Holding onto current sales and customers has jumped to the top priority for entrepreneurial operations like restaurants, surpassing such usual imperatives as growing the business, according to research released Thursday by American Express.
Small businesses hope to keep their clientele by emphasizing service as a point of difference, the charge card company indicated in its analysis of the study, which surveyed 768 business owners with fewer than 100 employees. The survey was conducted in August.
According to the study, 51 percent of the business owners reported working longer hours. In addition, 56 percent of respondents said they are reducing or accepting lower profit margins, and 55 percent acknowledged cash flow “issues,” compared with 49 percent who cited that problem last fall.
Roughly half of those surveyed said they would cut capital expenditures, while 46 percent said they would postpone outlays for marketing.
Small businesses hope to keep their clientele by emphasizing service as a point of difference, the charge card company indicated in its analysis of the study, which surveyed 768 business owners with fewer than 100 employees. The survey was conducted in August.
According to the study, 51 percent of the business owners reported working longer hours. In addition, 56 percent of respondents said they are reducing or accepting lower profit margins, and 55 percent acknowledged cash flow “issues,” compared with 49 percent who cited that problem last fall.
Roughly half of those surveyed said they would cut capital expenditures, while 46 percent said they would postpone outlays for marketing.
