American Express: Press Center

U.S. Small and Medium Enterprises Optimistic About Business Prospects in 2017 and Beyond, According to New Global Research from American Express

Thu, 16 Feb 2017 00:00:00 -0500

Small and medium-sized enterprises (SMEs) in the U.S. and worldwide are optimistic about the economy and confident about their future business performance, according to the inaugural American Express Global SME Pulse.

The new survey of senior executives and decision makers from SMEs across 15 countries reveals these businesses in the U.S. are even more optimistic about the global economy than their foreign counterparts. More than half of U.S. executives (54%, vs. 39% overall) are positive about the global economic outlook over the next 12 months. When asked to consider the local economic environment, they are even more upbeat, as nearly six in ten are positive (59% vs. 45% overall).

Executives are also confident in their ability to deliver increased revenues and profitability. More than two thirds of the U.S. SMEs surveyed (69%, vs. 58% overall) expect significant revenue growth of at least 4 percent over the next 12 months. Forty two percent anticipate revenue growth of at least 8 percent over the same period, double that of SMEs worldwide (21%). In terms of profitability, U.S. SMEs are also upbeat, with thirty five percent forecasting a net profit of at least 8 percent per annum over the next three years. U.S. SMEs say their most important strategy to grow domestic revenue is more effective marketing and sales to domestic customers (48%), followed closely by understanding changing customer demands (46%).

“Small and medium-sized enterprises have put strategies in place to grow product and service innovations, quickly respond to changing business demands and develop and retain skills and talent to help them thrive,” said Brendan Walsh, Executive Vice President, Global Commercial Payments, American Express. “They are confident about and invested in the future of their businesses.”

While SMEs are optimistic about the economy and their own business, they also recognize areas for concern. Nearly half (47%) rank economic uncertainty as the greatest external threat to their business. SMEs also identify political uncertainty (31%) and changes to domestic policies, laws or regulations as a key threat (24%).

SMEs take on new strategies to enhance innovation
U.S. SMEs also find themselves addressing challenges that will have a longer term impact on their businesses. Nearly three quarters (73%) identify developing and implementing innovations as the challenge they will work hardest to address over the next three years. To improve innovation, companies identify different approaches they are currently taking or will use in the future, including:

Encouraging all staff to contribute ideas (68%)
Incorporating customer feedback into the research and development process (67%)
Encouraging an innovative culture by accepting challenge and risk (66%)
Employing talented innovators (65%)
Creating innovation taskforces within the organization (62%)
Allocating staff time for idea generation (62%)
Investing more in R&D (62%)

SMEs are focusing on expansion and sales growth
Despite uncertainty, SMEs are focusing on growth and expansion strategies to improve their financial performance. More than one third of U.S. SMEs say growing their share within existing markets and expansion into new domestic markets will most contribute to their businesses’ financial performance over the next three years (each, 36%). Fewer believe expanding into new international markets will be a contributor to financial performance (27%).

As they look to expand, many SMEs encounter difficulty when trying to access the financing required for growth. Six in ten businesses (60%) say they face difficulty accessing the financing they need to grow their business. More than three quarters (78%) are satisfied to some degree with the current financing options available to their business.

Today, most U.S. SMEs rely on bank loans (58%) and existing working capital (50%) to fund their investments. Over the next year, SMEs plan to take advantage of a diverse set of funding options. Bank loans and existing working capital will remain important, but many SMEs will also be looking to non-bank sources of finance such as private equity (36%), crowdsourcing (35%), existing working capital and flexible access to funds such as credit cards (each, 33%).

Survey Methodology
Oxford Economics carried out a telephone survey among 3205 owners, executive board members (including Chief Executives, Chairmen, Managing Directors, General Managers) and Chief Financial Officers / Heads of Finance in SMEs with between 10 and 250 employees and revenues of up to $30 million. The companies were based in 15 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Singapore, Spain, UK and USA. The survey interviews were conducted October 24 - November 29, 2016. The margin of error for the global survey is 1.73% at the 95% level of confidence. In the United States 300 leaders from SMEs participated in the study. The margin of error for the United States is 5.64% at the 95% level of confidence.

About American Express Global Commercial Payments
Through its Global Commercial Payments division, American Express offers a suite of payment and lending products that help businesses and organizations of all sizes gain financial savings, control and efficiency. Global Commercial Payments provides solutions for travel and everyday business spending, cross border payments, global currency solutions, and business financing.

To learn more about Global Commercial Payments visit business.americanexpress.com

To learn more about American Express OPEN, which provides products and services for small businesses and entrepreneurs in the United States, visit www.OPEN.com

About American Express
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, foursquare.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, Plenti rewards program, travel services, gift cards, prepaid cards, merchant services, Accertify, corporate card, business travel and corporate responsibility.

Small Business Saturday® Results: 112 Million Consumers Shop and Dine Small on Small Business Saturday - More Than Ever Before

Mon, 28 Nov 2016 00:00:00 -0500

As Small Business Saturday wrapped up its seventh year on Saturday, November 26th, the outpouring of support for local businesses across the country hit record highs with 72% of U.S. consumers aware of the day. More shoppers reported visiting local independent businesses on Small Business Saturday this year than ever before, according to results from the Small Business Saturday Consumer Insights Survey, released today by the National Federation of Independent Business (NFIB) and American Express. This year, an estimated 112 million consumers reported shopping at small businesses on Small Business Saturday, marking a 13 percent increase from 2015.

Small Business Saturday saw record levels of support from communities and local organizations in 2016. More than 6,700 Neighborhood Champions from the Great Lakes to the Gulf Coast and from the Pacific Northwest to New England rallied local businesses and created events in their communities for Small Business Saturday — an increase of 63 percent over last year. Additionally, the estimated number of small business owners reached through the Neighborhood Champion program was 2.1 million.

More than 480 organizations joined the Small Business Saturday Coalition, a 13 percent increase over last year. The Coalition, a group created in 2011 to help amplify the Shop Small® message, is comprised of national, state and local associations that help coordinate activities for Small Business Saturday with consumers and small business owners.

Consumers came together to show their love for small businesses on Small Business Saturday. Among those who shopped on the day, 32% reported attending a community event, and 81% reported encouraging friends or family to shop or dine at small, independently-owned retailers and restaurants on the day as well, both on par with 2015.

Additionally, consumers and small businesses helped rally support for Small Business Saturday and their favorite small businesses on social media channels. So far this month, there were 135 million social media engagements in support of Small Business Saturday, up from 85 million in 2015¹.

“It’s exciting for us to see the record number of consumers who came out in support of independently-owned businesses on Small Business Saturday,” said Elizabeth Rutledge, EVP of Global Advertising and Media at American Express. “People across the country are aware of the benefits that small businesses can bring to the community, and the momentum that was started seven years ago with the first Small Business Saturday continues to build.”

At a time when an increasing number of consumers are opting to shop online – and are spreading their holiday shopping spending over a longer period of time than they did traditionally – many still prioritize visiting brick and mortar small businesses on Small Business Saturday. According to the survey, among U.S. consumers who went out and shopped in-store, total reported spending reached an estimated $15.4 billion at independent retailers and restaurants on the day, a decrease from the estimated $16.2 billion spent in 2015.

“Small businesses across the nation are often run by the friends, family, and neighbors that we know well, so supporting them is not only personal but critical to their success,” said NFIB CEO and President Juanita Duggan. “Partnering with American Express to promote the awareness and importance of shopping small is something we are very proud of, and look forward to continuing the success of Small Business Saturday.”

Although Small Business Saturday 2016 is now behind us, American Express’ commitment to local businesses remains steadfast. To keep support for small business strong through the rest of the holiday season, American Express is giving Card Members the opportunity to earn 2x rewards when they enroll an eligible American Express® Card at amex.co/shopsmalloffer and shop at qualifying small merchants both in-store and online now through December 31st². With the addition of 1.6 million merchant locations that started accepting American Express Cards over the past two years, Card Members now have even more places than ever to Shop Small³. When Card Members use an eligible Card to shop at qualifying small merchants they could earn 2X rewards in the form of what they already earn with their Card– from Membership Rewards® points to miles with Delta® to Cash Back and more. This offer is the latest way American Express is supporting the expanding network of small merchants who accept American Express Cards by giving Card Members yet another reason to Shop Small throughout the holiday season.

Elected Officials across the U.S. Show Their Support

President Obama issued a letter recognizing Small Business Saturday in 2016.
Elected officials in all 50 states and Washington, D.C. championed Small Business Saturday.
A total of 288 Federal Officials and Agencies showed support for Small Business Saturday through posts on Facebook and Twitter.
651 City proclamations in support of Small Business Saturday were issued by mayors and other elected officials in all 50 states and Washington, D.C.
The United States Senate unanimously passed a resolution designating November 26th, 2016, as Small Business Saturday.
Nine Public Service Announcements encouraging the public to “Shop Small” were recorded by government officials across the nation.

Communities and Supporters Contribute To Big Success in Year Seven
In addition to the growth of the Neighborhood Champion Program and the Small Business Saturday Coalition, corporations, consumers and businesses across the country rallied their communities around Small Business Saturday. For example:

In a substantial show of corporate support, nearly 100 companies, including FedEx, Uber, AT&T, Valpak and Ace Hardware signed up to become Corporate Supporters of the day and helped promote participation in Small Business Saturday. Corporate Supporters helped rally their combined millions of small business customers and consumers to take part in Small Business Saturday. Their efforts ranged from connecting their small business audience with assets to helping them get ready for Small Business Saturday and distributing Shop Small merchandise, to posting on social media and rallying their tens of thousands of employees to Shop Small.
Small business owners successfully used the Shop Small Studio more than 85,000 times for marketing materials and/or merchandise to help promote their businesses on Small Business Saturday.
From the first of November through the 26th, there were nearly 250,000 social media posts combined on Facebook, Instagram and Twitter using #ShopSmall, #SmallBizSat and/or #DineSmall, and more than 150,000 were posted on November 26th alone⁴. Posts included consumers showing their love for their favorite small businesses, business owners raising awareness for promotions and activities taking place on Small Business Saturday, as well as government officials and celebrities showing their support for the day and their favorite small businesses.

About the Survey
The Small Business Saturday Consumer Insights Survey was conducted among a nationally representative sample of 2,180 males and females 18 years of age or older. The sample was collected using an email invitation and an online survey. The study gathered self-reported data and does not reflect actual receipts or sales. It was conducted anonymously on November 27, 2016. The survey has an overall margin of error of +/- 2.1%, at the 95% level of confidence.

About Small Business Saturday
November 26th marks the seventh annual Small Business Saturday, a day dedicated to supporting the local businesses that can help create jobs, boost the economy and preserve neighborhoods around the country. Small Business Saturday was created by American Express in 2010 in response to small business owners’ most pressing need: more customers. Learn more and connect with us on ShopSmall.com, instagram.com/shopsmall, facebook.com/SmallBusinessSaturday, twitter.com/shopsmall.

About NFIB
NFIB is the nation’s leading small business association, with offices in Washington, D.C., and all 50 states. Founded in 1943 as a nonprofit, nonpartisan organization, NFIB gives small and independent business owners a voice in shaping the public policy issues that affect their business. NFIB’s powerful network of grassroots activists sends their views directly to state and federal lawmakers through our unique member-only ballot, thus playing a critical role in supporting America’s free enterprise system. NFIB’s mission is to promote and protect the right of our members to own, operate and grow their businesses. More information about NFIB is available online at www.NFIB.com/newsroom.

1 Social media engagements are defined as any proactive action taken by a social media user related to the Small Business Saturday or Shop Small related social media content and conversations on Facebook, Twitter, Instagram, YouTube, including but not limited to, likes, shares, comments, video views, etc.

2 Card Members will not earn 2X rewards on any bonus they may already enjoy with their Card, such as when they spend on certain types of purchases or at certain merchants. Prepaid and Corporate Cards, American Express Cards issued by other financial institutions, The Plum Card® and certain other Cards are not eligible. Reward caps and other terms apply.

3 Based on internal comparison of American Express small merchant locations in December 2013 to American Express small merchant locations in December 2015.

4 This includes the hashtags #ShopSmall, #SmallBizSat, #SmallBusinessSaturday, #ShopSmallBusinessSaturday, #ShopSmallForAll, and #ShopSmallSaturday.

Showing Small Businesses the Love: More Consumers than Ever Are Aware of Small Business Saturday® & Plan to Shop Small® on November 26th

Thu, 17 Nov 2016 00:00:00 -0500

Across the country, small businesses and consumers alike are getting excited to support their favorite local, independent businesses on Small Business Saturday, which takes place this year on November 26^th. Results from the fifth-annual Small Business Saturday Consumer Insights Survey, released today by the National Federation of Independent Businesses (NFIB) and American Express, show that more consumers than ever are aware of Small Business Saturday (58% vs. the previous high of 55% in 2015). More than six in ten (62%) consumers who are aware of Small Business Saturday and who plan to shop locally on the day say the main reason they plan to shop at small retailers or eat at independently-owned restaurants is because they value the contributions small businesses make to their community.

“Since its inception, Small Business Saturday has brought national attention to supporting the local businesses we love,” said Elizabeth Rutledge, Executive Vice President, Global Advertising & Brand Management at American Express, which founded Small Business Saturday in 2010. “Small Business Saturday reminds consumers of how valuable small businesses are to our communities, and we are incredibly proud to be the founding partner.”

Held annually on the Saturday following Thanksgiving, Small Business Saturday was founded by American Express as a response to small business owners’ most pressing need: getting more customers through their doors, rallying communities to support local businesses and helping kick off a successful holiday sales period.

Planning to Put Their Money Where Their Mouth Is
Of consumers who are aware of Small Business Saturday, 89% agree that the day encourages them to Shop Small all year long, not just during the holiday season. Nearly eight in ten (79%) consumers say they are willing to pay slightly more for an item if it is purchased from a small, independently-owned retailer as opposed to online or at a large retailer – on par with last year. And just how much are they planning to spend? Of those who are aware of Small Business Saturday and planning to shop and dine on the day, two-thirds (67%) say that they plan to spend at least $100 at small businesses on

Small Business Saturday – a slight increase from 2015 (65%).

Among U.S. consumers, the Small Business Saturday Consumer Insights Survey found:

On average, one-third (33%) of their holiday shopping this year is expected to be done at small retailers or restaurants – on par with last year.
76% say they will visit at least one small business as part of their overall holiday shopping, on par with last year.
Additionally, 91% reported that supporting small, independently-owned bars and restaurants is important to them.

“Small businesses across the nation are often run by the friends, family and neighbors that we know so well, so supporting them is not only personal but critical to their success,” said NFIB CEO and President Juanita Duggan. “Partnering with American Express to promote the awareness and importance of shopping small is something we are very proud of, and this year, we look forward to another successful Small Business Saturday.”

Additional findings from the Small Business Saturday Consumer Insights Survey include:

63% of consumers who are willing to pay slightly more for an item if purchased from a small, independently-owned retailer as opposed to online or at a large retailer say that in exchange for paying a higher price, they expect better customer service from small, independently-owned businesses.
Nearly half (48%) of consumers who are aware of Small Business Saturday and who plan to Shop Small on the day say they expect to spend more on Small Business Saturday this year than last year – up from 45% in 2015, and the highest amount yet recorded.
Consumers who are aware of Small Business Saturday and who plan to shop on the day say they plan to support many different types of small businesses on the day, including clothing/accessories/shoe stores (45%), restaurants/bars/pubs (41%) and bakeries (39%).

Neighborhood Champions and the Small Business Saturday Coalition Drive Excitement for the Day
Grassroots support for Small Business Saturday is largely driven by Neighborhood Champions, a program of advocates for Small Business Saturday comprised of small businesses, business associations, local Chambers of Commerce and other community organizers who help to rally their neighborhoods on the day. To date, more than 6,400 Neighborhood Champions – an increase of 56% percent from 2015 – have signed up to plan activities and events to draw consumers to commercial districts across the U.S., leading up to and on Small Business Saturday. In fact, 45% of consumers who are aware of Small Business Saturday and who plan to shop say they plan to attend a community event in celebration of the day.

Another important group that drives participation on the day is the Small Business Saturday Coalition. Led by Women Impacting Public Policy (WIPP), the Small Business Saturday Coalition was created in 2011 to help amplify the Shop Small message. The Coalition is comprised of national, state and local associations that help coordinate Small Business Saturday activities with merchants, consumers and small business owners.

Show Your Love for Small Businesses on Social Media
Each year consumers have made it a tradition to share their Small Business Saturday experiences on social media. This year, consumers and small businesses across the nation are encouraged to show their love for their favorite independent businesses by using the #ShopSmall, #SmallBizSat and #DineSmall hashtags on Facebook, Instagram and Twitter.

American Express® Card Members Receive Offer to Shop Small
New this year, American Express is giving Card Members the opportunity to earn 2X rewards when they enroll an eligible American Express Card at http://www.amex.co/shopsmalloffer and shop at qualifying small merchants both in-store and online now through December 31^st.¹ With the addition of 1.6 million merchant locations that have started accepting American Express Cards over the past two years, Card Members now have even more places than ever to Shop Small². When Card Members use an eligible Card to shop at qualifying small merchants they could earn 2X rewards in the form of what they already earn with their Card– from Membership Rewards® points to miles with Delta® to Cash Back and more. This offer is the latest way American Express is supporting the expanding network of small merchants who accept American Express Cards by giving Card Members yet another reason to Shop Small throughout the holiday season.

Corporate Supporters Help Build Buzz for Small Business Saturday
To help further spread the Shop Small message, American Express has enlisted the support of many companies that are serving as Corporate Supporters. Together these companies reach millions of small businesses and consumers and are key players in the retail, telecom, media, hospitality, transportation, and professional services industries. Some of the companies that will be participating include FedEx, Uber, AT&T, Valpak and Ace Hardware.

About the Survey
The Small Business Saturday Consumer Insights Survey was conducted among a nationally representative sample of 1,653 males and females 18 years of age or older. The sample was collected using an email invitation and an anonymous online survey from October 18-28, 2016. The survey has an overall margin of error of +/- 2.4%, at the 95% level of confidence.

About Small Business Saturday
November 26^th is the seventh annual Small Business Saturday. Dedicated to supporting local businesses that create jobs, boost the economy, and preserve neighborhoods around the country, Small Business Saturday was created by American Express in 2010 in response to small business owners’ most pressing need: getting more customers. Learn more and follow us on ShopSmall.com, instagram.com/shopsmall, facebook.com/SmallBusinessSaturday, twitter.com/shopsmall.

About NFIB
NFIB is the nation’s leading small business association, with offices in Washington, D.C., and all 50 states. Founded in 1943 as a nonprofit, nonpartisan organization, NFIB gives small and independent business owners a voice in shaping the public policy issues that affect their business. NFIB’s powerful network of grassroots activists sends their views directly to state and federal lawmakers through its unique member-only ballot, thus playing a critical role in supporting America’s free enterprise system. NFIB’s mission is to promote and protect the right of its members to own, operate and grow their businesses. More information about NFIB is available online at www.NFIB.com/newsroom.

1 Card Members will not earn 2X rewards on any bonus they may already enjoy with their Card, such as when they spend on certain types of purchases or at certain merchants. Prepaid and Corporate Cards, American Express Cards issued by other financial institutions, The Plum Card® and certain other Cards are not eligible. Reward caps and other terms apply.

² Based on internal comparison of American Express small merchant locations in December 2013 to American Express small merchant locations in December 2015.

Majority of U.S. Small and Middle Market Retailers Expect Strong Sales this Holiday Season, According to the American Express Holiday Growth Pulse

Thu, 10 Nov 2016 00:00:00 -0500

As businesses gear up for the holiday season, they are optimistic about sales and predict growth for the next quarter and into 2017, according to the American Express Holiday Growth Pulse, a survey of 1,502 small and middle market businesses across a variety of industries. Specifically in the retail industry, nearly six in ten (59%) small business retailers think holiday sales will be stronger compared to last year, and 34% think they will be roughly the same as last year. Small business retailers (companies with fewer than 100 employees and annual revenues of $250,000 or greater) are not alone in their positive outlook – 81% of middle market retailers (companies with $10 million to $1 billion in annual revenues) also feel sales will be stronger than last year.

Retailers See Growth Potential in 2017 as Contingent on Successful 2016 Holiday Season
Small Business Saturday often marks the start of the busy holiday shopping season for small retailers, and holiday sales are a significant indicator of future growth for many of these businesses. Nearly six in ten (59%) small business retailers see their potential for growth in 2017 as being contingent on a successful holiday season. Middle market retailers feel even stronger about the importance of the holidays, with 89% saying their potential for growth in 2017 will be contingent on a successful 2016 holiday season. To ensure they can meet demand, the majority of middle market retailers (77%) plan to hire additional staff for the holidays, while less than one third (31%) of small business retailers plan to add staff.

“Retailers are optimistic about the upcoming holiday season and the impact it will have on their growth in 2017,” said Susan Sobbott, President of Global Commercial Payments at American Express. “As small and middle market retailers gear up for this critical season, many are offering promotions to draw customers in, and hire additional staff to ensure quality customer service during the busy season.”

Retailers Feel the Pressure to Discount; Use Social Media to Stand Out
Given the importance of the holiday season, small and middle market retailers are putting a great deal of effort into making sure they see strong results. As retailers of any size look for ways to succeed, many feel they will need to offer sales and promotions. Sixty-four percent of small business retailers, and 88% of middle market retailers, think they will need to be more aggressive in sales and promotions in order to stand out. As a way to raise their company’s profile, 89% of small business retailers will utilize social media this holiday season; of those, the greatest number are using Facebook (81%).

More than two-thirds of small business retailers (67%) say their company will be offering holiday discounts this year. Among those offering holiday discounts:

58% will start offering holiday discounts the same time as last year
42% will start offering holiday discounts earlier

Small Businesses Plan to Spend More on Gifts and Parties, Middle Market Companies to Give Larger Bonuses
As small businesses across a variety of industries anticipate a successful holiday season, they plan to spend more than last year to thank current customers with gifts and reward employees with more generous holiday parties. More than seven in ten (71%) small businesses will spend money on holiday gifts for clients or customers this year. On average they will spend a total of $6,700; an increase of $1,330 over 2015. Almost nine in ten (87%) middle market companies also plan to give holiday gifts for clients and customers.

In terms of small business’ plans for staff this holiday season, more than two-thirds (69%) plan to host a holiday party or get together. For those hosting a holiday party, the average amount they expect to spend is $3,000; which is a $900 increase over last year.

Additionally, more than three-quarters of small business owners (80%), and 87% of middle market companies across industries are planning to give their employees bonuses this year. When it comes to the type of bonus they will receive, 54% of small business owners indicate that their employees can expect something equivalent to “a small stocking stuffer” (less than 5% of annual salary), 22% expect to give a gift “too large to fit in the stocking” (5 to 15% of salary) and only 4% will give staff the “gift of their dreams” (more than 15% of their salary). However, 20% say their employees should expect “a lump of coal” (no bonus at all). Middle market employees can expect slightly larger bonuses – 14% will be getting the holiday gift of their dreams (more than 15% of salary), 37% will be getting a gift too large to fit in the stocking (5-15% of salary), and 37% will get a small stocking stuffer (less than 5% of salary).

Despite Expectations for Growth, Holiday Season Is Not Carefree
In the near term, growth overall is the top priority for small and middle market companies across industries. Roughly three quarters (74%) of small businesses and more than nine in ten (91%) middle market companies identify growth as their top priority. As they consider expansion, 59% of small businesses expect their business to grow over the next quarter - with half who say their company will be ‘making gains’ (50%) and nearly one in ten who say their company will be ‘expanding by leaps and bounds’ (9%).

Despite their positive outlook and focus on growth, there are causes for concern during the holiday season:

Employee productivity (41%) and data security (38%) will be greater concerns during the holidays than during any other time of the year for small businesses from various industries.
For middle market companies across industries, employee productivity is the greatest cause for concern around the holidays (24%) and 78% agree that employee productivity will be a greater concern at their company during the holidays than during any other time of the year. Additionally, 76% agree that data security will be a greater concern during the holidays than during any other time of the year.

Survey Methodology
The American Express Holiday Growth Pulse is based on a nationally representative sample of 1,000 U.S. small business owners/managers, defined for the purposes of this survey as companies with fewer than 100 employees and annual revenues of $250,000 or greater, and 502 middle market companies, defined for the purposes of this survey as companies ranging in size from $10 million to $1 billion in annual revenues. The anonymous survey was conducted online among financial decision makers, owners and managers October 4-16, 2016. The survey has a margin of error of +/- 3.1% at the 95% level of confidence for the small business sample of 1000 and a margin of error of +/- 4.4% at the 95% level of confidence for the sample of 502 middle market companies. Sub-samples of small business and middle market retailers have higher error rates.

To learn more about Global Commercial Payments visit business.americanexpress.com.

To learn more about American Express OPEN, which provides products and services for small businesses and entrepreneurs in the United States, visit www.OPEN.com.

American Express Teams Up with Shaquille O’Neal and Friends to Drive Card Members to Shop Small and Earn Big Rewards

Thu, 10 Nov 2016 00:00:00 -0500

American Express has teamed up with basketball icon Shaquille O’Neal to encourage Card Members to Shop Small and get 2X Rewards this holiday season. As part of the partnership, American Express will be working with O’Neal to raise awareness for the company’s largest and longest running campaign to connect Card Members with their favorite small businesses – the Shop Small^® for 2X Rewards offer. In addition, American Express, an official sponsor of the NBA and six of its teams, has also partnered with O’Neal, a four-time NBA champion, for the 2016-17 NBA season.

To support the Shop Small^® for 2X Rewards offer, American Express produced a comical online video series that features O’Neal and special celebrity guests visiting local small businesses across the country to find the perfect holiday gifts for friends and family. To kick off the campaign, O’Neal is joined by Grammy Award-winning musician Kendrick Lamar. The two enjoy an afternoon at local LA soap shop, Soaptopia, sampling unique scents including the exclusive “Luscious Lamar Bar” and “Shea Butter Shaq.” This first episode launched on American Express’ digital channels today and can be viewed here. As part of the campaign, spots featuring O’Neal and other surprise guest shoppers at two additional Shop Small locations will be released in the coming weeks on American Express social channels.

American Express will also work with the Basketball Hall-of-Famer and its team and venue partners to create special in-venue experiences for NBA fans as part of its Shop Small campaign. The first will take place on November 10 at the Chicago Bulls vs. Miami HEAT game in Miami, Florida.

“Along with being celebrated for his Hall of Fame basketball career, Shaquille is an American Express Card Member, an entrepreneur and philanthropist who embodies many of the key characteristics of what our brand represents,” said Brad Minor, Vice President of Global Brand Partnerships and Experiential Marketing at American Express. “Shaquille O’Neal is one of the most recognizable athletes in the world, and we’re stoked to be working with him to help encourage consumers to support small businesses this holiday season through our Shop Small for 2X Rewards campaign, as well as partner with him on our larger NBA season sponsorship plans.”

“As a Card Member since 1992, American Express has been a part of my life from when I began my NBA career to today,” O’Neal said. “I am excited to partner with such an internationally respected brand that has supported small businesses for more than 25 years. As a businessman myself, I understand how important it is for our communities to Shop Small and have a personal stake in supporting American Express’ 2X Rewards campaign.”

To begin earning 2X rewards, Card Members can enroll in one of more than 50 U.S. Consumer and OPEN Small Business American Express Cards at www.amex.co/shopsmalloffer and shop at qualifying small merchant locations and websites now through December 31, 2016.

About Shop Small^® for 2X Rewards Offer
In 2010, American Express founded Small Business Saturday^®, a grassroots initiative to help drive consumers to shop at small businesses in communities across the country. Today, Small Business Saturday, which this year takes place on November 26, has become a national holiday alongside Black Friday and Cyber Monday as well as a successful global movement. Over the years, American Express has broadened the campaign to encourage millions of Americans to shop small on Small Business Saturday and throughout the holiday season.

Earlier this year, American Express introduced a first-of-its-kind offer, Shop Small^® for 2X Rewards, to further expand its ongoing support for its expanding network of small businesses during the critical holiday shopping season. Now through December 31, 2016, when American Express Card Members can use an eligible Card at qualifying small merchants- from retail shops to restaurants to dry cleaners- they can earn 2X rewards – from Membership Rewards^® points to miles with Delta^® to Cash Back and more.

With the addition of 1.6 million new merchant locations⁽¹⁾ that have started accepting American Express Cards over the past two years, Card Members now have even more places than ever before to Shop Small. Eligible merchants can be found on the Shop Small Map at shopsmallnow.com.

American Express is also providing its small merchants with marketing materials and resources to help them promote the Shop Small^® for 2X Rewards offer, including free online ads, signage, email templates, social posts and more. Small merchants can access such free materials during the offer period and year-round at the American Express Merchant Marketing Corner at marketingcorner.americanexpress.com.

How It Works
Now through December 31, 2016, American Express Card Members can enroll an eligible American Express Card online or through a mobile device at amex.co/shopsmalloffer to begin earning 2X rewards when they Shop Small. American Express Card Members will be awarded in their Card’s specific rewards.

Eligible Card Members can earn 2X Rewards as follows:

Blue Cash EveryDay & Blue Cash Preferred Card: Earn an additional 1% cash back per dollar of purchases in the form of Blue Cash Reward Dollars, which can be redeemed for statement credits
Blue Sky Points: Earn one additional Blue Sky point per dollar of purchases
Delta SkyMiles^®: Earn one additional mile per dollar of purchases
Hilton HHonors™ Points: Earn three additional Hilton HHonors™ Bonus Points per dollar of purchases
Lowe’s Business Rewards Points: Earn one additional Lowe’s Business Rewards point per dollar of purchases
Membership Rewards^® program-enrolled Cards: Earn one additional Membership Rewards point per dollar of purchases.
Plenti Points: Earn one additional Plenti Point per dollar of purchases
SimplyCash: Earn an additional 1% cash back per dollar of purchases in the form of a statement credit
Schwab Cash Back: Earn an additional 1.5% cash back per dollar of purchases deposited in an eligible Schwab account
Starwood Preferred Guest Starpoints^®: Earn one additional Starpoint^® per dollar of purchases

Card Members can find small businesses where they can earn 2X rewards by visiting the Shop Small Map at shopsmallnow.com. The Shop Small 2X Rewards offer applies to the first $100,000 in purchases for each eligible American Express Personal Card and the first $250,000 for each eligible OPEN Small Business Card.

Card Members will not earn 2X rewards on any bonus they may already enjoy with their Card, such as when they spend on certain types of purchases or at certain merchants. If a Card Member has Additional Cards on their account, these will be automatically enrolled when the primary Card Member enrolls. Additional Card Members can earn 2X Rewards for the primary Card Member's account.

Prepaid and Corporate Cards, American Express Cards issued by other financial institutions, The Plum Card^® and certain other Cards are not eligible.

For more information on the Shop Small for 2X Rewards offer and full terms and conditions, visit amex.co/shopsmalloffer.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, Plenti rewards program, travel services, gift cards, prepaid cards, merchant services, corporate card, business travel and corporate responsibility.

About Shaquille O’Neal
Shaquille O’Neal is a four-time NBA Champion and three-time NBA Finals MVP. The recently retired, 15-time NBA All-Star was named as both the highest ranked athlete in the NBA and the most influential in sports in 2011. With a PhD in Leadership and Education, this iconic marketing and social media marvel was ranked among the “100 Most Creative People in Business” by Fast Company Magazine with an online presence that has grown to become the second most followed US athlete on twitter.

As a celebrity, athlete, business professional and comedian, Shaquille O’Neal has an enormous and devoted fan base across a variety of demographics. To learn more about Shaq, visit Shaq.com; Follow Shaq on Facebook, Twitter, and Instagram.

(1)Based on internal comparison of American Express small merchant locations in December 2013 to American Express small merchant locations in December 2015.

From Daybreak ’til Midnight: Shop, Dance, Ride & Dine this Small Business Saturday®

Tue, 01 Nov 2016 00:00:00 -0400

American Express today announced several events and offerings to support the seventh annual Small Business Saturday, which takes place on the Saturday after Thanksgiving, November 26. Founded by American Express in 2010, Small Business Saturday encourages Americans to shop at local independent businesses across the country, from neighborhood retail stores and restaurants to service businesses like drycleaners and nail salons. To show their love for small merchants, American Express is also giving Card Members the opportunity to earn 2x rewards when they enroll an eligible American Express Card and Shop Small on Small Business Saturday and through December 31.

Every year, consumers who Shop Small make a significant impact on their local economies. According to the 2015 Small Business Saturday Consumer Insights Survey, approximately 95 million Americans shopped on Small Business Saturday last year, spending an estimated $16.2 billion at independent retailers and restaurants, up 14 percent from 2014¹.

“It's exciting to see how Small Business Saturday has evolved over the years. When all of us rally to support the small businesses that make our neighborhoods unique, the impact is truly inspiring,” said Elizabeth Rutledge, executive vice president, Global Advertising and Brand Management at American Express. “This year, we want all kinds of small businesses to get involved -- from fitness studios, to cafés, to retail stores and restaurants -- so we’ve created even more ways for Americans to participate on Small Business Saturday, whether you're a night owl or morning person.”

How to Shop, Dance, Ride & Dine
American Express is teaming up with a new list of organizations to make this year’s Small Business Saturday memorable for everyone. Events and offerings include:

Dance + Yoga Sesh with Daybreaker: Daybreaker, the early morning dance movement spreading around the world, is teaming up with American Express on Small Business Saturday to create an unforgettable kick-off experience to celebrate the small businesses that empower and enrich the communities they serve. The parties will take place in New York City, San Francisco and Chicago, where attendees can wake up to an invigorating workout and dance party with music, DJs, performers and yoga/fitness, as well as food and beverages from local businesses.
Free Rides to Shop Small in NYC with UberPOOL: To help shoppers get together and Shop Small on Small Business Saturday, American Express and Uber are offering a free UberPOOL ride (up to $20) to American Express Card Members in all five boroughs when the promo code SMALLBIZSAT is entered into the Uber app. And through the end of the year, first time UberPOOL riders in NYC can enter the promo code SHOPSMALL2016 to get their first UberPOOL ride free (up to $20). Visit the Shop Small map for ideas on where to go and ride together to Shop Small.
Dine Small with The Infatuation: The Infatuation, an influential online platform focused on helping people find the best restaurants in their area, will host an event at an independent restaurant in four cities: New York City, Los Angeles, Washington, D.C., and San Diego. Restaurants will create exclusive Small Business Saturday menu items to celebrate the day and encourage consumers to continue visiting local restaurants long after the weekend. Restaurant-goers will be encouraged to share their experiences on social media.
Local Celebrations with Neighborhood Champions: More than 4,000 small business owners, individuals and community organizations have already pledged to be this year’s Neighborhood Champions, committing to host events and activities to rally their communities on Small Business Saturday. Shoppers can support their local Neighborhood Champions and independent businesses by attending these events together with other Shop Small enthusiasts. More information about these activities can be found at www.shopsmall.com.

American Express Card Members Receive Offer to Shop Small and Earn Big
New this year, American Express is giving Card Members the opportunity to earn 2x rewards when they enroll an eligible American Express Card at http://www.amex.co/shopsmalloffer and shop at qualifying small merchants both in-store and online now through December 31. With the addition of 1.6 million merchant locations that have started accepting American Express Cards over the past two years, Card Members now have even more places than ever before to Shop Small². When Card Members use an eligible Card to shop at qualifying small merchants they can earn 2X rewards – from Membership Rewards® points to miles with Delta® to Cash Back and more. This offer is the latest way American Express is supporting the expanding network of small merchants who accept American Express Cards by giving Card Members yet another reason to Shop Small throughout the holiday season.

Show Your Love for Small Businesses on Social Media
Last year, millions of consumers showed their love for independent businesses on Small Business Saturday. This year is no different. American Express is asking consumers to join in on making the day bigger than ever for small businesses by sharing their experiences on social media. Anyone can join the conversation and spread the Shop Small message to their family, friends and online followers by using the hashtags #ShopSmall, #SmallBizSat and #DineSmall.

About Small Business Saturday
November 26th is the seventh annual Small Business Saturday. Dedicated to supporting local businesses that create jobs, boost the economy, and preserve neighborhoods around the country, Small Business Saturday was created by American Express in 2010 in response to small business owners’ most pressing need: getting more customers. Learn more at and connect with us on ShopSmall.com, instagram.com/shopsmall, facebook.com/SmallBusinessSaturday, twitter.com/shopsmall.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, Plenti rewards program, travel services, gift cards, prepaid cards, merchant services, corporate card, business travel and corporate responsibility.

¹Small Business Saturday Consumer Insights Survey by National Federation of Independent Business (NFIB) and American Express. (November 30, 2015, November 30, 2014). Based on consumer self-reported data and does not reflect actual receipts or sales.

²Based on internal comparison of American Express small merchant locations in December 2013 to American Express small merchant locations in December 2015.

American Express Offers Big Rewards for Shopping Small This Holiday Season

Mon, 17 Oct 2016 00:00:00 -0400

American Express today announced its largest and longest running campaign yet to connect Card Members with their favorite small businesses. The Shop Small® for 2X Rewards offer spans across more than 50 eligible U.S. Consumer and OPEN Small Business American Express Cards. To begin earning rewards, Card Members can enroll an eligible American Express® Card at www.amex.co/shopsmalloffer and shop at qualifying small merchant locations and websites now through December 31, 2016.

Seven years ago, American Express started a grassroots initiative to help drive consumers to shop at small businesses in communities across the country. Fast forward to today, and Small Business Saturday has become a national holiday alongside Black Friday and Cyber Monday as well as a successful global movement. Over the years, American Express has broadened the campaign to encourage millions of Americans to shop small on Small Business Saturday and throughout the holiday season.

Shop Small® for 2X Rewards expands upon this ongoing support for small businesses, while delivering valuable rewards to American Express Card Members. The first-of-its-kind offer builds on each eligible Card’s specific rewards program. That means, when Card Members use an eligible Card to shop at qualifying small merchants this year-- from restaurants, to retailers, to dry cleaners and more-- they can earn 2X rewards – from Membership Rewards® points to miles with Delta® to Cash Back and more.

“Last year, Small Business Saturday inspired 95 million people to Shop Small¹,” said Howard Grosfield, EVP, U.S. Consumer Marketing Services for American Express. “This year, we’re going all out to support the expanding network of small businesses who accept American Express by giving our Card Members yet another reason to Shop Small throughout the holiday season—including on Small Business Saturday. This campaign also helps deliver the one thing small businesses need most…more business.”

With the addition of 1.6 million new merchant locations that have started accepting American Express Cards over the past two years, Card Members now have even more places than ever before to Shop Small². To build awareness, Shop Small® for 2X Rewards will be supported by a major, national advertising and marketing campaign focused on driving more business to America’s small business owners.

American Express is also providing its small merchants with marketing materials and resources to help them promote the Shop Small® for 2X Rewards offer, including free online ads, signage, email templates, social posts and more. Small merchants can access such free materials during the offer period and year-round at the American Express Merchant Marketing Corner at marketingcorner.americanexpress.com.

“Small businesses are the heart and soul of our communities. With this campaign, we want to celebrate and support the small merchants our Card Members love, and also inspire them to shop at new small merchants,” added Grosfield.

How It Works
Now through December 31, 2016, American Express Card Members can enroll an eligible American Express Card online or through a mobile device at www.amex.co/shopsmalloffer to begin earning 2X rewards when they Shop Small. American Express Card Members will be awarded in their Card’s specific rewards.

Eligible Card Members can earn 2X Rewards as follows:

Blue Cash EveryDay & Blue Cash Preferred Card: Earn an additional 1% cash back per dollar of purchases in the form of Blue Cash Reward Dollars, which can be redeemed for statement credits

Blue Sky Points: Earn one additional Blue Sky point per dollar of purchases

Delta SkyMiles®: Earn one additional mile per dollar of purchases

Hilton HHonors™ Points: Earn three additional Hilton HHonors™ Bonus Points per dollar of purchases

Lowe’s Business Rewards Points: Earn one additional Lowe’s Business Rewards point per dollar of purchases

Membership Rewards® program-enrolled Cards: Earn one additional Membership Rewards Point per dollar of purchases.

Plenti Points: Earn one additional Plenti Point per dollar of purchases

SimplyCash: Earn an additional 1% cash back per dollar of purchases in the form of a statement credit

Schwab Cash Back: Earn an additional 1.5% cash back per dollar of purchases deposited in an eligible Schwab account

Starwood Preferred Guest Starpoints®: Earn one additional Starpoint® per dollar of purchases

Card Members can find qualifying small businesses where they can earn 2X rewards by visiting the Shop Small Map at shopsmallnow.com. The Shop Small for 2X Rewards offer applies to the first $100,000 in purchases for each eligible American Express Personal Card and the first $250,000 for each eligible OPEN Small Business Card.

Prepaid and Corporate Cards, American Express Cards issued by other financial institutions, The Plum Card® and certain other Cards are not eligible.

For more information on the Shop Small for 2X Rewards offer and full terms and conditions, visit www.amex.co/shopsmalloffer.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, Plenti rewards program, travel services, gift cards, prepaid cards, merchant services, corporate card, business travel and corporate responsibility.

¹ Based on a consumer survey conducted by the National Federal of Independent Business and American Express on November 30, 2015.

²Based on internal comparison of American Express small merchant locations in December 2013 to American Express small merchant locations in December 2015.

American Express and Intuit Help Small Businesses Tackle Cash Flow Crunch

Thu, 13 Oct 2016 00:00:00 -0400

Intuit Inc. (Nasdaq: INTU) and American Express today announced a partnership that will give qualified QuickBooks Online small business customers who are also American Express OPEN^® Business Card Members access to short-term, low-cost financing from American Express to pay vendors and ease the cash flow crunch. This unique partnership will make American Express OPEN Working Capital Terms the payables financing solution for QuickBooks Online customers.

A report by the Small Business Administration found that insufficient or delayed financing is the second most-common reason for businesses to fail¹. By combining automated accounting processes with increased access to quick financing and payment options, this integration will provide small businesses with timely funding to help pay their vendors, help them stay competitive and reduce accounting headaches.

“We’ve heard time and again from small business customers that cash flow is a key area of concern when it comes to managing day-to-day business expenses,” said E-Bai Koo, executive vice president, global product management, American Express Global Commercial Payments. “By embedding our Working Capital Terms’ digital loans directly into QuickBooks, we make financing available to our customers when and where they need it most to pay vendors, simplifying the payments process and reducing time spent reconciling accounts.”

“We’re thrilled to partner with American Express to give QuickBooks Online customers who are also American Express OPEN Card Members access to affordable loans to pay off bills and make purchases with a few clicks and approval in as little as sixty seconds right from QuickBooks Online,” said Karen Peacock, senior vice president of small business at Intuit. “We believe this is a game changer in support of small businesses – providing financing to bridge the gap between money in and out, and ultimately helping to grow their business.”

Additional Product Details
American Express OPEN Working Capital Terms with QuickBooks lets small businesses:

Request a desired loan amount and term: Working Capital Terms can approve a loan in as little as sixty seconds for qualified existing small business Card Members. Loan requests can start at $1,000 and can be as high as $750,000 with fees of 0.5 percent for a 30-day loan to 1.5 percent for a 90-day loan.²
Streamline vendor management: Make and track vendor payments more easily by consolidating payment and accounting transactions in one place. By requesting funds to pay vendors directly in QuickBooks, small businesses can conveniently track and reconcile their payments.
Seamlessly reconcile accounts: Upon payment, American Express will seamlessly integrate data with QuickBooks to automatically reconcile accounting ledgers throughout each phase – eliminating steps for small business owners and providing up-to-date cash flow insights for the business.

Intuit and American Express launched the Connect to QuickBooks^® app in November 2015. The app lets American Express OPEN Card Members automatically import their Card transactions into QuickBooks so accounting is seamlessly done. Today, Connect to QuickBooks, available through the intuit.com App Center, is the top third-party app in the QuickBooks ecosystem.

Intuit and American Express also announced ReceiptMatch^SM, a feature available with American Express OPEN Cards to help streamline expense management³ by allowing Card Members to add receipts, tags and notes to transactions either via desktop or mobile device. Using the ReceiptMatch Mobile App and Connect to QuickBooks, Card Members can manage their Business Card expenses by tagging transactions with existing QuickBooks categories⁴.

American Express OPEN Working Capital Terms with QuickBooks is another example of Intuit’s commitment to helping small businesses manage their cash-flow with its QuickBooks Financing offering, which provides access to a full spectrum of credit solutions.

Availability
American Express OPEN Working Capital Terms with QuickBooks will be available in limited release for select small business customers starting in early 2017.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, Plenti rewards program travel services, gift cards, prepaid cards, merchant services, corporate card, business travel and corporate responsibility.

About Intuit Inc.
Intuit Inc. creates business and financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals.

Its flagship products and services include QuickBooks® and TurboTax®, which make it easier to manage small businesses and tax preparation and filing. Mint provides a fresh, easy and intelligent way for people to manage their money, while Intuit's ProConnect brand portfolio includes ProConnect Online, ProSeries® and Lacerte®, the company's leading tax preparation offerings for professional accountants.

Founded in 1983, Intuit had revenue of $4.7 billion in its fiscal year 2016. The company has approximately 7,900 employees with major offices in the United States, Canada, the United Kingdom, India, Australia and other locations. More information can be found at www.intuit.com.

QuickBooks Financing is licensed as Intuit Financing Inc.

¹ Source: Small Business Administration: Managing Your Business Credit

²Fees subject to change. Loan amount is subject to individual Card Member eligibility.

³ ReceiptMatch^SM and Connect to QuickBooks^® are two separate business tools available with Business Cards from American Express OPEN that were created to work together. You must enroll in ReceiptMatch and in Connect to QuickBooks separately from your American Express online account. Connect to QuickBooks works with QuickBooks Online. For details and enrollment in ReceiptMatch, go to www.open.com/receiptmatch. Any QuickBooks Online screen shots ©Intuit Inc. All rights reserved. Intuit, the Intuit logo, QuickBooks, and the QB logo are registered trademarks of Intuit Inc.

⁴ The ReceiptMatch^SM Mobile App is only available with Business Cards from American Express OPEN. The ReceiptMatch Mobile App is only available on iTunes and Google Play. Apple, the Apple logo, iPhone and Mac are trademarks of Apple, Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google Play is a trademark of Google Inc.

American Express Launches New Shop Small® Studio and More to Provide Small Businesses with Tools for a Successful Holiday Shopping Season

Thu, 06 Oct 2016 00:00:00 -0400

With holiday shopping season kicking off next month, American Express today announced its plans to help small business owners get ready for Small Business Saturday, which takes place the Saturday after Thanksgiving, November 26^th. Small businesses -- from the cozy bistro on the corner to the go-to boutique for unique gifts -- can now take advantage of even more free resources, customizable materials, and educational content from American Express to help them prepare for the day and a successful holiday season during this critical shopping period.

“Our ultimate goal is to help small businesses do more business – and for Small Business Saturday, that includes arming them with the tools to help make the day a success,” said Amy Marino, Vice President and Head of Small Business Saturday at American Express. “This year we are collaborating with small business experts, entrepreneurs and influencers to create bite-size digital content and easy-to-customize marketing materials to help small business owners attract more customers, drive sales and feel the love from shoppers on November 26^th.”

Founded by American Express in 2010, Small Business Saturday supports the independently-owned businesses that help create jobs and help make local economies thrive. For many of these businesses, Small Business Saturday marks the unofficial kickoff to their busiest shopping season. According to the 2015 Small Business Saturday Consumer Insights Survey, more than 95 million consumers shopped at small businesses on Small Business Saturday, marking an eight percent increase from 2014.¹

Introducing the Shop Small Studio and “SBS 101”
In just a few clicks (including agreeing to terms of participation), small business owners can now create customizable print and digital marketing assets and download them for free to promote their businesses and Small Business Saturday events at ShopSmall.com. Available resources at the Shop Small Studio include:

Event Flyers and Posters
Save The Dates
Website Badges
Facebook and Twitter Cover Photos
Social Media Assets

ShopSmall.com will also include a multi-media content hub, called Small Business Saturday 101 or “SBS 101”, featuring how-to guides, and tips and insights from small business owners and influencers. “SBS 101” is designed to educate, prepare and inspire small business owners to participate in Small Business Saturday through videos, articles, infographics and more.

To share their secrets, American Express has enlisted the help and insights of well-known entrepreneurs, including:

Paul Octavious - Professional Photographer, @pauloctavious, offers insights about social media best practices and the art of capturing events in photographs.
Tyson Wheatly - Strategist, Director and Professional Photographer, @twheat, takes you behind the scenes with helpful hints to boost your social game.
Erica Domesek - "Fashion Queen of DIY”, @psimadethis, provides key insights on how to make your business stand out with Small Business Saturday merchandise.²
Andrew Steinthal & Chris Stang - The entrepreneurs behind celebrated app The Infatuation, @infatuation, provide tips on how a restaurant can get involved in Small Business Saturday.
Melody Ehsani - Los Angeles based designer, @melodyehsani, opens up about her strategy and preparation for Small Business Saturday and how she has capitalized on Shop Small Studio resources.
Ashleigh Dempster - Founder of children's footwear line and online boutique AKID, @akidbrand, shares tips on getting an early start on Small Business Saturday initiatives, planning supplemental gifts with purchase and other incentives to encourage repeat customers.
Chelsea Shukov - Founder and Creative Director of @sugarpaperla provides turnkey insights on how to engage customers and community members into your overall Small Business Saturday plan.
Katelyn Fisher - Owner of a DIY cake decorating studio, @duffscakemix, shares tips on how shops can decorate their existing space with the help of free downloadable marketing materials available at the Shop Small Studio.

Hands-on Boot Camps Rally and Equip Small Business Owners Around the U.S.
New this year, American Express will host three Small Business Saturday Boot Camps throughout October. Each Boot Camp focuses on how small business owners can excite their customers and market their business on Small Business Saturday to maximize their presence throughout the entire holiday shopping season through:

A how-to workshop led by Rhonda Abrams, President and Founder of The Planning Shop and author of Successful Business Plan: Secrets & Strategies
An interactive panel with local small business owners and community leaders sharing real stories about what works for them on Small Business Saturday
An on-site Shop Small Studio experience where attendees will have the opportunity to create custom marketing materials to get their businesses ready

The Boot Camps will take place in Chicago, New York City and San Francisco:

Chicago – 10/18 from 4-7pm at 78 E Washington St, Chicago, IL 60602
New York City – 10/20 from 4-7pm at 246 Fifth Avenue, 2^nd floor, New York, NY 10001
San Francisco – 10/27 from 4-7pm at 100 Montgomery Street, Suite 1650 (16^th floor), San Francisco, CA 94104

Space is limited. Additional information about Boot Camps is available at ShopSmall.com.

Neighborhood Champions Ignite Communities to Get Excited and Prepared for Small Business Saturday
Nearly 3,000 Neighborhood Champions have already pledged to rally their communities to participate in Small Business Saturday this year. The Neighborhood Champion Program encourages small business owners, individuals, and community organizations to work with their local small businesses to organize and host events on Small Business Saturday each year. Neighborhood Champions can get free

Shop Small® branded merchandise such as tote bags, banners, pens, and balloons while supplies last to help promote and draw attention to their Small Business Saturday events. Neighborhood Champions also have access to turnkey event guides inspired by past celebrations. To become a Neighborhood Champion, apply at ShopSmall.com/Rally now through November 11^th.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, Plenti rewards program, travel services, gift cards, prepaid cards, merchant services, corporate card, business travel and corporate responsibility.

¹ Small Business Saturday Consumer Insights Survey by National Federation of Independent Business (NFIB) and American Express. (November 30, 2015, November 30, 2014). Based on consumer self-reported data and does not reflect actual receipts or sales.

² To learn more about Small Business Saturday merchandise for small business owners, please visit www.shopsmall.com/getready. Merchandise applications will close on 11/11. While supplies last.

New Travel Benefits for American Express Platinum Card Members and Business Platinum Card® Members

Wed, 05 Oct 2016 00:00:00 -0400

Today American Express is announcing an expansion of the travel benefits that have helped make the Platinum Card the category leader for more than 30 years. Beginning October 6, consumers with a Platinum Card from American Express will receive 5X Membership Rewards points on airfare booked directly with airlines or through American Express Travel.

“Travel is an important part of our Card Members’ lives and it’s becoming even more so for a new generation who are global and drawn to the access, experiences and service that come with American Express® Membership,” said Denise Pickett, president, U.S. consumer services for American Express. “Our new travel benefits come just before the busiest travel season and offer valuable rewards to Card Members. You’ll see further enhancements for Platinum and Business Platinum Card Members and new programs that leverage the expanded network of small business merchants who now welcome American Express. We also plan to continue building on the success we’ve had throughout the year in acquiring new customers across all our Card products.”

Business Platinum Card Members can now earn 50% points back when using Membership Rewards® Pay with Points through American Express Travel to book a flight with their selected airline. They will also receive this benefit when booking a first or business class ticket with any airline. In addition, Business Platinum Card Members can earn 1.5X Membership Rewards points per dollar spent on any purchase of $5,000 or more.

Platinum Card Members and Business Platinum Card Members also have access to American Express’ Global Lounge Collection, which offers entry into the most airport lounges across the globe. With more than 1,000 lounges, in 500 plus cities, across 120 countries and counting, the Global Lounge Collection includes American Express’ award winning Centurion® lounge network, International American Express lounges, Delta Sky Clubs®, Priority Pass™ Select, and Airspace Lounges.

These rewarding experiences are part of a growing roster of travel benefits that Platinum Card Members and Business Platinum Card Members can take advantage of including: a $200 Airline Fee Credit for incidental benefits like baggage, with their selected airline, upgrades to Starwood Preferred Guest® Gold Status and Hilton HHonors™ Gold Status, complimentary benefits when booking with the FINE HOTELS & RESORTS, access to the Delta Private Jet program, complimentary access to Wi-Fi hotspots provided by Boingo Wireless and a Fee Credit for Global Entry or the TSA Pre✓® program application.

Terms and Limitations apply. More information about these new benefits can be found starting October 6 at americanexpress.com.

About American Express
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, foursquare.com/americanexpress, linkedin.com/companies/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, Plenti rewards program, travel services, gift cards, prepaid cards, merchant services, corporate card, business travel and corporate responsibility.

Small Businesses and Middle Market Companies Agree Growth is the Top Priority, Says American Express Business Growth Pulse

Thu, 14 Jul 2016 00:00:00 -0400

Small businesses and middle market companies in the U.S. are in growth mode, according to the American Express Business Growth Pulse. The survey found that ninety-two percent of middle market firms ($10M -$1B in revenues) and eighty percent of small businesses (with less than 100 employees and at least $250,000 in revenue) say growth is the top priority for their firms. A greater number of middle market companies anticipate their businesses to grow in the next quarter, with more than one-in-five of these firms (22% vs. 7% of small businesses) saying they expect their companies will be “expanding by leaps and bounds.”

However, the road to growth is not free from obstacles. Challenges exist regardless of business size and vary accordingly. Although the biggest hurdle to growth is acquiring new customers for small businesses (22%), middle market companies’ biggest challenges encompass issues that are outside their control, including managing the rising costs of doing business and increasing competition (each, 14%).

“Although small businesses and middle market companies are both focusing on growth, they are taking different paths to expansion,” said Susan Sobbott, president, American Express Global Commercial Payments. “Small enterprises will look to grow by acquiring new customers while middle market companies will look to expand by both acquiring new customers as well as making infrastructure and equipment investments in their business.”

While acquiring new customers presents a challenge to growth for many, small businesses view this action as their primary path to growth (39%). Middle market companies however are saying that both acquiring new customers and increasing investments in infrastructure and equipment would most help them grow (each, 15%).

Cash Flow Proves a Challenge; Middle Market Concerns Linked to Growth
Cash flow issues present another obstacle as businesses manage their day-to-day operations and strive for long term growth. Cash flow concerns are higher among middle market companies (65%) than small businesses (49%), with one-in-five middle market companies (20%) saying they are ‘very concerned’ (versus 8% of small businesses).

Middle Market Companies:

Over the last quarter, nearly half of middle market companies (46%) say they experienced a cash flow crunch and nearly three-in-ten (28%) attribute their cash flow issues to investments in the business.
Looking ahead, nearly four-in-ten (39%) middle market companies expect the ability to invest in long-term growth to be their greatest cash flow concern next quarter.

Small Businesses:

Small business cash flow concerns are more likely to be related to day-to-day management of the business rather than plans for growth.
Looking back several months, more than one-quarter of small businesses (27%) say they experienced a cash flow crunch. They attribute their cash flow issues in the previous quarter to an unexpected decrease in sales (28%).
Further, small businesses (25%) expect collecting accounts receivable to be the biggest cash flow worry next quarter.

When they experience a cash shortage, the primary method middle market businesses (23%) will use to obtain funds is to take out a business line of credit. Small businesses will dip into cash reserves (23%).

Long Term Growth Drives Financing Hunt; Middle Market Most Likely to Seek Financing
Growth is the main driver behind business’s quest for financing. According to the survey, the main reason small and middle market businesses would consider securing additional financing for their companies is in order to pursue a long term growth plan (31%). The top three reasons to seek additional financing vary by size of the business:

Small businesses say they would consider seeking additional financing in order to:

Pursue a long term growth plan (26%)
Get through short-term seasonal swings/business downturns (20%)
Take advantage of a short term growth opportunity (19%)

Middle market firms’ reasons for considering additional financing include being able to:

Pursue a long term growth plan (41%)
Take advantage of a short term growth opportunity (33%)
Invest in marketing, advertising or PR (33%)
Hire new employees (33%)
Offer a new line of products or services (33%)
Make capital investments the company has been putting off (32%)

Significantly more middle market companies (60%) compared to small businesses (25%) anticipate the need to pursue financing in the next 12 months.

When evaluating different business financing options, the most important decision-making factor for small businesses (74%) is the rates/fees charged. Middle market businesses say the most important decision-making factor when evaluating business financing options is ensuring that their data is protected against security breaches (61%), followed closely by full disclosure of loan details and rates/fees (60%).

Survey Methodology
The American Express Business Growth Pulse is the first in a series of surveys examining topics related to business growth for both small businesses and middle market companies. The study is based on a nationally representative sample of 1,000 U.S. small business owners/managers, defined for the purposes of this survey as companies with fewer than 100 employees and annual revenues of $250,000 or greater, and 501 middle market companies, defined for the purposes of this survey as companies ranging in size from $10 million to $1 billion in annual revenues. The anonymous survey was conducted online among financial decision makers, owners and managers by Teneo Strategy May 18-27, 2016. The poll has a margin of error of +/- 2.6% at the 95% level of confidence for the total combined sample of 1501, a margin of error of +/- 3.1% at the 95% level of confidence for the small business sample of 1000 and a margin of error of +/- 4.4% at the 95% level of confidence for the sample of 501 middle market companies.

To learn more about Global Commercial Payments visit business.americanexpress.com

To learn more about American Express OPEN, which provides products and services for small businesses and entrepreneurs in the United States, visit www.OPEN.com.

Hiring Plans on the Rise but Finding the Right Staff is the Biggest Challenge to Growth Since Recession, Says American Express OPEN Small Business Monitor

Wed, 27 Apr 2016 00:00:00 -0400

As small business owners’ optimism (64%) and plans for growth (75%) remain steady, their hiring plans have increased from a year ago, according to the 2016 American Express OPEN Small Business Monitor. The annual survey found that nearly four-in-ten (39%, up from 34% last year) small business owners plan to hire staff over the next six months, signifying a return to pre-recession hiring intentions. However, for the first time since 2007, finding the right staff has emerged as the number one challenge to growth (19%).

As entrepreneurs look to meet their staffing needs, part-time workers are the most sought after employees. Over the next six months, 16% of small businesses plan to hire part-time employees, 13% plan to hire full-time employees and 11% plan to hire a combination of both full and part-time employeesⁱ.

“We are seeing a renewed focus on hiring, as businesses manage by the mantra of ‘you are only as good as your people,” said Susan Sobbott, president, Global Commercial Payments, American Express. “However, it is also apparent many small businesses are encountering difficulties finding the right talent, which is ultimately proving to be a significant challenge to their growth.”

While the majority of small business owners identify themselves as optimists and “see the glass as half full” (84%), retirement concerns are on the rise. Although business owners believe they will need $30,000 less, on average, to retire than estimated last year, a greater number (53% up from 47% last year) are worried about their ability to save for retirement.

Women Small Business Owners Earning Less than Men
The number of small business owners who pay themselves a salary is down year over year (51% vs. 57% last spring). However for entrepreneurs who are taking a salary, they are paying themselves $76,010, an increase of $2,310 from last year. Male business owners are more likely to pay themselves a salary compared to women business owners (57% of men vs. 42% of women) and on average they pay themselves $17,470 more than women.

Growth Plans Remain Steady but Capital Investment Plans Decline
Although business owners are slightly more confident in their ability to access capital needed to grow their businesses (83% vs. 80% last year) and concerns around cash flow are down (36%, vs.45% last year), plans to make capital investments over the next six months are declining (51%, down from 56% last year). Additionally, while three-quarters of business owners plan to grow their business, steady year over year (75%, vs. 76% last year), growth is not their main concern. The top priority for business owners over the next six months is maintaining their current business and sources of revenue (39%). To support their goal, business owners say they will place a heightened focus on better servicing customers to set their business apart from competitors (84%).

Economy Will Influence November Vote
Although nearly two-thirds of entrepreneurs (64%) have a positive outlook on the economy and their own business prospects over the next six months, the economy is the issue that will most influence their vote in the November presidential elections (32%), followed at a distance by tax policy and healthcare (each 16%), and immigration (6%).

Additional survey results including findings by gender, industry and geography are available by contacting Alex Della Rocca at 212-539-3203 or alexd@mbooth.com.

Survey Methodology
American Express OPEN Small Business Monitor, conducted since 2002, is based on a nationally representative sample of 739 U.S. small business owners/managers of companies with fewer than 100 employees. The anonymous survey was conducted via telephone by Ebiquity March 1-21, 2016. The poll has a margin of error of +/- 3.6% at the 95% level of confidence.

About American Express OPEN
American Express OPEN is a leading payment card issuer for small businesses in the United States and supports business owners and entrepreneurs with products and services to help them run and grow their businesses. This includes business charge and credit cards that deliver purchasing power, flexibility, rewards, savings on business services from an expanded lineup of partners and online tools and services designed to help improve profitability. Learn more at www.OPEN.com and connect with us at openforum.com and twitter.com/openforum.

ⁱ Due to rounding of hiring plans “full-time only, part-time only, both” the added percent does not match the total who plan to hire (39%).

Number of Women-Owned Businesses Growing at Highest Pace Since the Recession

Wed, 06 Apr 2016 00:00:00 -0400

Over the past nine years, the number of women-owned firms has grown at a rate five times faster than the national average, reaching a post-recession high, according to the 2016 State of Women-Owned Businesses Report, commissioned by American Express OPEN. The sixth annual report, which is based on historical and current U.S. Census Bureau data and Gross Domestic Product data, found that between 2007 and 2016, the number of women-owned firms rose by 42% with women starting 1,072 (net) new businesses per day. Additionally, the report indicates that women-owned firms now number 11.3 million, employ nearly 9 million people and are generating more than $1.6 trillion in revenue.

Women-owned firms are outpacing the national average in both job creation and revenue generation post-recession. Employment growth among women-owned firms is strong with an increase of 18% since 2007, while hiring declined 1% among all businesses during the same time period. In addition, business revenues among women-owned firms increased by 35% since 2007, compared to 27% among all U.S. firms. With this growth, women are now the majority owners of 38% of the country’s businesses, up from 29% in 2007.

“We are pleased to see the continued rise of the vital role that women-owned businesses play in our country’s post-recession recovery,” said Susan Sobbott, president of American Express Global Commercial Payments. “We are inspired by these women who are continuing to pursue their entrepreneurial passions, and are strengthening our communities and economy even further.”

Significant growth in firms owned by women of color
Among women-owned firms, one of the fastest growing sectors are businesses owned by women of color. Over the past nine years, the number of firms owned by women of color more than doubled, increasing by 126%. In addition, the nearly five million businesses owned by women of color make up almost half of all women-owned firms. These businesses employ two million workers and generate $344 billion in annual revenue.

When comparing the growth in the number of firms owned by women of color with women-owned firms overall, nearly eight in 10 (79%) of the net new women-owned firms were started by a woman of color since 2007 (an increase of 2.8 million).

As of 2016, there are an estimated:

1.9 million African American women-owned firms;
just under 1.9 million Latina-owned businesses;
an estimated 922,700 Asian American women-owned companies;
153,400 Native American/Alaska Native women-owned enterprises;
and approximately 31,100 Native Hawaiian/Pacific Islander women-owned firms.

Women-owned firms are geographically dispersed
The five states home to the greatest number of women-owned firms as of 2016 are:

California
Texas
Florida
New York
Georgia

The top metropolitan areas by number of women-owned firms as of 2016 are:

New York City
Los Angeles
Miami
Chicago
Atlanta

Since the recession, the greatest growth in number of women-owned firms was seen in the South. Eight out of the 10 fastest-growing states for number of women-owned firms between 2007 and 2016 are located in that region and are: Florida, Georgia, Texas, Michigan, Mississippi, South Carolina, Tennessee, The District of Columbia, South Dakota and Louisiana.

Industry trends
In the wake of the recession, women are turning to traditional industries such as lifestyle and services companies. Between 2007 and 2016, the following four industries saw the greatest increase in the number of women-owned firms:

other services (e.g. home care to hair and nail salons and pet care businesses), up 98%;
administrative, support and waste management services (including janitorial and landscaping businesses as well as office administrative support and travel agencies), up 64%;
accommodation and food services, up 62%;
and construction, up 56%.

New in this year’s report is a look at the industry composition of women of color, which found that there are more African American women-owned firms in both the other services sector and health care and social assistance sector than any other ethnic group. Additionally, female Asian American-owned businesses are more concentrated in the accommodation and food service sector, while most Latina-owned firms are found in administrative, support and waste management services businesses.

View the full 2016 State of Women-Owned Business Report, here.

Methodology
The 2016 State of Women-Owned Businesses Report, commissioned by American Express OPEN, is based on data from the United States Census Bureau, specifically their quinquennial business census, the Survey of Business Owners (SBO), which is conducted every five years in years ending in 2 and 7. Data from the past three Census surveys – 2002, 2007 and 2012 – were collated, analyzed and extrapolated forward to 2016, factoring in relative changes in Gross Domestic Product (GDP) not only nationally but also at industry, state and metropolitan statistical area levels. All GDP data were obtained from the Bureau of Economic Analysis (bea.gov) – another bureau, like the Census Bureau, within the U.S. Department of Commerce.

Specifically, growth in GDP from 2002 to 2012 ($10.6 to $16 trillion) was compared to that from 2012 to the fourth quarter of 2015 ($16 to $17.2 trillion). Relative annual growth rates were then used to estimate the growth in the number of firms over the 2012 to 2016 period – thus adjusting a straight-line extrapolation to account for relative economic growth between the two time periods. This was done not only at the national level, but also by applying actual gross state, metro area and industry-level output figures (which were available up to the fourth quarter of 2014).

About Womenable
This report was prepared for American Express OPEN by Womenable, a research, program and policy development consultancy whose mission is to improve the environment for women-owned businesses worldwide. Womenable pursues this mission by working with the stewards of women's entrepreneurship around the world – policy makers, multi-lateral organizations, corporate decision makers, entrepreneurial support organizations and the women's business community – to evaluate, implement and improve policies and programs to support women's enterprise development. Learn more at womenable.com.

WIPP and American Express OPEN Celebrate First-Time Achievement of 5% Federal Contracting Goal for Women-Owned Small Businesses

Wed, 02 Mar 2016 00:00:00 -0500

Women Impacting Public Policy (WIPP) and American Express OPEN, celebrate the U.S. Government’s achievement of awarding five percent of its annual federal contracts to women-owned small businesses for the first time since the goal was set more than twenty years ago. The five percent goal was put in place as part of the Federal Acquisition Streamlining Act of 1994 and led to the creation of the Women-Owned Small Business (WOSB) Federal Contract program in the Equity in Contracting for Women Act of 2000.

WIPP and American Express OPEN are longtime champions of women entrepreneurs in the federal contracting space. Together they created the Give Me 5 program in 2008 to give women-owned small businesses access to knowledge and resources to help win federal contracts. At the time, just 3.4% of federal contracts were awarded to women-owned small businesses—roughly $13 billion of the approximately $400 billion awarded annually.

In April 2013, WIPP, American Express OPEN and the Small Business Administration (SBA) launched ChallengeHER, a national initiative to boost government contracting opportunities for women-owned small businesses. ChallengeHER delivers free workshops, mentoring and direct access to government buyers. Now entering its fourth year, ChallengeHER has educated more than 5,400 women entrepreneurs at 39 workshops across the country and facilitated more than 1,900 meetings between women small business owners and government officials.

"Without the strong commitment from organizations like WIPP and the SBA, reaching this important milestone would not have been possible," said Susan Sobbott, President of Global Commercial Payments for American Express. "We call on all women entrepreneurs to keep this momentum going and encourage them to scale their businesses by taking their products and services to government agencies."

"This is a truly remarkable moment for women business owners and government agencies, but there is still much work to be done," said Kristie Arslan, Executive Director at WIPP. "We will continue to be a tireless champion of the program and solicit support to ensure that women-owned businesses have access to the tools they need to successfully compete in the federal marketplace."

"As a woman business owner for 13 years, I could not be more pleased that the five percent women federal contracting goal was met for the first time," said Lourdes Martin-Rosa, President of Government Business Solutions, LLC and American Express OPEN Advisor for Government Contracting. "Small business contracting programs like ChallengeHER have opened the door for thousands of women-owned small businesses across the country. This is an exciting moment in history for women-owned small businesses paving the way for future growth and expansion."

The contracting landscape for women-owned businesses has improved significantly as a result of strong public and private support and bipartisan efforts. In early 2013, due to the efforts of WIPP and their coalition partners, President Obama signed into law the National Defense Authorization Act (NDAA) which removed caps on eligible federal contract awards under the U.S. Small Business Administration’s Women-Owned Small Business (WOSB) Federal Contract program. Before the law was put into place, awards to women-owned small business were capped at $4 million and $6.5 million under the program. WIPP had further success in improving the WOSB Federal Contract Program in 2014 with the passage of a new law that provided federal agencies with statutory authority to award sole-source contracts to women-owned small businesses. The WOSB program was the only major small business contracting program without this authority at the time – putting women entrepreneurs at a distinct disadvantage.

WIPP, American Express OPEN and the SBA will host a reception in Washington D.C. in April to recognize the leaders and organizations that played a role in meeting the five percent federal contracting goal for women-owned small businesses.

About Women Impacting Public Policy
WIPP is a national non-partisan public policy organization, advocating on behalf of nearly 1 million women-owned businesses representing 68 business organizations. For more information, please visit www.wipp.org.

About American Express OPEN
American Express OPEN is a leading payment card issuer for small businesses in the United States and supports business owners and entrepreneurs with products and services to help them run and grow their businesses. This includes business charge and credit cards that deliver purchasing power, flexibility, rewards, savings on business services from an expanded lineup of partners and online tools and services designed to help improve profitability. Learn more at www.OPEN.com and connect with us at openforum.com and twitter.com/openforum.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, Plenti rewards program, travel services, gift cards, prepaid cards, merchant services, corporate card, business travel and corporate responsibility.

Small Business Owners Investing Significant Personal Time and Savings to Grow Their Business, According to American Express OPEN Research

Wed, 03 Feb 2016 00:00:00 -0500

Seventy-nine percent of small business owners continue to make growing their business a top priority, but many are making personal sacrifices in the process. According to data from the most recent American Express OPEN Small Business Growth Pulse, 89% of small businesses indicate they invest a significant amount of their personal time in an effort to grow their business. Also in line with these findings, six in ten (60%) small business owners say they spend a larger percentage of time working ON their business to drive growth rather than IN their business managing details.

Many small business owners are not only giving their time, but are also contributing their personal finances to boost their business. More than two-thirds (68%) report that they invest a substantial portion of their personal savings to help their businesses grow. Within this finding, there is also a difference between male and female business owners. Male business owners (72%) are more likely than their female counterparts (62%) to be investing personal funds in order to grow their business. Business owners in the manufacturing industry are also more likely to invest a substantial portion of their personal savings in an effort to grow their business (89% for manufacturing vs. 73% for retail and 60% for the services industry).

Talent and Capital Investments Are Planned to Fuel Growth
As they follow their path to growth, a number of small business owners are planning both capital and talent investments. As many as 59% plan to hire staff over the next six months, and among those with hiring plans, 29% are planning to hire only full-time workers; 22% are planning to hire only part-time workers; and 8% are planning to hire both full and part-time workers. Additionally, 71% plan to make capital investments, which include investments in computer and systems software/additional software licenses (42%) and manufacturing/production equipment (23%).

“As 2016 unfolds, small business owners are working harder than ever to position their businesses for growth,” said Janey Whiteside, SVP & GM Customer Marketing & Relationship Management, American Express OPEN. “The personal commitments that small business owners make are vital to their success, and their planned investments are indicative of how important growth is in the coming year.”

Economy and Cash Flow Present Challenges to Growth
While small business owners remain confident in their ability to grow their businesses, the economy remains a top concern. Uncertain economic conditions was identified as the single greatest challenge that business owners face (24%; up from 17% when asked in August 2015), followed by concerns about the rising costs of doing business (17%; flat from August). Among manufacturers, financing (finding money to expand) is the biggest challenge (27%), followed closely by uncertain economic conditions (26%).

Cash flow is another cause for concern, as nearly two-thirds (64%) of small business owners expect to experience cash flow issues over the next six months. Their greatest cash flow concerns include:

Having enough cash on hand to win new business (18%)
The ability to accurately track cash flow (16%)
Accounts receivable (14%)

Despite these headwinds, small business owners see various ways to meet these challenges and grow their businesses. When asked about the top two most important triggers that could really take their business to the next level, 40% said expanding their product/service offerings while 34% said expanding the market for their current products and services.

Confidence in Access to Financing; Credit/Charge Cards Seen As Important Tool
An overwhelming majority of small business owners (92%) are confident that they can access the funding they need to grow their business. When looking at how they will fund and grow their businesses, 71% identify credit and charge cards as an important tool and 35% see them as a “very” important tool. Given the importance of credit cards as a source of short-term funding, three quarters (76%) of business owners who use credit cards for business expenses indicate that an increase in their credit limit would be beneficial to their business. And, among those who have hit their credit limit, more than half (57%) have attempted to have their limit increased.

More than three quarters of small business owners (78%) who use credit cards for business expenses say credit card rewards are important to their business. The rewards that they see as most valuable include:

Cash back (74%)
Airline miles (32%)
Travel discounts (29%)

Survey Methodology
The American Express OPEN Small Business Growth Pulse is based on an online sample of 1,001 U.S. small business owners/managers of companies with $250,000 or more in revenues and fewer than 100 employees. The anonymous survey was conducted via the Internet by Ebiquity December 9-18, 2015. The poll has a margin of error of +/- 3.1% at the 95% level of confidence.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, Plenti rewards program, travel services, gift cards, prepaid cards, merchant services, corporate card, business travel and corporate responsibility.

About Ebiquity, Plc.
Ebiquity are independent marketing performance specialists. Ebiquity enables brands across the world to make better informed decisions to improve their brand and business performance across integrated communications channels. Learn more at ebiquity.com.