Small Business Growth Vital for Connecticut’s Economy in 2018

Hearing that small business growth is vital to the economy may sound unrealistic, but the reality is small businesses are keeping both the United States and the United Kingdom economically sound. Since the end of the Great Recession, small businesses have been growing both economies and Connecticut has stayed above the national average for growth two straight years running.

Given some very important statistics and a look at what SMEs (Small to Medium Size Enterprises) in the UK are projecting, it is safe to say that Connecticut should seek some of the same solutions our neighbors across the pond are implementing.

Why Are Small Businesses So Important to Connecticut’s Economy?

According to the Small Business Administration’s profile of Connecticut, small businesses were responsible for employing 49.3 percent of the private sector workforce in 2016. Although the figures are yet to be released for 2017 because the year has not ended yet, it is safe to say that this percentage may rise a bit.

Connecticut could see a literal explosion in small business growth and this could very well be possible with a little advice from SMEs in Britain.

A Look at SME Projections Coming out of Belfast

Here is where technology comes into play if small businesses are looking for explosive growth. In a study commissioned by Amazon, Capital Economics found that nine out of ten small businesses in Britain expect to be trading online in the coming 12 months. This year, 64 percent of businesses there were selling online, but the survey found that next year 88 percent expect to be trading online.

That’s quite a rise, and if an additional 24 percent of small businesses in the UK see growth through online sales, perhaps small businesses in Connecticut should take a good look at doing the very same thing.

Transforming a Website to an eCommerce Site

Most businesses already have an Internet presence at this point in time, however, many are still not offering products and services for sale online. It may sound like a massive undertaking, but a good web development company can help make the transformation.

Once that is accomplished you’ll need an expert SEO team like Click Intelligence to drive traffic to your site. You want them to get there knowing who you are, what you do, and are ready to buy. Browsing is good, but buying is better. Good SEO is all about conversions.

A Final Look at Small Business Statistics in Connecticut

Here is the final important point to be made. Of all the 339,231 businesses in Connecticut in 2016, an amazing 99.4 percent were small businesses. It was previously noted that small businesses accounted for employing more than 49 percent of all workers in the private sector, but there is something even more awesome about Connecticut’s small business profile. Did you know that of the 339, 231 small businesses in the state, 56,093 are owned by minorities?

That is a very high percentage and speaks volumes about the diversity this northeastern state is recognized for. If you hope to be a part of the massive growth of online revenue in 2018, the time to start getting your website ready is now. Connecticut may be geographically small, but 2018 could be the year to put this tiny state over the top in small business growth. That’s something to look forward to in the new year.

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