Small Business Owners Support Other Small Businesses - Other News

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Credit Card Applications » News » Other » Small Business Owners Support Other Small Businesses

Small Business Owners Support Other Small Businesses

Small Business Owners Support Other Small Businesses
May
6
The content is accurate at the time of publication and is subject to change.

When it comes to fellow small business owners, entrepreneurs are putting their money where their mouths are, according to a new study from American Express. It shows that 96% of small businesses are committed to supporting their local communities in a variety of ways.

Most of them (83%) shop at other small stores in their neighborhood rather than big box retailers.When asked whether they donate to local causes, 70% of small business owners said they do. Half of them (49%) participate in community projects as well.

People make the difference

The American Express OPEN Small Business Monitor also asked about staff. While only 31% plan to hire in the next six months, many business owners valued employees indicating they are the lifeblood of their small businesses.

Nearly 30% of business owners agreed with the statement: “You are only as good as your people.”Among those, nearly three-quarter (72%) said that their workers’ productivity has increased over the last year and 42% planned to reward those efforts with raises this year.

Glass half-empty vs. glass half-full

Cash flow is a concern for many entrepreneurs, with 59% saying they are worried about their operating budget. Last fall only 53% said they were anxious about cash flow.

Just over half of small business owners have a rosy view of the future. Fifty-four percent said they were optimistic about their business prospects, but only 50% plan to up their capital investments in the next six months.

Still, most small business owners report a high level of satisfaction with their career paths. Ninety-two percent say they are “happy with their lives,” and 76% attribute that happiness to branching out to start their own businesses.

Many of them would encourage friends or family to consider striking out on their own with two-thirds saying they recommend being an entrepreneur. That represents a big shift in sentiment over the last few years. In the fall of 2009, only 55% said they thought being an entrepreneur was a path worthy of recommendation.

AmEx OPEN Small Business Monitor

The American Express OPEN Small Business Monitor is drawn from a sample of 933 small business owners and managers with fewer than 100 employees. This survey was conducted from February 22 through March 12, 2013. The results are released twice a year.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
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