A Wells Fargo study found a 10-point decrease in overall optimism among small businesses for the Q1 of 2020.
The report based on 600 web interviews of small business owners found that 82% of the surveyed find attracting new customers as the biggest problem. The challenges include finding and retaining new customers, creating the right mix of advertising and marketing, among others.
However, 65% of the small business owners said they would increase networking to attract and retain new customers and obtain customer feedback (52%). 69% of the small business owners also think user reviews are extremely or very important for their businesses.
64% of the business owners expect their revenues over the next 12 months to increase a lot or a little. More than 80% of the owners are positive about their current financial situation.
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