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State of the Business Owner 2012    The Planner and the Pessimist                          Key Findings Webinar           ...
PresentersCameron Madill                         Jonathan RaymondPresident, Synotac                            CEO, EMyth ...
Webinar Questions & CommentsTwitter Hashtag: #sobo2012Webinar questions feature                For Guides & Additional Res...
Origins and Motivation What are the success factors helping   small and midsize businesses          succeed in 2012?      ...
Faulty Logic in BusinessPeople who have just run a marathon sweat a lotYou are sweating a lotTherefore, you have just run ...
The Business Book FormulaMy favorite business tactic is _____The most successful company in the worldtoday, Apple, uses th...
We Are Not Fortune 500 CompaniesThere is little good research on how small and midsizebusinesses thrive                 Fo...
Boring & Important - Methodology●   802 business owners responded to a 55-question    survey in early 2012●   Respondents ...
The Data at a Glance●   The median age was 46 with respondents ranging from    20 to 90●   Combined revenues exceeded $600...
The Planner and The PessimistBusiness owners were starkly divided into two groups:         Planners                       ...
The PlannerPlanners believe they control their destiny and are busynavigating towards their vision for the future of their...
The PessimistPessimists believe the future is dictated by external eventsbeyond their control that limit them from creatin...
So Who Cares?Businesses that were owned by Planners:   Grew faster in 2011   Had higher annual revenues   Were more optimi...
Which one are you?     Planners                                  Pessimists           For Guides & Additional Resources   ...
The Way to a Business Owners HeartComposite of responses to "What is your biggest opportunity in 2012?" and "What is your ...
What Helped Companies    Grow in 2011?     For Guides & Additional Resources         www.stateoftheowner.com
The Three Keys to the Growth EngineFundamentals           Accelerators                People               For Guides & Ad...
The Three Keys to the Growth EngineFundamentals           Accelerators                People                       KEY #1 ...
KEY #1FUNDAMENTALS For Guides & Additional Resources     www.stateoftheowner.com
The Recipe for SuccessWe found that businesses that thrivedin 2011 followed a simple formula:  Vision + Plans + Data = Suc...
Vision + Plans + Data = Success                  KEY #1 - FUNDAMENTALS          For Guides & Additional Resources         ...
Vision + Plans + Data = Success                  KEY #1 - FUNDAMENTALS          For Guides & Additional Resources         ...
VisionOnly 42% of all businesses had a written description ofwhat they want their business to look like in the future.    ...
PlansThe greater the extent of revenue planning, the moresuccessful businesses were in 2011 and the moreoptimistic they we...
Bowling BlindWhat would happen if youhad to run your businesswithout any feedback on theresults you were achieving?       ...
Data65% track business metrics at leastmonthly66% use their P&L and BalanceSheet to make decisions43% quantify their lead ...
DataBusinesses that tracked businessmetrics monthly were 80% largerand earned 60% more than theirpeersBusinesses that use ...
What Will The Economy Do in 2012?                  KEY #1 - FUNDAMENTALS          For Guides & Additional Resources       ...
Optimism and Planners                 KEY #1 - FUNDAMENTALS         For Guides & Additional Resources             www.stat...
Optimism and Experience                 KEY #1 - FUNDAMENTALS         For Guides & Additional Resources             www.st...
The Three Keys to the Growth EngineFundamentals           Accelerators                People                       KEY #2 ...
KEY #2ACCELERATORS For Guides & Additional Resources     www.stateoftheowner.com
AcceleratorsOnce you have the fundamentals in place, there were twoprimary areas we found that could be used to accelerate...
Technology and DisruptionWhen asked about the biggest trend affecting theirbusiness in the next three years, business owne...
Technology and Disruption         “Consumers becoming increasingly web based”                   - 33 year old male, Austra...
Optimism and Technology                 KEY #2 - ACCELERATORS         For Guides & Additional Resources             www.st...
Before A Prospect Arrives41% of businesses monitor their reputation online byobserving what their customers and employees ...
Impact of Your Reputation Online80% - Negative information online has made me changemy mind about purchasing a product or ...
Whats Your Real Homepage?                 KEY #2 - ACCELERATORS         For Guides & Additional Resources             www....
Highly Effective MarketingAfter referrals, websites were the only type of marketingrated highly effective by more than hal...
Hubs and Spokes"Marketers are increasingly viewing their websites as thehub around which all their marketing efforts revol...
The New Buying Process77% of B2B buyers said they did not engage with a salesrep until after internal research was conduct...
Educational Marketing                  KEY #2 - ACCELERATORS          For Guides & Additional Resources              www.s...
Marketing and Planning                  KEY #2 - ACCELERATORS          For Guides & Additional Resources              www....
The TargetHave you defined the keycharacteristics of your target market?                    65% - Yes                    3...
The Target                     KEY #2 - ACCELERATORS             For Guides & Additional Resources                 www.sta...
Marketing and PlannersDo you have a marketing plan that yourevisit at least quarterly to evaluateresults?                 ...
Marketing and Planners                  KEY #2 - ACCELERATORS          For Guides & Additional Resources              www....
Digital AnalyticsBusinesses that monitor their lead generation and websiteanalytics outperformed those that did not:● They...
The Three Keys to the Growth EngineFundamentals           Accelerators                People                          KEY ...
KEY #3      PEOPLEFor Guides & Additional Resources    www.stateoftheowner.com
PeopleThere were two major groups inside of your business thatdetermined success: ●   Your Employees ●   YOU (business own...
Labor MobilityStandard "quit" rate in any year: 25%In 2010: 16%Source: U.S. Bureau of Labor Statistics                    ...
Employee EngagementEngaged - work with passion and feel a profoundconnection to their companyNot Engaged - essentially “ch...
November 2011 Gallup Q12 Results                    KEY #3 - PEOPLE         For Guides & Additional Resources             ...
How do you Retain Star Employees?“Honesty, fair treatment, fair compensation, clearcommunication.”- 50 year old female, Un...
How do you Retain Top Employees?   Recognition   Professional Growth Opportunities   Clear Expectations   Trust and Autono...
So What Are You Doing About It?                     KEY #3 - PEOPLE          For Guides & Additional Resources            ...
Results-oriented Role DescriptionsOnly 30% of all businesses had results-oriented roledescriptions for all of their employ...
Vacation and Ownership                    KEY #3 - PEOPLE         For Guides & Additional Resources             www.stateo...
Business OwnersWe could find no relationship between growth ratesand amount of vacation by the business owner.            ...
Gender and Business OwnershipThere were substantial differences in compensation andbusiness size between male and female b...
The Partner FactorBusiness owners with a partner outperformed those withouta partner in every area we measured.           ...
The Business Model MattersBusiness owners who had a relationship-driven model tookhome substantially more compensation tha...
Which one are you?     Planners                                  Pessimists           For Guides & Additional Resources   ...
State of the Business Owner 2012For additional research, guides and community:www.stateoftheowner.comFacebook.com/StateOfT...
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State of the Business Owner Key Findings Webinar

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The State of the Business Owner 2012 is original research from over 800 owners of small and mid-sized companies on what success factors lead to revenue growth and profitability.

UPDATE: download the 2013 version at www.stateoftheowner.com, and view the 2013 slide deck at http://www.slideshare.net/synotac/state-of-the-business-owner-2013-key-findings-webinar-sobo

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Transcript of "State of the Business Owner Key Findings Webinar"

  1. 1. State of the Business Owner 2012 The Planner and the Pessimist Key Findings Webinar June 6, 2012 Presented by: Cameron Madill, President and Founder, Synotac Jonathan Raymond, CEO, EMyth 333 SW Fifth Avenue, Suite 350 | Portland, OR 97204 | 800-620-0307 | www.synotac.com © Synotac Design, LLC 2012
  2. 2. PresentersCameron Madill Jonathan RaymondPresident, Synotac CEO, EMyth For Guides & Additional Resources www.stateoftheowner.com
  3. 3. Webinar Questions & CommentsTwitter Hashtag: #sobo2012Webinar questions feature For Guides & Additional Resources www.stateoftheowner.com
  4. 4. Origins and Motivation What are the success factors helping small and midsize businesses succeed in 2012? For Guides & Additional Resources www.stateoftheowner.com
  5. 5. Faulty Logic in BusinessPeople who have just run a marathon sweat a lotYou are sweating a lotTherefore, you have just run a marathon For Guides & Additional Resources www.stateoftheowner.com
  6. 6. The Business Book FormulaMy favorite business tactic is _____The most successful company in the worldtoday, Apple, uses this business tacticTherefore, my favorite business tactic willhelp ANY company to grow and thrive For Guides & Additional Resources www.stateoftheowner.com
  7. 7. We Are Not Fortune 500 CompaniesThere is little good research on how small and midsizebusinesses thrive For Guides & Additional Resources www.stateoftheowner.com
  8. 8. Boring & Important - Methodology● 802 business owners responded to a 55-question survey in early 2012● Respondents came from 47 different countries, with over 90% coming from six English-speaking countries: USA, Canada, UK, South Africa, Australia and NZ For Guides & Additional Resources www.stateoftheowner.com
  9. 9. The Data at a Glance● The median age was 46 with respondents ranging from 20 to 90● Combined revenues exceeded $600 million, with the average compensation of $104,000 and revenues of 1.4 million.● The median growth rate was 13% with expected 2012 growth of 16%● All currency figures converted to US dollars● Only statistically significant findings are reported For Guides & Additional Resources www.stateoftheowner.com
  10. 10. The Planner and The PessimistBusiness owners were starkly divided into two groups: Planners Pessimists For Guides & Additional Resources www.stateoftheowner.com
  11. 11. The PlannerPlanners believe they control their destiny and are busynavigating towards their vision for the future of theirbusiness.Qualities of a Planner ● Have a coherent vision of the future ● Regularly track business metrics ● Have concrete plans to move towards their business vision ● Are innovative with technology For Guides & Additional Resources www.stateoftheowner.com
  12. 12. The PessimistPessimists believe the future is dictated by external eventsbeyond their control that limit them from creating the lifethey want.Qualities of a Pessimist ● Do not have a vision for their company in the future ● Have few or no formal plans for making progress towards this vision ● Do not regularly consult metrics to track business progress For Guides & Additional Resources www.stateoftheowner.com
  13. 13. So Who Cares?Businesses that were owned by Planners: Grew faster in 2011 Had higher annual revenues Were more optimistic about 2012 The owners took home more compensation For Guides & Additional Resources www.stateoftheowner.com
  14. 14. Which one are you? Planners Pessimists For Guides & Additional Resources www.stateoftheowner.com
  15. 15. The Way to a Business Owners HeartComposite of responses to "What is your biggest opportunity in 2012?" and "What is your biggest challenge in 2012?" For Guides & Additional Resources www.stateoftheowner.com
  16. 16. What Helped Companies Grow in 2011? For Guides & Additional Resources www.stateoftheowner.com
  17. 17. The Three Keys to the Growth EngineFundamentals Accelerators People For Guides & Additional Resources www.stateoftheowner.com
  18. 18. The Three Keys to the Growth EngineFundamentals Accelerators People KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  19. 19. KEY #1FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  20. 20. The Recipe for SuccessWe found that businesses that thrivedin 2011 followed a simple formula: Vision + Plans + Data = Success KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  21. 21. Vision + Plans + Data = Success KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  22. 22. Vision + Plans + Data = Success KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  23. 23. VisionOnly 42% of all businesses had a written description ofwhat they want their business to look like in the future. KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  24. 24. PlansThe greater the extent of revenue planning, the moresuccessful businesses were in 2011 and the moreoptimistic they were about 2012 KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  25. 25. Bowling BlindWhat would happen if youhad to run your businesswithout any feedback on theresults you were achieving? KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  26. 26. Data65% track business metrics at leastmonthly66% use their P&L and BalanceSheet to make decisions43% quantify their lead generationefforts39% monitor web traffic regularly KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  27. 27. DataBusinesses that tracked businessmetrics monthly were 80% largerand earned 60% more than theirpeersBusinesses that use financialstatements to make decisions were45% larger and earned 60% morethan their peers KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  28. 28. What Will The Economy Do in 2012? KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  29. 29. Optimism and Planners KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  30. 30. Optimism and Experience KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  31. 31. The Three Keys to the Growth EngineFundamentals Accelerators People KEY #2 - ACCELERATORS For Guides & Additional Resources www.stateoftheowner.com
  32. 32. KEY #2ACCELERATORS For Guides & Additional Resources www.stateoftheowner.com
  33. 33. AcceleratorsOnce you have the fundamentals in place, there were twoprimary areas we found that could be used to accelerateyour progress towards your vision: ● Technology ● Marketing KEY #2 - ACCELERATORS For Guides & Additional Resources www.stateoftheowner.com
  34. 34. Technology and DisruptionWhen asked about the biggest trend affecting theirbusiness in the next three years, business ownersconsistently cited technology and the internet as drivers forchange in their businesses, good and bad. KEY #2 - ACCELERATORS For Guides & Additional Resources www.stateoftheowner.com
  35. 35. Technology and Disruption “Consumers becoming increasingly web based” - 33 year old male, Australia “Technology making the world a smaller place” - 42 year old female, Professional Services, United States“ Disintermediation due to the internet” - 49 year old male, Professional Services, South Africa KEY #2 - ACCELERATORS For Guides & Additional Resources www.stateoftheowner.com
  36. 36. Optimism and Technology KEY #2 - ACCELERATORS For Guides & Additional Resources www.stateoftheowner.com
  37. 37. Before A Prospect Arrives41% of businesses monitor their reputation online byobserving what their customers and employees are saying KEY #2 - ACCELERATORS For Guides & Additional Resources www.stateoftheowner.com
  38. 38. Impact of Your Reputation Online80% - Negative information online has made me changemy mind about purchasing a product or service87% - Positive information online has reinforced mydecision to purchase a product or serviceSource: MarketingPilgrim.com KEY #2 - ACCELERATORS For Guides & Additional Resources www.stateoftheowner.com
  39. 39. Whats Your Real Homepage? KEY #2 - ACCELERATORS For Guides & Additional Resources www.stateoftheowner.com
  40. 40. Highly Effective MarketingAfter referrals, websites were the only type of marketingrated highly effective by more than half of the respondents. KEY #2 - ACCELERATORS For Guides & Additional Resources www.stateoftheowner.com
  41. 41. Hubs and Spokes"Marketers are increasingly viewing their websites as thehub around which all their marketing efforts revolve, ratherthan just another spoke."MarketingSherpa KEY #2 - ACCELERATORS For Guides & Additional Resources www.stateoftheowner.com
  42. 42. The New Buying Process77% of B2B buyers said they did not engage with a salesrep until after internal research was conducted, and 36% ofbuyers said they did not engage with a salesperson untilafter a preferred list of vendors was established.Source: DemandGen KEY #2 - ACCELERATORS For Guides & Additional Resources www.stateoftheowner.com
  43. 43. Educational Marketing KEY #2 - ACCELERATORS For Guides & Additional Resources www.stateoftheowner.com
  44. 44. Marketing and Planning KEY #2 - ACCELERATORS For Guides & Additional Resources www.stateoftheowner.com
  45. 45. The TargetHave you defined the keycharacteristics of your target market? 65% - Yes 35% - No KEY #2 - ACCELERATORS For Guides & Additional Resources www.stateoftheowner.com
  46. 46. The Target KEY #2 - ACCELERATORS For Guides & Additional Resources www.stateoftheowner.com
  47. 47. Marketing and PlannersDo you have a marketing plan that yourevisit at least quarterly to evaluateresults? 35% - Yes 65% - No KEY #2 - ACCELERATORS For Guides & Additional Resources www.stateoftheowner.com
  48. 48. Marketing and Planners KEY #2 - ACCELERATORS For Guides & Additional Resources www.stateoftheowner.com
  49. 49. Digital AnalyticsBusinesses that monitor their lead generation and websiteanalytics outperformed those that did not:● They Grew 20% faster in 2011● They Are twice as optimistic about 2012● They Generated 30% more revenue overall● They Took home 20% more compensation KEY #2 - ACCELERATORS For Guides & Additional Resources www.stateoftheowner.com
  50. 50. The Three Keys to the Growth EngineFundamentals Accelerators People KEY #3 - PEOPLE For Guides & Additional Resources www.stateoftheowner.com
  51. 51. KEY #3 PEOPLEFor Guides & Additional Resources www.stateoftheowner.com
  52. 52. PeopleThere were two major groups inside of your business thatdetermined success: ● Your Employees ● YOU (business owners) KEY #3 - PEOPLE For Guides & Additional Resources www.stateoftheowner.com
  53. 53. Labor MobilityStandard "quit" rate in any year: 25%In 2010: 16%Source: U.S. Bureau of Labor Statistics KEY #3 - PEOPLE For Guides & Additional Resources www.stateoftheowner.com
  54. 54. Employee EngagementEngaged - work with passion and feel a profoundconnection to their companyNot Engaged - essentially “checked out” and sleepwalkingthrough their workdayActively Disengaged - acting out their unhappiness andundermining the mission of the companySource: Gallup KEY #3 - PEOPLE For Guides & Additional Resources www.stateoftheowner.com
  55. 55. November 2011 Gallup Q12 Results KEY #3 - PEOPLE For Guides & Additional Resources www.stateoftheowner.com
  56. 56. How do you Retain Star Employees?“Honesty, fair treatment, fair compensation, clearcommunication.”- 50 year old female, United States“Mentoring, flex work schedule, encouraging ongoingeducation.”- 36 year old male, Technology Services, United States KEY #3 - PEOPLE For Guides & Additional Resources www.stateoftheowner.com
  57. 57. How do you Retain Top Employees? Recognition Professional Growth Opportunities Clear Expectations Trust and Autonomy Fair Compensation KEY #3 - PEOPLE For Guides & Additional Resources www.stateoftheowner.com
  58. 58. So What Are You Doing About It? KEY #3 - PEOPLE For Guides & Additional Resources www.stateoftheowner.com
  59. 59. Results-oriented Role DescriptionsOnly 30% of all businesses had results-oriented roledescriptions for all of their employees. KEY #3 - PEOPLE For Guides & Additional Resources www.stateoftheowner.com
  60. 60. Vacation and Ownership KEY #3 - PEOPLE For Guides & Additional Resources www.stateoftheowner.com
  61. 61. Business OwnersWe could find no relationship between growth ratesand amount of vacation by the business owner. KEY #3 - PEOPLE For Guides & Additional Resources www.stateoftheowner.com
  62. 62. Gender and Business OwnershipThere were substantial differences in compensation andbusiness size between male and female business owners. KEY #3 - PEOPLE For Guides & Additional Resources www.stateoftheowner.com
  63. 63. The Partner FactorBusiness owners with a partner outperformed those withouta partner in every area we measured. KEY #3 - PEOPLE For Guides & Additional Resources www.stateoftheowner.com
  64. 64. The Business Model MattersBusiness owners who had a relationship-driven model tookhome substantially more compensation than transactionalcompanies. KEY #3 - PEOPLE For Guides & Additional Resources www.stateoftheowner.com
  65. 65. Which one are you? Planners Pessimists For Guides & Additional Resources www.stateoftheowner.com
  66. 66. State of the Business Owner 2012For additional research, guides and community:www.stateoftheowner.comFacebook.com/StateOfTheOwner@StateOfTheOwner For Guides & Additional Resources www.stateoftheowner.com
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