Economy spurs reinvention and evolution of small businesses

It seems small business optimism has fueled the need for many businesses to not remain stagnant and move forward with reinvention and evolution, according to a recent Citibank study.

Researchers found that 43 percent of small business owners believed conditions to be positive - a marked increase from the 24 percent who felt that way in 2010.

What's more, 33 percent of those polled said their business is performing better than it was one year ago, while another 33 percent expect their company's revenues to grow by more than 10 percent in 2010.

"Small business owners risk everything to pursue their dreams and are willing to do what it takes to make it," said Maria Veltre, managing director at Citi Small Business. "Their personal sacrifices, passion and ability to adapt have positioned them to capitalize on improving business conditions."

Given this optimism, small business owners are no longer sitting back and waiting for the recession to pass - they're taking action by reinventing their businesses to adapt and move forward, explains Fox Business.

Specifically, more than half (53 percent) of business owners polled by Citibank said they've reinvented their companies to stay afloat or competitive. For instance, 47 percent have overhauled the products or services they offer, 24 percent have adjusted infrastructure (i.e. technology or staffing), 18 percent have "beefed" up sales and marketing, 7 percent have reduced pricing and 3 percent relocated.

When business owners weren't reinventing their companies, they were evolving them, as seen by the 88 percent who said they've made an earnest attempt to stay updated and knowledgeable about their field. What's more, 70 percent increased face-time with customers, 67 percent updated their computer systems and 52 percent used more social media initiatives.