Survey Says: What's Your Formula for Success?

Do you have a business mantra? Many small-business owners do, so maybe you should create one. And do it quickly, since speed seems to be driving sales success these days. Actually, you might need to start meditating, given the fact there's a good chance you're going to be a victim of bank fraud. Here's a closer look at some of the latest small-business surveys.

The Power of Positive Thinking?

What's your small-business mantra? Do you even have one? The most recent American Express OPEN Small Business Monitor asked entrepreneurs to name their mantra for success. Here's what they said:

Really, people -- that's the best you can do? Maybe the smartest business owners were the 28 percent who said they didn't have a mantra at all.

Think Fast

If you sell or prospect online, the speed with which you respond to customer inquiries could make or break the sale, according to a study by Harvard Business Review researchers.

The study of more than 2,200 U.S. companies found that 37 percent responded to online leads within an hour, and 16 percent responded within one day. But 24 percent took longer than 24 hours -- and, incredibly, 23 percent never responded at all.

What difference does a fast response make? Well, the researchers found companies that contacted potential customers within an hour of receiving inquiries were almost seven times more likely to have a follow-up conversation with a decision maker than those that waited even just an hour longer, and more than 60 times more likely to talk to a prospect than the companies that waited 24 hours or more.

Information Superhighway Robbery

More than half of small businesses were victims of attempted or actual banking fraud in the last year, and 75 percent of those were victimized online, reports the 2011 Business Banking Trust Study, conducted by Ponemon Institute for Guardian Analytics. Of those, some 61 percent were victimized more than once.

In 78 percent of the cases, the bank failed to discover the fraud before the funds were moved out of the victim's account. This is bad news for banks as well as businesses: Forty-three percent of companies took their business elsewhere after a fraud attempt.

Rieva Lesonsky is CEO of GrowBiz Media, a content and consulting company that helps entrepreneurs start and grow their businesses. Follow Rieva at Twitter.com/Rieva and visit SmallBizDaily.com to sign up for her free TrendCast reports.