A majority of small biz owners (94%) believe satisfying their customers is most important, not how large they are, finds the American Express Small Business Monitor. Further, they feel customer loyalty leads to business longevity.
“It’s clear that small business owners make it a priority to put their customers first, and it’s working,” says Athena Varmazis, vice president and general manger, Small Business Services, American Express Canada. “They understand that it’s important to invest in growth, but not at the expense of their customers.”
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Additional findings include:
- 44% expect organic growth among current clients/customers;
- 44% expect growth to come by expanding their current client base;
- 57% identify growth as a top business priority;
- 71% feel equipped to grow their business;
- 36% report their business’ current financial position is improving, but this declined from 46% in August 2012; and
- 18% are willing to take above average or significant risks for their business in the next six months.
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“Over the past quarter, we’ve seen a drop in optimism levels,” says Varmazis. “As a result, small business owners are more mindful and cautious as they wrap up the year. While the Canadian economy has been doing well, the uncertainty with the US and European markets have likely caused business owners to carefully plan for the future.”