Small Business Market Continues To Be Hot

The small business market has received significant attention from numerous companies of late as they try to expand their reach from the mature big corporate market to the expanding small business community. Everyone from credit card companies to airlines to telecommunications companies are trying to establish themselves as champions of small business. And it is no wonder - America's small businesses generated over 58,000 new jobs in May according to ADP because of their growth and the trend is expected to continue.

A new study by the Small Business Research Board (SBRB) in Canada predicts another 12 months of small business growth for Canadian SMBs. 85% of those surveyed believe the economy will remain the same or improve while 94% of the respondents predict their revenue will remain the same or increase during this period. Here are some of the major findings of the study:

How SMBs plan on growing their companies:
- 52% - grow without adding staff by improving training
- 36% - add new employees
- 5% - decrease employees
- 6% - undecided

Top 5 issues facing Canadians SMBs:
1) Taxes
2) Economic conditions
3) Finding quality employees
4) Cost of materials
5) Interest rates

Where SMBs are planning to expand:
- 22% - add more services
- 20% - expand at current locations
- 19% - enhance customer service
- 18% - add new products
- 14% - add new locations

Selling To Small Business Links for 2007-04-19

• Credit Card Companies Go After Small Business Market - Credit card companies want a bigger take of the trillions of dollars spent annually by small business owners who are reaching for checkbooks more often than they are for plastic.
  
  
• More Help for Businesses at Verizon's Small-Business Web Portal - Verizon business broadband customers will now find more features and an easier-to-navigate Web site when they log onto the Verizon Small Business Center at http://business.verizon.net/
  
  
• The Quarter of the Canadian Entrepreneur - Kudos to Roynat, which this year launched a bold initiative called "The Year of the Canadian Entrepreneur." As I understand it, their intent was to build a coalition of marketers interested in reaching small and medium-sized business, and together create events and content that would celebrate Canadian entrepreneurship and help inform and strengthen individual entrepreneurs.

Xerox Bolsters Small Business Presence

Xerox today announced that it was acquiring Global Imaging Systems for $1.5 billion dollars. Global Imaging Systems is a provider of office technology products and Xerox made the acquisition to better reach the small business market.

This is Xerox's third acquisition in the past year as they try to improve their distribution network. "Our biggest barrier to growth was distribution," said Xerox chairman and chief executive, Anne M. Mulcah.

Global Imaging Systems' core product lines have traditionally been printers and copiers for small and mid sized businesses. It will now begin selling Xerox document management products.

The acquisition is expected to increase Xerox's distribution by 50 % to the small and medium businesses which is an estimated $16 billion market.

The purchase will be finalized in May.

More Opinions on Best Buy / Speakeasy

On Wednesday I discussed Best Buy's decision to acquire Speakeasy to go after the small business market.

Since then others have weighed in on the acquisition. Here is what people are saying so far:

• Best Buy Acquires Speakeasy to Bolster Business Presence - TMCnet
• Best Buy Snaps Up DSL Provider - Business 2.0
• Speakeasy speaks to Best Buy's business strategy - Seattle Times
• Best Buy Moves Closer to Small Businesses - Dealerscope