Nearly half (47%) of small business owners prefer to invest in their business now to get an advantage over competitors, an 11 percent increase from 2010, according to a new survey released from Brother.
Last year’s survey revealed that the majority preferred stockpiling cash reserves as a means to help them survive the economic downturn.
“Our survey is one way we keep a finger on the pulse of our key market segment, America’s small business owners, and it provides us with true insight into their needs and struggles," said John Wandishin, vice president of marketing, Brother International.
"We want to understand what small business owners value, so we can continue to provide solutions for their daily challenges."
More and more small business owners are seeing the value of investing in their business—with both time and money. Nearly one-third (30 percent) of small business owners said they would rather have more time on their calendars than cash in their pockets. Time management was also a common theme throughout the results. Three-quarters (79 percent) said they plan to use their time more efficiently in 2011.
When asked what the biggest benefits of being a small business owner were, majorities cited the ability to quickly respond to customer service issues (84 percent) and the ability to quickly implement executive decisions about managing the business (83 percent).
Many small business owners have experienced some type of "Tech Downtime": three-quarters (77 percent) of owners say they have seen productivity suffer—at least occasionally—in the last year due to office technology not working properly.
"When running a small business, time is the ultimate commodity," said Wandishin. "Small business owners are looking for reliable equipment and services that help them save time running their business.”