Despite above-average unemployment, bankruptcy and foreclosure rates, small business owners in California are more optimistic than the rest of the country about their prospects for the next six months.
According to a report released last week by American Express, 59 percent of California small business owners have an optimistic outlook for the next six months, compared to 49 percent nationwide.
"[Small businesses] streamlined operations, shifted priorities and made tough staffing choices during the recession, but they have come out the other side stronger than ever," said Susan Sobbott, president of American Express OPEN.
However, concerns over cash flow remain a pressing concern for the sector, as 72 percent cited worries about revenue, compared to only 57 percent last spring.
The same study also reported that plans for growth and expansion among small business owners surpassed aims to merely survive for the first time since 2006, suggesting a greater number of firms may incorporate in California this year.
Nonetheless, the Golden State is still faced with a litany of fiscal troubles, including a massive budget deficit that is forcing billions of dollars in cuts to public programs and stubbornly high double-digit unemployment.
Tags : ca, incorporation news, small business management
Posted: Apr 20th, 2011