American Express Announces First Release Small Business Financial Reliability Report It highlights survey data from 550 US small businesses ranging from fewer than 10 to 500 employees. American Express says its ongoing report will examine how economic obstacles and market trends affect the financial decisions and confidence of small business owners.
“Our new survey reveals that about half of the small business owners surveyed feel confident when making financial growth decisions, suggesting that there is considerable room for improvement. said Anna Mars, group president of global commercial services and credit and fraud risk at American Airlines. Express.
“By tracking the financial confidence levels of small business owners, this report provides insights into the trends behind the key money-making decisions they should make, how the macro environment influences those decisions, It helps us uncover what might have an impact and what can help improve the confidence of small business owners.”
SMEs express high confidence in financial decisions
Headlining the data collected in the report, 54% of small business owners surveyed say they are very confident in their ability to make decisions about the healthy growth of their business. By business size, only 29% of the smallest SMEs say they are very confident in their ability to make healthy growth decisions, compared to 29% of the largest SMEs. 64%, highlighting a significant trust gap across business sizes.
Small businesses interested in AI
When making business decisions, US small businesses surveyed said they would save time (39%), improve data security (21%), and provide more efficient customer service internally ( 20%) are focused on artificial intelligence (AI) tools. .
Of all SMEs surveyed, 41% said they are currently prioritizing artificial intelligence to support operational decision making. American Express notes that 16% of small businesses surveyed with the fewest employees say they see the benefits of AI. In the largest SMEs (75%), the percentage he more than quadruples. Customer service (19%) and marketing (14%) are reported as the top use cases for these small businesses using AI. Looking at the generational mix, Gen Z and millennial small businesses (56%) prioritize AI regardless of business size, ahead of older generations (24%).
Additional Facts from the Investigation
The report also found that more than half (51%) of SMEs surveyed are currently hiring, with the largest SMEs (89%) hiring more than the smallest SMEs (20%). We also found that it is much more likely that Seventy percent of these small businesses are hiring for financial growth, new role creation, or general need.
American Express highlights work insecurity among Gen Z and millennial small businesses surveyed, with 27% citing employment and hiring as one of their top concerns this year. are doing.
The report also found that 32% of small business owners who participated in the American Express survey would like more guidance on cash flow, and 31% would like more guidance on managing expenses. rice field. The financial giant says uncertainty over cash flow is affecting survey participants’ pursuit of growth opportunities. Data shows that 41% of small businesses surveyed “frequently” or “always” turn down potential opportunities due to lack of cash flow confidence.
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