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American Express Says Small Businesses Optimistic About Prospects

[Thursday, March 9th, 2017]

A new survey from American Express shows that small businesses in the United States are feeling optimistic about the future, and confident that they will grow and perform well over the next year.

The first-ever American Express Global SME Pulse report asked senior executives and decision makers from small businesses how they felt about the economy, their business prospects, and their future profits. Nearly six in ten said their overall feeling is a positive one, with more than two-thirds of respondents saying they expect to see “significant revenue growth” over the next 12 months.

Economic uncertainty was the biggest concern for most of the respondents, with 47% saying is was the greatest external threat to their business. Thirty-one percent said political uncertainty was the thorn in their company’s side, while 24% named changes to domestic policies, laws, or regulations as a threat to their business prospects.

Strategies for growth and financing

In order to encourage growth and innovation, executives said they would focus on pushing staff to contribute new ideas, incorporating customer feedback into their research and development process, take on challenges and risks head-on, hire talented and innovative staff, create taskforces for innovation, invest in research and development, and give staff members more time to brainstorm.

Accessing financing is a challenge for many small businesses that aim to grow over the next year; one way they can do that is to use a small businesses credit card that allows them to have greater spending power. Small business credit cards often come with perks like year-end reporting tools, low fees and zero percent APR offers, travel rewards, cash back, and the option of adding employees to the account so everyone can have their own company credit card.

Separating out personal finances from business finances is a smart move for small business owners, and having a business credit card is one easy way to do that. Business credit cards also allow entrepreneurs to track their spending, collect rewards, and establish a business credit rating that can help them down the road, as their business grows.

American Express offers many different business credit cards for small businesses, addressing a variety of needs and offering rewards for membership.

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