[ad_1]
Despite the current economic climate, small business leaders say they are optimistic about reaching their 2024 financial goals. According to data from American Express’ 2nd Annual Amex Trendex: Small Business Edition, 86 percent of small businesses achieved the business goals they set for 2023. And half report plans to expand in 2024.
The American Express study collected data from 557 financial decision makers at small and medium-sized businesses in the United States in November 2023. Respondents represented a wide range of companies, including 257 companies with 10 or fewer employees, 200 companies with 11 to 100 employees, and 100 companies with 101 to 100 employees. The number of employees is 500.
“Even in uncertain economic times, small businesses continue to demonstrate resilience and dedication,” said Gina Taylor, executive vice president and general manager of small business products and business blueprints at American Express. says. “Our latest data shows that small businesses are looking ahead to 2024 and are taking steps such as hiring and adopting new tools to stay proactive and competitive.”
Key findings from the survey include that small business leaders are satisfied with their success (85%); The report’s authors say the success rate of achieving financial goals in 2023 is 86%, given previous survey data from August 2023 that found 80% of small businesses feel low confidence due to the economy. % was particularly impressive.
In 2024, respondents said the company has “ambitious growth plans to expand its business.” Much of this growth will prioritize its customer base and workforce, they said. Just over 45 percent of respondents said they were excited about acquiring new customers, and 32 percent said they were excited about increasing customer retention.
When asked about workforce and employment needs, 28% of small businesses said they were looking to hire more employees. To achieve these goals, 57% cite “offering employees flexible work options” as the most important way to attract and retain employees this year.
When it comes to technology investments to achieve growth goals, artificial intelligence continues to gain acceptance, with 33% of respondents citing AI as one of the areas they are most looking forward to in 2024, followed by social media (28%). %), making it stand out among its competitors. (27%) and product development (25%).
Click here for more WWD Business News:
Is there a chance that consumers’ splurge habits will return?
Retail workers are mentally resilient but make less use of employer mental health services: study
Etsy gift research reveals American gift-giving psychology
[ad_2]
Source link
