Faced with dwindling customer demand and increased competition, small businesses are focusing on cost reduction. That’s according to a newly released survey by Switzerland-based Zurich Insurance Group (VTX:ZURN).
The report titled “Biggest Opportunities for Small and Medium Enterprises (SMEs) in 2016” (PDF) reveals 44 percent of small businesses perceive cost reduction as the most critical business opportunity.
Biggest Opportunities for Small and Medium Enterprises
Other than cost reductions, small businesses are focused on new customer segments (36 percent) and new sales channels (33 percent).
