Current:Home > MySmall business owners are optimistic for growth in 2024-LoTradeCoin
Small business owners are optimistic for growth in 2024
View Date:2024-12-24 00:18:05
NEW YORK (AP) — 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.
veryGood! (4619)
Related
- J.Crew Outlet Quietly Drops Their Black Friday Deals - Save Up to 70% off Everything, Styles Start at $12
- Pittsburgh Penguins' Mike Sullivan to coach U.S. Olympic men's hockey team in 2026
- Ship that caused deadly Baltimore bridge collapse to be refloated and moved
- Disneyland's character performers vote to unionize
- Asian sesame salad sold in Wegmans supermarkets recalled over egg allergy warning
- 'I Saw the TV Glow' director breaks down that emotional ending, teases potential sequel
- Israeli War Cabinet member says he'll quit government June 8 unless new war plan is adopted
- These California college students live in RVs to afford the rising costs of education
- OneTaste Founder Nicole Daedone Speaks Out on Sex Cult Allegations Against Orgasmic Meditation Company
- Surprise! Taylor Swift gifts fans a '1989' mashup at Saturday's Stockholm Eras Tour show
Ranking
- Stop What You're Doing—Moo Deng Just Dropped Her First Single
- One Tree Hill Cast Officially Reunites for Charity Basketball Game
- Max Verstappen holds off Lando Norris to win Emilia Romagna Grand Prix and extend F1 lead
- Surprise! Taylor Swift gifts fans a '1989' mashup at Saturday's Stockholm Eras Tour show
- Jennifer Garner and Boyfriend John Miller Are All Smiles In Rare Public Outing
- Target Drops New Collection With Content Creator Jeneé Naylor Full of Summer Styles & More Cute Finds
- 3 killed, 3 wounded in early-morning shooting in Columbus, Ohio
- Seize the Grey crosses finish line first at Preakness Stakes, ending Mystik Dan's run for Triple Crown
Recommendation
-
Apologetic rapper Tekashi 6ix9ine gets 45 days in prison for probation violations
-
The Best Beach Towels on Amazon That’re Quick-Drying and Perfect To Soak up Some Vitamin Sea On
-
Mavericks advance with Game 6 win, but Thunder have promising future
-
The sequel has been much better for Luka Doncic and Kyrie Irving as Mavs head to West finals
-
Wicked's Ethan Slater Shares How Ariana Grande and Cynthia Erivo Set the Tone on Set
-
Many remember solid economy under Trump, but his record also full of tax cut hype, debt and disease
-
How compassion, not just free tuition, helped one Ohio student achieve his college dreams
-
Joey Logano dominates NASCAR All-Star Race while Ricky Stenhouse Jr. fights Kyle Busch