According to findings released from American Express' Small Business Monitor, 20 percent of business owners think the economic climate is their biggest obstacle to growth. That's down from 23 percent when a similar survey was conducted in fall 2011.
At the same time, though, many business owners are taking a "wait and see" approach before taking any steps that would strengthen their companies. For example, just 29 percent of businesses surveyed said they intended to hire new employees between now and the end of the year. In the spring, this percentage was higher at 35 percent.
"In many ways, our research on small business sentiment mirrors economic indicators on the consumer front – confidence and optimism gauges are showing positive signs, but there is a sense that people are not willing to go all-in until after the elections," said Susan Sobbott, president of American Express OPEN, which is a division of the credit card company.
The poll also found that while they're not hiring, business aren't firing or cutting employee benefits either. Just 16 percent plan company layoffs, down from 21 percent this past April.
