The results are in! We released an online special report for the MYOB Business Monitor today, and more businesses are getting online. And not only that — businesses with a website are performing much better than businesses without a website.
Our research indicates that businesses with a website have consistently higher revenues, more work in their sales pipeline and are more optimistic about the future
What do the results show?
- Revenue performance over last 12 months: 32 percent of businesses with a website have experienced revenue growth in the last year, compared to 22 percent of businesses without a website experiencing a growth.
- Sales pipeline performance: 40 percent of businesses with a website have more work on, while 28 percent of businesses without a website have more work on.
- Revenue expectations for next 12 months: 48 percent of business with a website expect revenue growth in the next 12 months, while only 36 percent of businesses without a website expect revenue growth.
The web is such a vital tool for business, so it’s great to see more embracing it. However while there has been an increase in businesses with a website (39 percent, up from 35 percent in November 2010), it seems the majority are still missing out on the advantages of getting online.
A majority of businesses (61 percent) don’t have a website. And of this group, 45 percent don’t intend to get one (around 27 percent of Aussie businesses).
Folks look online first when making buying decisions. And it is not just physical goods they are going online to research and purchase. They’re also researching services. Think about your own behaviour and what you search for online. Maybe it’s finding a good restaurant, checking out local mechanics, finding a hairdresser or somewhere for music lessons. I’m a consumer and a quick Google search for a product or service is something I do practically every day!
So if consumers are not finding you online, for them your business doesn’t exist.
There seems to be a large group of business owners who are not convinced of the benefits the web can offer their business. If you were speaking with one such business now, what would you tell them?