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American Small Business Owners Continue to Hire and Plan Strategic Growth in the U.S. Market
added: 2011-09-27

Three-fourths (75 percent) of small businesses say they are adding positions despite the economy, up slightly from last year (72 percent), according to the Ink from Chase survey of CEOs of fastest growing U.S. small businesses. Demonstrating continued optimism toward reviving the U.S. economy, 67 percent of small businesses plan to expand into new U.S. markets as a key growth strategy. The data was released by Ink from Chase, the business card portfolio from Chase Card Services, a division of JPMorgan Chase & Co.

This is the third consecutive year that Ink from Chase surveyed CEOs and senior executives on the prominent Inc. 500|5000 list of fastest growing U.S. small businesses about their outlook on the economy, employment, general growth, and productivity tools, including mobile applications and online tools and social media channels.

Specific findings from this year’s survey revealed that:

Small business owners plan to hire employees and invest in talent, despite the economy

- Seventy-five percent say they are adding positions despite the economy (up from 72 percent in 2010 and from 49 percent in 2009)

- Fourteen percent are hiring to upgrade talent

There is room for profit growth as small business owners plan U.S.-based growth strategy

- Sixty-seven percent are planning to expand into new U.S. markets

- Fifty-nine percent are planning to produce more revenue from existing customers

- For fiscal year 2011 – 33 percent say their firms will exceed both revenue and profit goals, while 30 percent expect that they will meet their revenue/profit goals.

- When asked “Three to six months from now – how do you think your business will be doing?” – the response was:

Fifty-one percent responded ‘Slightly better’

Twenty-three percent responded ‘Much better’

Twenty-one percent responded ‘About the same’

“We are inspired by the optimism shown by small business owners and their plans to grow, upgrade talent and hire, despite the current economic environment,” said Richard Quigley, president of Ink from Chase. “Ink from Chase will continue to focus on the fundamental financial needs of small business owners and providing them with the solutions they need to succeed.”

Inc. magazine President Bob LaPointe said, “Small to mid-sized growth companies continue to demonstrate remarkable resilience in spite of economic uncertainty. Their rock solid track record of growth underscores the importance these businesses have on net new job generation and contribution to our economy."

Source: Business Wire

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