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Small Business Ready to Grow, Needs Cash

Small business owners are shifting their focus from survival to growth for the first time since 2006, according to the 2011 American Express OPEN Spring Small Business Monitor released yesterday (April 14).

Business owners are expecting to hire this year and make investments in capital improvements . First, however, they have to figure out where they’re going to get the money.

The key findings of the survey include:

  • 35 percent of small business owners have plans to hire, up nine percentage points from last fall and the highest level since the fall 2008 survey;
  • 44 percent plan to make capital investments, up from 38 percent last fall;
  • 37 percent expect to grow this year and 56 percent are willing to take a financial risk to do so;
  • 44 percent use social media to promote their business to new customers, up from 39 percent six months ago;
  • 66 percent report cash flow concerns, up from 60 percent last spring and 53 percent last fall.