Survey: More Mass. Small Businesses Plan To Hire
Nearly half of small-business owners in Massachusetts plan to add jobs within the next six months, up by nearly double over last fall, according to a semi-annual survey conducted by American Express.
The survey, the American Express OPEN Small Business Monitor, was conducted last month. It found that 48 percent of small-business owners in the Bay State plan to hire. That’s up from 26 percent in the spring and 27 percent in the fall of 2012. The finding is better than the 35 percent of small-business owners nationwide that have similar hiring plans.
Also, most small-business owners in the Bay State - 56 percent - have a positive view of the economy. But that marked a drop from 77 percent in the spring and 66 percent last fall. But on a more positive note, 50 percent say the economy is recovering based on business performance during the summer. Nationwide, that number was 36 percent. Some 33 percent said the economy is stagnant while the remaining 17 percent said it’s still in recession.
In other findings from the survey, 34 percent said revenues are less than what they were in the same period last year. But over the last three years Massachusetts entrepreneurs experienced an average of 14 percent revenue growth compared to 9 percent growth experienced by business owners in the Northeast and 10 percent nationwide. Over the next six months, slightly more than half - 51 percent - are confident that their revenues will increase.
In other findings from the survey among Massachusetts respondents:
- Much fewer (70 percent, down significantly from 89 percent in spring and on par with 74 percent last fall) plan to grow their businesses over the next six months.
- Nearly six in 10 use social media for their business (59 percent, up from 47 percent in spring).
- Fifty-six percent report having cash flow issues (on par with 53 percent in spring but down from 61 percent last fall).
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