RETAILOBSERVER.COM MARCH 2016
88
A
ccording to data from the most recent American Express
OPEN Small Business Growth Pulse, 89% of small
businesses indicate they invest a significant amount of
their personal time in an effort to grow their business. Also in line
with these findings, six in ten (60%) small business owners say
they spend a larger percentage of time working ON their business
to drive growth rather than IN their business managing details.
"As 2016 unfolds, small business owners are working harder
than ever to position their businesses for growth," remarked
Janey Whiteside, SVP & GM Customer Marketing & Relationship
Management, American Express OPEN.
Many small business owners are not only giving their time,
but are also contributing their personal finances to boost
their business. More than two-thirds (68 %) report that they
invest a substantial portion of their personal savings to help
their businesses grow. Within this finding, there is also a
difference between male and female business owners. Male
business owners (72%) are more likely than their female
counterparts (62%) to be investing personal funds in order to
grow their business. Business owners in the manufacturing
industry are also more likely to invest a substantial portion
of their personal savings in an effort to grow their business
(89 % for manufacturing vs. 73% for retail and 60 % for the
services industry).
B U S I N E S S [ N E W S ]
ACCORDING TO AMERICAN
EXPRESS OPEN RESEARCH
SMALL BUSINESS OWNERS
INVESTING SIGNIFICANT
PERSONAL TIM E AND SAVINGS
TO GROW THEIR BUSINESSES
OWNERS ARE INVESTING SIGNIFICANT PERSONAL TIME AND
SAVINGS INTO THEIR BUSINESS GROWTH. WHILE MANY OWNERS
ARE PLANNING CAPITAL AND TALENT INVESTMENTS, CONCERNS
ABOUT THE ECONOMY REMAIN HIGH. SEVENTY-NINE PERCENT
OF SMALL BUSINESS OWNERS CONTINUE TO MAKE GROWING
THEIR BUSINESS A TOP PRIORITY, BUT MANY ARE MAKING
PERSONAL SACRIFICES IN THE PROCESS.
