Moving Forward

This is still a down economy, however, CEOs are emerging from recession mode and are making preparations for recovery according to the most recent CEO Challenge Survey. Some of the main issues/challenges that CEOs are focusing on this year are:

Customer loyalty/retention
Reputation for quality products/services
Innovation/creativity
Sustained and steady top-line growth

Linda Barrington, Managing Director of Human Capital at The Conference Board, noted “CEOs’ focus on these challenges suggests that recession-weary customers need to be wooed with significant new value to win back their business.”

And, wooing customers is exactly what some small business owners intend to do. According to Forbes Insight’s and CIT’s 2010 survey of 220 small business owners, 78% of executives and small business owners believe the old way of doing business won’t work in today’s economic environment and they need to find new ways to take advantage of opportunities. In addition, more than three-fifths of small businesses said they will invest more in marketing and advertising in 2010.

“Our study found that a surprisingly high percentage of small business owners are more optimistic about 2010 after having survived the worst of the recession”, said Chris Reilly, President of CIT Small Business Lending. “Many believe that the survival strategies they’ve implemented and hard lessons they’ve learned have better positioned them for growth this year.”

So, while there is still a bit of caution, retailers and small business owners seem to be moving forward and readying themselves for better times to come. What are you doing to move forward with your business?