Outlook of Small Business Manufacturing Owners Fall 2009 Survey
The American Express OPEN Small Business Monitor, released each spring and fall, is based on a nationally representative sample of small business owners/managers of companies with fewer than 100 employees.
Key Small Business Sector Highlights
Manufacturers have maintained their outlook on the economy and business prospects compared to this time last year. Half (51%) of manufacturers have a positive outlook on par with (52%) last fall. However, manufacturers have had a significant rise in cash flow issues (61%, compared to just 47% last fall). Less than one quarter have hiring plans (22% down from 30% six months ago) and only one third (36%) plan to make capital investments (down significantly from 59% last fall). Two-thirds of the manufacturing sector says that the worst of US economic woes are not over (68%). However, they are likely to be "stressed-out' over the economy (64%). They are among the most likely to be willing to take a financial risk when compared to the services sector (55%, on par with 57% last fall). They are also most likely to recommend a friend or family member become an entrepreneur (65%). More than half (57%) say managing through the recession has made them a better business owner. Less than one third say that the current economy creates new opportunities for their business or that the current economy has caused them to rethink their decision to become an entrepreneur (27% and 28%). On average manufacturers work eleven hours and thirty minutes per day. (Click Graphic to View Survey Results)
American Express OPEN Small Business Monitor, released each spring and fall, is based on a nationally representative sample of 763 small business owners/managers of companies with fewer than 100 employees. The anonymous survey was conducted via telephone by Echo Research from August 11-25, 2009. The poll has a margin of error of (+ or -) 3.6%.
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