Edition #19 - Findings From the American Express Small Business Financial Confidence Report

In this exclusive interview with #YahooFinance, Anna Marrs(#AmericanExpress Group President of Global Commercial Services and Credit & Fraud Risk) joins them to discuss their discoveries and understanding from their first Small Business Financial Confidence Report.

Summary of the interview

1. Only 50% of #smallbusinesses feel genuinely confident about financial decisions. The number falls even lower to 29% when speaking about the smallest or micro-businesses.
2. 40% of small businesses didn’t take a growth opportunity due to the lack of financial confidence.
3. Tighter lending conditions are affecting small businesses and their #cashflow. 32% of small businesses seek more guidance because of cash flow issues and 41% of small businesses turn down opportunities due to a lack of cash flow.
4. #Staffing remains a major concern due to financial uncertainty for small businesses as well.?
5. 39% of small businesses in the report have started using #AI to #automate tasks and save time, 21% have implemented some sort of AI solution for #datasecurity, and 20% of the businesses are using AI for improving and optimizing their customer service.?

While this small business report was made by surveying 550 small businesses in the US, it isn’t far fetched to say that the problems and the observations that this report showcases is applicable to small businesses across the globe.

Understanding your business financial situation and having a clear view of your cash flow has never been more important in tough economic conditions like the one we’re currently going through.

If you’re finding it difficult to get #credit for your business and need a way to optimise your entire company’s spending then we have good news for you.

Check out Volopay’s suite of financial tools to track, manage, and control business expenses. We also offer a flexible credit line with super low interest rates compared to traditional financial institutions.

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• PhonePe: The First Payment App to Link 2 Lakh Rupay Credit Cards to UPI

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