Small business owners are optimistic for growth in 2024
While it seems increasingly unlikely the U.S. economy is headed for recession, small businesses still face headwinds like higher costs and difficulty retaining qualified workers
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.While it seems increasingly unlikely the U.S. economy is headed for recession, small businesses still face headwinds like higher costs and difficulty retaining qualified workers.
But owners say they're optimistic as 2024 gets underway, according to a new survey from American Express.
Eighty-five percent of all small businesses surveyed said they were satisfied with the success of their business, and 86% said they achieved their 2023 business goals. In August 2023, by contrast, 80% of all small businesses surveyed said their long-term financial confidence was being negatively impacted by the economy.
“Even in uncertain economic conditions, small businesses continue to demonstrate resiliency and dedication,” said Gina Taylor, executive vice president and general manager of American Express' small business products & Business Blueprint. “Our latest data shows small businesses see a positive 2024 ahead and they’re taking steps, including hiring, and implementing new tools, in order to stay proactive and competitive.”
Fifty percent of small businesses surveyed have plans to grow or expand their business in 2024. But only 28% said they plan on hiring more employees, as hiring and retention remains a sticking point for many small businesses, because larger businesses can generally offer higher salaries and more perks than smaller ones.
To help keep quality staffers, 57% of all respondents said that providing flexible work options was their top way to attract and retain employees in 2024.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.