NEW YORK – Small businesses are confident enough in the future to plan for future growth. According to the inaugural American Express OPEN Small Business Growth Pulse survey, 93 percent of businesses are confident they can access the capital they need to grow and 65 percent have created a formal plan for growing their business.
While 72 percent of those surveyed said they are prioritizing growth, 49 percent said that generating ideas for growth “keeps them up at night,” and 36 percent had serious concerns about cash flow.
The prevailing view is that slow growth is best with 63 percent agreeing that the phrase “slow and steady wins the race” reflects their growth view. Twenty-five percent of businesses are taking a more aggressive approach with a “take the bull by the horns” attitude toward their business’ future.
Nearly half, 48 percent, of business owners have seen their business grow significantly since inception. Forty-one percent say that growth was planned while 27 percent say the growth was organic or spontaneous.
When looking at how to grow, 33 percent cite expansion into new markets and another 33 percent cite diversifying products and services as their largest growth opportunities.
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