New Small Businesses More Resourceful, Study Finds

June 21, 2013

New Small Businesses More Resourceful, Study FindsA new study published in the Journal of Small Business and Enterprise Development sought to compare new and young small businesses with those who have been around for years. Where does your chiropractic practice fall? The age of your practice may affect your policies, the way you use external resources, how you seek out advice, and your potential for growth and improvement. But no matter what your firm's age, you can grow your chiropractic business with successful marketing strategies.

Working in conjunction with the Federation of Small Businesses, marketing researchers used data from a 2008 survey in the UK, including responses from 8,000 small business firms. They grouped businesses by age range, with groups representing 0-4 years old, 4-9 years old, 9-19 years old and 20+ years old. Researchers analyzed factors such as customer procurement, use of available resources, and growth aspirations.

The study revealed key differences among businesses depending on age. They found that new and young businesses were more able to access financial benefits and advice from outside sources than their older counterparts. The younger firms were also more likely to access government assistance and advice. However, they were not as able as the older firms at accessing public procurement.

The authors of the study concluded that the differences should be considered in designing government policies aimed at supporting small business growth.

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Pickernell D, Senyard J, et al. New and young firms: entrepreneurship policy and the role of government- evidence from the Federation of Small Businesses survey. Journal of Small Business and Enterprise Development 2013; 20(2): 358-382. doi: 10.1108/14626001311326770.