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Box 1354 St. Louis, MO 63188 Voice: 314-771-0200 Fax: 314-771-0300 To submit news, contact: editor@slfp.com To advertise, contact: advertising@slfp.com Innovation Key to Success and Survival for Small Business Owners ST. LOUIS, (PRNewswire), April 30, 2006 - While the small business competitive landscape becomes increasingly crowded, small business owners continue adapting to economic fluctuations and market demands by focusing on innovation. According to a recent Wells Fargo/Gallup survey, innovation is a critical focus of business owners looking to remain competitive. Seventy-five percent of small business owners surveyed have adopted new procedures to improve quality assurance, demonstrating a strong customer focus as a top business line objective. Innovation around technology spending has also been important, as seventy-one percent of business owners surveyed cited increased spending on new technologies like computerized bookkeeping and updated computer systems. Additional areas of focus include different ways of marketing and selling products (seventy-one percent), and new product or service innovation (sixty percent). "Small businesses are built on the concept of innovation, and their ultimate success depends on their ability to grow and adapt to unexpected market changes," said Rebecca Macieira-Kaufmann, executive vice president and head of the small business segment for Wells Fargo. "Innovation happens in many different ways: through ideas, product development, process enhancements, or revised marketing strategies. There is no blueprint on how to innovate, but time and time again, small business owners demonstrate resiliency and an uncanny ability to respond to the changing needs of their customers." More than half of small business owners surveyed -- fifty-seven percent -- currently allocate time for idea generation and creative exploration. Fifty-nine percent also are taking courses or training to improve their skills and continue to learn, while fifty-five percent are providing additional skills training for their employees. Since the third quarter of 2003, the Wells Fargo/Gallup Small Business Index has surveyed small business owners on a quarterly basis on their perception of current conditions and future expectations relating to financial situation, revenues, cash flow, capital spending, number of jobs and credit availability. Results are based on telephone interviews with 603 small business owners conducted March 1, 2006 to March 15, 2006. The margin of sampling error is +/- 4 percentage points. The overall Index remained stable at 109 (up two points from the previous quarter), demonstrating small business owners' continued optimism. Since its inception, the Index scores have ranged from a low of 93 in December 2003 to a high of 110 in March 2005. An Index score of zero reflects an equal number of small business owners who are optimistic and pessimistic about their company's situation. Archived: People in the 35 to 44-Age Bracket Volunteer the Most Money Magazine Names Occupational Therapist as One of 50 Best Jobs Bioscience Industry Fuels Jobs and Growth for States Health Care Expenses Dampen Hiring and Pay Raise Plans Among U.S. Business Owners Health Care Expenses Dampen Hiring and Pay Raise Plans Among U.S. Business Owners College-Educated Workers Migrating to Bigger Metro Areas Rather Than Rural Communities Fireman's Fund Expands in St. Louis Area With 190 New Jobs Bosses Not 'On The Same Page' As Employees Regarding Recognition Payroll Employment Increases in Metropolitan Areas During November 'Tis the Season for Career Resolutions U.S. Workers' Optimism Surfaces After Tough Year Survey Shows Almost 70 Per Cent of Employee Email May Pose a Threat to Businesses Missouri Unemployment Remains at Lowest Level in Four Years Small Employers Offer More Flexibility; Large Employers Offer More Benefits Offsite Workers Feel Less Connected With Employers    The Saint Louis Front Page is owned and maintained by the Moore Design Group for the sole purpose of disseminating news and information about the Metropolitan Saint Louis area. 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