State of Small Business
Growth and Success
Growing a small business is both scary and exciting. For many small business owners, it is a key measure of
success. Yet taking on the risks and complexities of growing a small business comes at a cost many owners
do not account for in their strategic plan. To better understand how small businesses approach growth
and how that impacts their operations and planning, Intuit conducted a study with Wakefield Research,
surveying 1,000 U.S. small business owners at companies of 0-100 employees.

The State of Small Business Growth
Excitement and Fear
• More than half (54%) of small business owners sometimes feel more fear than excitement when they
think about growing their business.
• With less experience to lean on, Millennials (65%) are even more likely than Gen Xers (52%) and
Boomers (44%) to feel more fear than excitement. Fear of failure is pervasive. 68% of small business
owners worry about their business potentially failing.
• Newer business owners are particularly on edge. Those who have been operating 5 years or less (33%)
worry about their business potentially failing a few times a week or more, compared to those in business
6 to 10 years old (20%).
• Among those with potential failure on their minds, small business owners cite frustration (55%),
sadness (28%) and shame (12%) as dominating emotions when they think about failure.
(54%) FearExcitment

• Despite the anxiety, 88% of small business owners are confident their business
will grow consistently in both revenue and profit over the next 5 years.
• Newer owners are by far the most optimistic. 73% of those in business for 5
years or less are at minimum very confident their business will consistently
increase revenue over 5 years, compared to 64% of those in operation
6 to 10 years.
• Yet small business owners may set themselves up for disappointment by
narrowly defining success. To more than half (51%) of small business owners,
failing to grow their business year-over-year means their business is failing as
a whole.
• More-established companies take a broader view. 58% of small business
owners who have been operating 11 years or more disagree that failing to
grow year-over year means their business is failing as a whole.
The State of Small Business Growth
A Bullish Outlook and a High Bar for Success

• Fully understanding the cash flow of the business is essential yet financial health metrics elude small
business owners. Nearly half (47%) are only somewhat confident or less than somewhat confident
that they know their business’ exact year-to-date revenue. A third (33%) are not fully confident they
understand all the details of their business’ financial health.
• Yet nearly half (46%) of small business owners admit they have never sought out professional advice on
how to better run their business. Nearly half (46%) cite cost as the most common barrier to reaching out
to professional experts, but the ego plays a big role, too.
• Difficulty trusting outside experts (38%) is a common barrier cited, and nearly 1 in 5 (17%) do not want
to appear as if they don’t have the skills to run their business. Nearly three in four (72%) first sought
advice from family and friends before going to an expert or professional.
• As businesses grow, owners are much more likely to reach out. More than half (56%) of small businesses
with revenue of under $250,000 have never sought professional advice, compared to just 35% of those
with $250,000-$750,000 in revenue and one-third with revenue of $750,000 or more.
The Intuit QuickBooks Growth Survey was conducted by Wakefield Research (www.wakefieldresearch.com)
among 1,000 U.S. small business owners at companies of 0-100 employees, between September 18th and
October 2nd, 2019, using an email invitation and an online survey.
The State of Small Business Growth
Going it Alone