An August survey by the National Federation of Independent Business (NFIB) indicated a downward bias in small business confidence from the prior month. This survey went on to say that reported earnings continued on a downward path with little opportunity for business owners to reprice their goods or services more favorably given weak demand.
August is traditionally a vacation-laden month so it’s not necessarily a bellwether indicator for the remainder of the year. It does reinforce the constant necessity of performing a sales result analysis. This review should tell you who your customers are, why they’re buying from you and not your competitors, and what marketing or outreach vehicles are driving them to you. You can then focus your resources on those channels that are creating these sales. Whether tepid demand or more competition are underlying root causes, the business that gets its message out most effectively will be a sales winner.