Small Businesses See Growth Ahead, Amex Survey Says
YORK — For the first time since 2006, growth has surpassed survival as the No. 1 priority for entrepreneurs, according to the American Express OPEN Small Business Monitor, a semiannual survey of business owners now in its 10th year. And more than one-third (35%) plan to hire, last month’s survey says, perhaps further evidence that a recovery is reaching Main Street businesses.
Six months ago, the OPEN Small Business Monitor indicated that small businesses were faring better, due in large part to cost-cutting and streamlining. Now, the survey seems to show that they are capitalizing on growth opportunities, looking to hire and making necessary capital investments in their businesses.
While economic uncertainty over the economy still presents a challenge to growth, those concerns are starting to recede (27% or respondents vs. 35% last fall). Many expect to grow (37%) and are willing to take a financial risk to do so (56%), while most (65%) entrepreneurs believe growth will be slow and steady, and a minority (16%) foresee aggressive growth. About 18% say they are still in survival mode.
