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Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Small Business Owners Taking “Wait And See” Approach To Growth, According To Latest American Express OPEN Small Business Monitor

Stocks in this article: AXP

High achievers represent six percent of the total survey sample, and on average, have spent twenty-six years in business, employ eighteen people in their firms and have attained business growth of thirty-four percent over the last three years (versus 10% growth for the total survey population). A comparison between the high achievers and the total survey group uncovers a host of key differentiators:

  • They take more risks: More than two-thirds have increased their appetite for risk compared to one year ago (67%, versus 35% of the total population)
  • They don’t just plan for growth, they make it a priority: A majority of high achievers say they are planning to grow their businesses over the next six months (93%, versus 69% of the total survey group) and more than half (51%) have growth as their top priority (versus 31% of the total survey group)
  • They invest in their business: More than three-quarters (78%) are planning to make capital investments (versus 49% of the total survey group)
  • They provide incentives to customers to get repeat business:
    • Eighty-four percent are placing heightened focus on better servicing customers to set their business apart from competitors (versus 78% overall)
    • Forty percent offer loyalty rewards (versus 22% overall)
    • Forty-one percent offer differentiated products or services (versus 23% overall)
  • They leverage social media: Seven-in-ten use social media (70% versus 49% overall)
    • More than three quarters (79%) use social media to attract new customers (versus 57% overall)

The Success Index was developed based on self-reported responses to questions regarding business growth and characteristics correlated with high-performing entrepreneurs. Based on a 100-point scale, four distinct levels emerged: “Strugglers” (scoring between 0-40 points), “Sustainers” (scoring between 41-60 points), “Strivers” (scoring between 61-80 points) and “High achievers”, who scored highest on the Index (between 81-100 points).

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