News Markets Media

USA | Europe | Asia | World| Stocks | Commodities

Home News USA Chase Survey of Fastest-Growing Small Business Owners Shows Majority Are Optimistic and Still Adding Positions


Chase Survey of Fastest-Growing Small Business Owners Shows Majority Are Optimistic and Still Adding Positions
added: 2010-10-01

Nearly three-fourths (72 percent) of small businesses say they plan to add positions despite the current economic situation, up 23 percent from last year. Optimism and growth were key themes in the survey released by Ink from Chase, the business card portfolio from Chase Card Services, a division of JPMorgan Chase & Co.

This is the second 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 critical issues to their business, such as access to capital and cash flow management.

Specific findings from this year’s survey revealed that:

Small business owners are optimistic about their business and growth

- 72 percent (up from 49 percent last year) said they are still planning to add positions despite the economy

- More than nine out of ten (94 percent) believe businesses like theirs are “important” in leading the U.S. out of the current recession
More than three-fourths (76 percent) predict their business will be even better in three to six months

- 75 percent said their firms are in either an aggressive (35 percent) or moderate (40 percent) growth phase

- When asked what piece of advice they would offer to a new small business owner, these executives had positive responses, like, “the time is perfect to start a new business,” “do something you are passionate about, and “stay positive and be open to new ways of doing business.”

Compared to last year, revenue is growing and financial needs are easier to meet

- 64 percent said their firms will either exceed or meet both revenue and profit goals for fiscal 2010, while only 37 percent of last year’s respondents said the same for 2009

- More than half (56 percent) said they found their financial and purchasing needs were easier to meet during the past six months, compared to only 39 percent last year

“This year’s survey results are incredibly positive and solidify the optimism among some of the country’s most important small businesses – many of which are likely to be integral in leading us out of the recession,” said Richard Quigley, president of Ink from Chase at Chase Card Services. “In the last year since the launch of Ink from Chase, we are continuing to focus on the fundamental financial needs of small business owners and providing them with the solutions they need to grow and thrive.”

Inc. magazine President, Bob LaPointe, said, “As influential leaders who have a close pulse on their own industry as well as the overall economy, their responses speak volumes about the optimism and growth among innovative, growing businesses right now. We should all view this as a positive step in the right direction.”


Source: Business Wire

Privacy policy . Copyright . Contact .