According to recent data from the OPEN from American Express Small Business Monitor, small-business optimism is at its lowest point in the survey's six-year history. Some of the main concerns cited by small-business owners include cash flow, the costs of doing business and rising energy costs.
The economy is also affecting how entrepreneurs will vote come November. According to the survey, four in 10 small-business owners say the economy is the issue that will most sway their decision in the upcoming presidential election.
The survey discovered that business owners in the retail industry have the most negative outlook on the economy. In addition, about 20 percent of small-business owners in the North Central states report that their companies risk going out of business due to the economy.
Despite these dismal statistics, the OPEN from American Express Small Business Monitor found that growth is still a priority for entrepreneurs, reporting that seven in 10 business owners plan to grow their business over the next six months, with 31 percent planning to hire.