Small business owners are optimistic for growth in 2024

NEW YORK (AP) — While it seems increasingly unlikely the US economy is headed for recessionsmall businesses still face headwinds like higher costs and difficulty retaining qualified workers.

But owners say they’re optimistic as 2024 gets underway, according to a new survey from American Express.

Eighty-five percent of all small businesses surveyed said they were satisfied with the success of their business, and 86% said they achieved their 2023 business goals. In August 2023, by contrast, 80% of all small businesses surveyed said their long-term financial confidence was being negatively impacted by the economy.

AP correspondent Mae Anderson reports on the optimism of business owners.

“Even in uncertain economic conditions, small businesses continue to demonstrate resiliency and dedication,” said Gina Taylor Cotter, executive vice president and general manager of American Express’ small business products & Business Blueprint. “Our latest data shows small businesses see a positive 2024 ahead and they’re taking steps, including hiring, and implementing new tools, in order to stay proactive and competitive.”

Fifty percent of small businesses surveyed have plans to grow or expand their business in 2024. But only 28% said they plan on hiring more employees, as hiring and retention remains a sticking point

Alberta budget keeps costs down for small businesses

Education property tax freeze positive news. Opportunities to further reduce costs for small businesses.

Calgary, February 29, 2024 – The Canadian Federation of Independent Business (CFIB) welcomes today’s provincial budget that further builds on the government’s plan of long-term fiscal stability and debt repayment. While the government’s commitment to freeze the education property tax is positive news, businesses were hoping that this year’s budget would include further measures such as lowering the small business tax rate and increasing its threshold, while also reducing insurance taxes.