Small businesses are resilient – if they can fade challenges in the status quo, the link won’t break them

While it seems increasingly unlikely the U.S. economy is headed for recession, small businesses still face headwinds like higher costs and difficulty retaining qualified workers.

But owners say they’re optimistic as 2024 gets underway, according to a new survey from American Express.

Eighty-five percent of all small businesses surveyed said they were satisfied with the success of their business, and 86% said they achieved their 2023 business goals. In August 2023, by contrast, 80% of all small businesses surveyed said their long-term financial confidence was being negatively impacted by the economy.

“Even in uncertain economic conditions, small businesses continue to demonstrate resiliency and dedication,” said Gina Taylor Cotter, executive vice president and general manager of American Express’ small business products & Business Blueprint. “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.”