Business for small business owners in Northern Nevada is booming. According to the Millen Institute's 2018 Best-Performing Cities List, the Reno metro area ranked No. 11 nationwide for job growth, gaining 26 spots on the list over the prior year.
And, it appears things are showing no signs of slowing down in 2019. In February, EDAWN announced its latest projection for job growth, estimating more than 51,000 new jobs coming to the area within a five-year span.
Nationally, the spring 2019 Bank of America Small Business Owner Report echoes these same positive sentiments, with 59 percent anticipating their revenue to increase over the next 12 months, 67 percent looking to expand and 24 percent planning to hire in the year ahead.
According to our survey, which explores the perspectives, aspirations and concerns of business owners across the country, a majority of business owners believe technology is a key contributor to their growth.
At the same time, good old-fashioned customer service and satisfaction still play an important role for business growth. For example, nearly two out of three entrepreneurs report that online reviews specifically are important to the success of their business, and 80 percent say a positive online review has led to a new business opportunity.
Indeed, word of mouth has long been key to small business success, and online reviews provide a new, relevant channel to do so. That said, while more respondents say online reviews are more helpful than not, there is also awareness of the damage a negative write-up can have. Of those who have had a negative online review, nearly one-third say it led to a loss of business.
In the digital era, customer compliments and criticisms — whether on social platforms or online review sites — hold tremendous sway. Here are a few tips on making the most of the positive reviews, as well as mitigating the impact of negative ones:
Entrepreneurs must embrace the world of online reviews and learn to strategically use them to their advantage. As Northern Nevada small business owners anticipate a year of steady growth, embracing online reviews as a tool in a marketing kit can be helpful in achieving these plans.
Michael Borello is the small business banking manager for Bank of America in Nevada. Go to bit.ly/2YmbHHp for more research findings on the small business landscape.
-->Business for small business owners in Northern Nevada is booming. According to the Millen Institute's 2018 Best-Performing Cities List, the Reno metro area ranked No. 11 nationwide for job growth, gaining 26 spots on the list over the prior year.
And, it appears things are showing no signs of slowing down in 2019. In February, EDAWN announced its latest projection for job growth, estimating more than 51,000 new jobs coming to the area within a five-year span.
Nationally, the spring 2019 Bank of America Small Business Owner Report echoes these same positive sentiments, with 59 percent anticipating their revenue to increase over the next 12 months, 67 percent looking to expand and 24 percent planning to hire in the year ahead.
According to our survey, which explores the perspectives, aspirations and concerns of business owners across the country, a majority of business owners believe technology is a key contributor to their growth.
At the same time, good old-fashioned customer service and satisfaction still play an important role for business growth. For example, nearly two out of three entrepreneurs report that online reviews specifically are important to the success of their business, and 80 percent say a positive online review has led to a new business opportunity.
Indeed, word of mouth has long been key to small business success, and online reviews provide a new, relevant channel to do so. That said, while more respondents say online reviews are more helpful than not, there is also awareness of the damage a negative write-up can have. Of those who have had a negative online review, nearly one-third say it led to a loss of business.
In the digital era, customer compliments and criticisms — whether on social platforms or online review sites — hold tremendous sway. Here are a few tips on making the most of the positive reviews, as well as mitigating the impact of negative ones:
Entrepreneurs must embrace the world of online reviews and learn to strategically use them to their advantage. As Northern Nevada small business owners anticipate a year of steady growth, embracing online reviews as a tool in a marketing kit can be helpful in achieving these plans.
Michael Borello is the small business banking manager for Bank of America in Nevada. Go to bit.ly/2YmbHHp for more research findings on the small business landscape.
