Small business study offers comparison for veterinary practices

Are you optimistic about the future of your practice? Do you make a lot of sacrifices for it? Do you put your employees first? That’s normal, if you’re a small business.   

A 2015 study recently published by the Bank of America shares common traits, beliefs, and perceptions of small business owners. It also offers practice owners and managers an opportunity to see how their practices stack up.

Study highlights:  

  • Only one in five small business owners say they have completely recovered from the “Great Recession.”
  • One of the top concerns of small business owners is healthcare costs.
  • Thirty-five percent of small business owners have either never given themselves a raise, or haven’t done so in five years, and thirty-two percent have delayed or skipped compensation altogether for up to two weeks.
  • Thirty-five percent of owners have carried business costs on a credit card.
  • Two out of five small business owners say it’s hard to find qualified staff, citing lack of skills and unnecessary salary expectations.
  • Nearly all small businesses (94%) have employee appreciation programs; topping the list is employee/team outings, and spot bonuses.
  • Small business owners are becoming more tech-savvy, are expanding their offerings, and becoming more environmental to meet customer demands.
  • Only 18% of small business owners do not use social media; those who do say it provides feedback that prompts a change in business.
  • Loan applications are on the rise, and the money is being used for employee training and development.

The study surveyed 1,000 small business owners with annual revenue between $100,000 and $4,999,000 who employed between 2 and 99 employees.