Small business owners optimistic

With the economy on an uptick and several different industries reporting growth in the past year, small business owners are optimistic about their companies expanding and being more profitable in the upcoming months.

According to the Western Union Small Business Barometer survey, 79 percent of small business owners believe their annual revenue will increase in the next 12 months, which will give them an opportunity to increase their small business marketing campaigns and attract a larger consumer base.

According to Western Union, a month before the presidential election reveals an election mindset. A small percentage of business owners believe that marketing their products is the only option, with 23 percent planning to increase their marketing expenses for growth and one in four participants in the survey said they plan on utilizing social media to expand their reach and increase customers.

The survey also revealed that 36 percent believe that offering their customers something new will increase their revenue and result in growth being seen in their business. Using the internet is seen as a necessity for small businesses, being the top source for knowledge or advice.

Seventeen percent of the respondents said they preferred using Facebook for marketing activities and word of mouth was seen as the best method for promoting products. Seventy-six percent of the participants said word of mouth is the most effective promotion method while 33 percent said they would use email for promotional activities.

Business 2 Community recently recommended that business owners create a newsletter or blog to make sure they are reaching a larger audience. All of the content that is created for a company's website can be utilized for the newsletter and repurposed for Facebook and Twitter.