FunctionFox, a leading provider of time and project tracking software for small creative companies, just released a study that shows 93% of small creative businesses are expecting to grow or maintain stable through 2010. The vast majority of firms expect to increase revenues in 2010 and over
one-third expect to add staff. Many companies feel that embracing new media and technology will open up new business opportunities.
For most companies 2009 was a survival year but 2010 will be about capitalizing on seeds planted in ’09. While larger companies are still reeling from dramatic change, small creative firms are poised to prosper. As marketing budgets return for 2010 companies are still going to be conservative with their spending and will be looking for the smaller boutique groups instead of the large agencies for their work.
Here are a few highlights from the survey and for more details you can download a pdf of the full report.
- 65% of firms expect revenue growth in 2010 – an increase of 25% from ‘09
- 37% expect to increase their staff in 2010 – and increase of 14% from ‘09
- The majority of firms in all major regions across North America expect increased revenues in 2010.
- 56% expect to maintain current staff size
- 24% see new media, such as social networks, as their greatest opportunity in 2010 – up 4% from ’09, and I agree this is an area worth exploring. Consumer trends are changing and we need to take advantage of the new tools and technologies available to us if we want to thrive in the coming years.
Hopefully these survey results are indicative of great things to come in the next year. Read More→
Founder of Current Photographer, co-host of The Digital Photography Cafe Show, Designer, Photographer, and overall tech geek.