Amex Trendex Reveals Promising 2024 Outlook for Small Businesses
Despite the current economic landscape, small business leaders say they’re optimistic about meeting financial goals in 2024. According to data from American Express’ second iteration of its Amex Trendex: Small Business Edition, 86 percent of small businesses achieved business goals set in 2023 and half have reported plans to expand in 2024.
American Express’ survey collected data from 557 small business financial decision-makers in the U.S. in November 2023. The respondents represented a range of companies including 257 businesses with 10 employees or less, 200 businesses with 11 to 100 employees and 100 businesses with 101 to 500 employees.
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“Even in uncertain economic conditions, small businesses continue to demonstrate resiliency and dedication,” said Gina Taylor Cotter, executive vice president and general manager of small business products and business blueprint at American Express. “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.”
Key findings from the survey include the satisfaction that small business leaders are finding in success (85 percent). The authors of the report said the 86 percent success rate of meeting 2023 financial goals is especially impressive given previous survey data from August 2023, which found 80 percent of small businesses feeling low confidence due to the economy.
In 2024, respondents told the company they have “ambitious growth plans to expand their businesses.” Much of this growth, they said, will prioritize customer bases and workforce. Just over 45 percent of respondents said they are excited about gaining new customers and 32 percent are excited to enhance their customer retention.
When asked about workforce and hiring needs, 28 percent of small businesses said they aim to hire more employees. To meet these goals 57 percent also cited “providing flexible work options to employees” as the number-one way to attract and retain employees this year.
In terms of technology investments to help with growth goals, artificial intelligence continues to be embraced with 33 percent of respondents citing AI as one of the areas they are most excited about in 2024, followed by social media (28 percent), standing out among competitors (27 percent) and product development (25 percent).
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