Small Businesses Plan to Expand in 2024 Says American Express

March 4, 2024

Delaney Sexton
Contributing Editor

Small Businesses Plan to Expand in 2024 Says American Express

“Even in uncertain economic conditions, small businesses continue to demonstrate resiliency and dedication,” says Gina Taylor Cotter, EVP & GM, Small Business Products & Business Blueprint at American Express. “Our latest data shows small businesses see a positive 2024 ahead and they’re taking steps, including hiring, and implementing new tools, in order to stay proactive and competitive.”

A recent small business edition of American Express’s Trendex survey found that small businesses are optimistic for 2024. Here is what the survey says:

Half of small businesses plan to grow or expand their business this year according to the American Express survey. With expansion in mind, small businesses will be searching for financing. If interest rates are cut this year, demand for small business loans should increase.

Another trend in the small business survey was hiring goals. More than a quarter of the respondents are aiming to hire more employees this year. This was more commonly reported (46%) by small businesses with 101 to 500 employees.

Small businesses are staying positive with 85% saying they are satisfied with the success of their business. A majority of small business owners also said they managed to achieve their 2023 business goals.

American Express Trendex