal says the confidence of small business owners took a downturn in January. According to a survey by the National Federation of Independent Business, the numbers slipped to 93.9, which is 1.3 points lower than the previous month.
Source: The Wall Street Journal Report “Small-Business Owners Grew Less Confident in January”
“Small-business owners turned less optimistic about their economic prospects in January as a tumultuous stock market and intensifying concerns over global growth took a toll on confidence. The National Federation of Independent Business’s small-business optimism index, based on a survey of about 1,400 owners, slipped 1.3 points to 93.9.”
Other reports say that the dwindling level of confidence caused by economic concerns has led to small business optimism hitting a two-year low.
Source: The Los Angeles Times Report “Small-business optimism falls to nearly 2-year low amid fears of slowing growth”
“Optimism about the economy by U.S. small-business owners slipped last month to a nearly two-year low as concerns about slowing growth led to projections for fewer sales, according to survey results released Tuesday. The monthly optimism index from the National Federation of Independent Business declined by 1.3 points to 93.9. The figure is well below the index’s 42-year average of 98 and indicates small business owners are wary of future economic conditions, the group said. The last time the index was lower was in February 2014.
To read more visit http://www.latimes.com/business/la-fi-small-business-economy-20160209-story.html.
The news source also states that the number provided by the index indicates an excessive number of small businesses have a poor outlook on future economic conditions, and continued declines could increase the risk of recession. Chief economist of the federation, William C. Dunkelberg, said of the matter “Most of the decline was accounted for by expected business conditions in the next six months and the expected real sales… These expectations are important determinants of decisions to hire, to expand business operations and to order new inventory, all drivers of the economy.”
What Content Marketing Can Do for Fearful Small Business Owners in Times of Economic Uncertainty
According to Qamar Zaman, CEO of a Dallas based legal marketing firm oneseocompany.com who has provided digital marketing solutions for thousands of businesses throughout his career, a key issue that affects many small law firms is their propensity to view themselves as a jack of all trades. Zaman says “small law firms have a tendency to become their own one man department of marketing and everyday core operations, which isn’t always efficient.” The lawyer marketing expert says that not having some type of professional support, especially when it comes to staying competitive in today’s marketing arena, can hinder one’s survival as a business long-term.
Zaman says “a significant percentage of businesses that fail after two years put all of their eggs in their operating basket, and didn’t know how to leverage their marketing opportunities effectively.
Content marketing can help a lot in a range of industries gain a boost in their confidence from increased traffic, and quantifiable sales leads. Zaman suggests, “small law firms must learn to integrate content marketing into their strategies more effectively if they want to stay alive today. There are so many resources that can help them ensure that they are generating the buzz needed to maintain steady sales numbers while staying within a reasonable marketing budget.”
To learn more about Qamar Zaman & his services for law firms visit OneSEOCompany.com