US small business owners highlight pricing as top concern: Report

16 May '24

2 min read

US small business owners highlight pricing as top concern: Report

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Insights

Pricing and price hikes (44 per cent) and cash flow forecasting (35 per cent) are the main concerns for US small business owners.
Despite these challenges, 95 per cent are happy with starting their company.
Technology is crucial for Millennial and Gen-Z owners, with 33 per cent citing it as key, compared to 18 per cent of Gen-Xers and Boomers.

Pricing and price hikes (44 per cent) and cash flow forecasting (35 per cent) are the top concerns among US small business owners, according to the third edition of the Amex Trendex: Small Business report by American Express. This finding is consistent with previous Amex Trendex reports over the past year. Additionally, nearly 7-in-10 (68 per cent) small business owners wish they had more time to focus on their product or service rather than managing their business finances. Despite these challenges, 95 per cent of surveyed owners are happy with their decision to start their own company.

The report underscores that small business owners are driven by their long-term ambitions. Six-in-ten respondents (60 per cent) expect their business to operate for more than five years. Longevity emerged as the primary long-term goal for 49 per cent of respondents, followed by becoming an established industry leader (32 per cent) and expanding their employee base (24 per cent).

Technology plays a crucial role for Millennial and Gen-Z small business owners, who rely heavily on it to run their businesses. One-third (33 per cent) of Millennials and Gen-Zers cited technology solutions as a key factor in navigating the past few years, compared to 18 per cent of Gen-Xers and Boomers, as per the report.

Fibre2Fashion News Desk (DP)

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