The survey segregated the group of small businessmen into two groups, according to their age, 44 years and below and 45 to 54 years. Fort-five percent of younger owners forecast increased revenues for their businesses for the rest of this year versus only 25% of the elder owners.
The strategies young businessmen are willing to implement for business growth also differ from the more experienced businessmen. Thirty-two percent of young owners planned on increasing the marketing expenses as opposed to 20% of the elder businessmen.
Plans for new product and service offerings are also underway for 43% of young businessmen compared to 39% of the business owners aged 45 to 54.
Social media is no more a mere platform to connect with old friends and family for young business owners. Thirty-one percent of the young business owners plan to use social media to promote business in contrast to 25% of the elder owners.
Thirty-two percent of the young owners are also willing to offer discounts & promotions, while 22% of the older lot, plan to do so.
Young businessmen are also more technology-savvy than their older counterparts. While 22% of the under 44 group would invest in business IT and infrastructure if there was extra cash available, only 14% of the elder owners planned technology enhancements for their business.
The elder group won on the savings front. The majority of the old business owners, around 53%, said they were likely to put extra cash in a savings account compared to 44% of the young owners.