According to OPEN from American Express Small Business Monitor, a semi-annual survey of business owners published this week, growth remains a top priority for entrepreneurs while hiring plans are at their second lowest point in the seven-year history of this survey.
More than one-third (37%) of small business owners said that their top priority for the next six months is growing their business as compared to similar results last year at this time with 35% saying the same. To accomplish this growth 57% of small business owners are willing to take on "risk" in order to ensure that this growth happens.
Capital investments remain a key vehicle for accelerating small business growth, with 59% of small business owners intending to make capital investments versus 56% last fall. Technology is the top area for capital investments, with 45% of small business owners intending to invest here. 53% vs. 47% last year intend to invest in mid-priced technologies such as desktops, laptops, printers; 19% intend on more significant investments such as software, servers or telephone systems. Capital investments outside of technology include 21% planning to invest in office equipment, 15% in real estate, 14% in manufacturing/production equipment, and 13% in office furnishings.
Marketing investments represent another pathway for small business growth, especially in the area of online marketing with websites being the most utilized marketing technique (55%) currently. 69% of small business owners are confident that their marketing dollars are well invested and 46% see a direct sales impact from their marketing investments.
From a hiring perspective, 31% of small business owners report intending to hire full or part-time staff, down from 34% in fall 2006, 37% in fall 2005, 35% in fall 2004, 34% in fall 2003, and 26% in fall 2002. In the group that said they plan to hire, 75% said hiring was based on being able to effectively manage their growing business and 65% will hire to help increase business volume.
Shivonne Byrne, Innuity CMO
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Posted by: gowri | October 09, 2007 at 01:33 AM