May 15 — In a survey of more than 500 small business owners, one in three reported they are “likely to invest in ‘social media and online presence'” during 2018. However, in order to so this, 34 percent stated they would need to develop their internet and social media skills.
The survey, completed by SunTrust Banks Inc., focused on what, if anything, business owners would focus on if given the opportunity to start over from scratch. More than a third responded they would give greater attention to marketing and advertising their businesses.
“Small business owners are increasingly seizing the power of social media to reach consumers in real time,” said Reggie Davis, head of metro business banking and small business at SunTrust. “With 64 percent of small business owners viewing economic and business health as strong or extremely strong, now may be the right time to invest in these online channels. When business owners put best practices in place, they have greater financial confidence to pursue growth plans.”
To help small business owners, SunTrust has put together four assessments to aid owners in understanding how well they are managing cash flow, growth, profitability and asset protection. Assessment results include a downloadable report with actionable next steps. The institutions has also developed a checklist of best practices in six areas of financial management for small business owners, as well as downloadable action guides to help implement change. These tools can be found at suntrust.com/bizbestpractices.