Focus on Growth And Hiring Plans Remain As Optimism In The Economy Drops For Small Business Owners, According To The Open From American Express® Small Business Monitor
Economic Issues Most Influential in Upcoming Presidential Election
More than one third of small business owners report plans to hire full or part/time staff over the next six months, but optimism is at the lowest point in the six-year history of the OPEN from American Express ® Small Business Monitor, a semi-annual survey of business owners.
Despite an uncertain economy, seven in 10 business owners plan to grow their business over the next six months. Half of all entrepreneurs are willing to take a financial risk to do so.
Business owners find themselves challenged in a number of ways in the current uncertain economic environment. Cash flow concerns including growing accounts receivable and the rising costs of doing business, especially rising energy costs, are impacting the bottom line.
The economy is cited by four in 10 small business owners (44%) as the issue that will most sway their decision on the next President of the United States, followed at a distance by homeland security (cited by 16%).
“Like most Americans, SBOs are concerned about the uncertain economy, ”said Susan Sobbott, president OPEN from American Express. “However, true to their resilient, entrepreneurial spirit, they tell us that they remain focused on opportunities for the future and growing their business.”
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