Over 75 percent of small-business owners believe their businesses have stagnated, according to a new survey.
The survey of more than 500 small firms nationwide, conducted by The Price Group, a Dallas-based marketing firm, also found that 90 percent of owners with languishing businesses had done nothing about it. Small-business owners named not knowing what changes to make as the main reason for inaction.
The problems likely stem from a lack of planning and organization, according to Price Group president Betty Price. Seventy percent of respondents said they have no formal organizational structure for employees, and 99 percent do not have a written plan for growth.