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Survey Says... Growth!

Posted by Chris Schumacher | Thu, Apr 21, 2011 @ 11:06 AM

Growth Business owners are capitalizing on growth opportunities, looking to hire and planning to make necessary capital investments according to the American Express OPEN Small Business Monitor, a semi-annual survey of business owners. Results of the Spring 2011 survey indicated a trend toward recovery for the first time since 2006. Finally, some good news!

Here's a look at what this survey found:

  • One-third (35%) of businesses plan to hire full and/or part-time staff, up nine percentage points from last fall.
  • Four-in-ten (44%) business owners plan to make capital investments, and are most eager to spend on technology.
  • One-in-five (22%) plan to introduce new products and services in order to grow.
  • Nearly all (95%) believe that innovating and thinking about new ideas are a part of their core job as a business owner.
  • An increasing number (44%) of entrepreneurs use social media tools to promote their business to new customers.
  • Nearly half (49%) of business owners have a positive outlook on business prospects. Of these, more than three in ten business owners (31%) expect their business to grow, regardless of the economic climate.
  • Uncertainty about the economy still presents a challenge though, and 66% of respondents are concerned about cash flow.

So what do these numbers mean to retail businesses and payment providers? Positive forecasts often translate into opportunities for our industries. More hiring means more spending as people re-enter the workplace. A desire to make capital investments, especially in technology, opens the door to software and hardware providers. Payment providers, including collection companies and check service providers, should note that concerns about cash flow are at an all-time high. Providing debt management systems and check guarantee services can keep cash flow, well ... flowing, and can help retain loyal customers.

Investing in technology, introducing new products, promoting to new customers? Keep the momentum going and use these opportunities to grow your own business.

The American Express OPEN Small Business Monitor is released each spring and fall.

Topics: Small Business, Chris Schumacher

Written by Chris Schumacher