Business owners below the age of 45 are more bullish on their growth prospects compared to their elder counterparts, according to the Western Union Small Business Barometer.
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.