According to a new report from American Express, entrepreneurs in New York state are more optimistic about the economy. The American Express OPEN Small Business Monitor reports that 59% of small business owners in New York have a positive view of the economy, while 54% of them are optimistic about the economy over the next year. About 84% of people also feel that the rewards of being an entrepreneur outweigh the risks.
Small-business owners are divided into four levels by the report, based on success. There are high achievers, strivers, sustainers, and then strugglers. Virtually every high achiever plans to grow his or her business, while only 78% of strivers, 71% of sustainers, and just 57% of strugglers plan to.
The report suggests that the optimism comes in part as a result of using online marketing strategies to target high-value prospects. About 78% of high achievers use social media as a business tool, while Econsultancy also reports that 62% of companies have boosted their sales with website customization.
Though the report definitely offers good news, it may still be too soon to wear the rose-colored glasses. Less than half of the surveyed business owners across New York State have hiring plans in place, and just 46% offer their employees health care benefits. Things are even worse, nationally speaking. Only 37% of have hiring plans.
Just over half of respondents (53%) from New York said that economy stresses them out, and 52% also said that they have cash flow problems.
Even though the vast majority of entrepreneurs in New York are optimistic — 80% of them say they see the glass as being half-full — there’s still reason to be hesitant. Using online marketing tactics, however, can give businesses hope about the economy’s future and that of their own companies, it seems.
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