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 Measuring Small Business Plans for the Coming Six Months If you are a small business owner or in the market for a new job, you will be interested in the results of a recent survey by OPEN: The Small Business Network. One of the key findings of the survey from American Express was that more than two-thirds of the small businesses responding foresee expansion opportunities for their firms in the next six months. Small Business Owners Anticipate Adding Workers Despite the challenges posed by the uncertain economy, many of the companies that anticipate growth also appear to be staffing up for it. Overall, 26 percent of small businesses say they plan to add workers during the next six months. More than half of companies with hiring plans say they are adding workers to help drive business volume increases. Others are hiring in order to staff new business ventures and because they have finally found the right candidate for a job they have been trying to fill for some time. Hiring plans vary by region, with businesses in the West, North Central and the South more likely to add staff at a higher rate than small businesses in the Northeast. In addition, larger small businesses were nearly three times more likely than smaller ones to have hiring plans. “Many small business owners see their employees as critical to helping drive business growth,” said Kerry Hatch, executive vice president and general manager, OPEN: The Small Business Network from American Express, a division of the financial services company that offers small business owners a wide range of tools, services and savings designed to meet their evolving needs. OPEN: The Small Business Network Semi-Annual Monitor quantifies attitudes and plans of a nationally representative sample of 766 small business owners/managers of companies with fewer than 100 employees. It was conducted from September 16-October 3, 2002. Click here for detailed survey results broken down according to region, ethnic and women small business owners, small business trends by region, and retailers. Expectations for Growth Drive Capital Investments The small businesses that reported an anticipated growth in the next six months also appear to be driving an increase in planned capital investments. Overall, 56 percent of small businesses say they plan to make capital investments in the next six months, up from 49 percent reported last March. Overall, business growth was the top priority among small business owners and cash flow was the second most important business priority. According to the survey, about three-quarters of small businesses use a credit or charge card for various business expenses, up slightly from survey results in March 2002. Nearly half use charge or credit cards for travel expenses and 38 percent use them for entertainment expenses. Many small companies continue using “plastic” in non-traditional spending categories, including purchases from wholesalers; office supplies; and computer equipment. In addition, 16 percent purchase business or professional services on their cards. December 5, 2002
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