Half of small-business owners in New York have a positive outlook on the economy and business prospects and the majority plan to grow their business, a new survey from American Express shows.
The Fall Small Business Monitor shows 83 percent of small-business owners statewide expect to grow their business, up from 71 percent in the spring, and 35 percent plan to hire in the next six months. Some 37 percent expect higher sales over the next six months compared with last year.
Some 39 percent of small-business owners in New York said they believe the economy is recovering and 86 percent said they see the glass as “half-full.” Some 42 percent said they have cash flow issues, compared with 76 percent in the spring.
But despite the positive outlook, some 71 percent of business owners said they are stressed out over the economy.
Some 46 percent of New York small-business owners said increased customer demand will help them grow their business, while 31 percent said tax cuts would help them grow.
The Small Business Monitor is released in the spring and fall and is based on surveys from more than 800 small-business owners nationwide. American Express defines small businesses as those with fewer than 100 employees.
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