44 Percent Of U.S. Small Businesses See Cost Cutting As Critical, Survey Says

44 Percent Of U.S. Small Businesses See Cost Cutting As Critical, Survey Says

 

Faced with dwindling customer demand and increased competition, small businesses are focusing on cost reduction. That’s according to a newly released survey by Switzerland-based Zurich Insurance Group.

 

The report titled “Biggest Opportunities for Small and Medium Enterprises (SMEs) in 2016” (PDF) reveals 44 percent of small businesses perceive cost reduction as the most critical business opportunity.

Biggest Opportunities for Small and Medium Enterprises

 

Other than cost reductions, small businesses are focused on new customer segments (36 percent) and new sales channels (33 percent).

 

Interestingly, businesses in the U.S. have twice the potential to grow by exploring new sales channels.

 

What’s more unlike their global counterparts, U.S. businesses consider foreign market expansion as a worthwhile opportunity.

 

It’s also worth mentioning that small businesses are more aware of the risks facing them today…