American Express just completed its semi-annual survey of small businesses with under 100 employees. The outlook is slightly upbeat with 55 percent having a more optimistic outlook toward near-term prospects compared to 45 percent in March 2009.

However, no one is popping any corks.

Under one quarter, 23 percent (vrs. 28 percent in last spring), have plans for hiring. This it the lowest reading in the history of the survey.

The reports shows that America's entrepreneurs are shoring up defenses by cutting expenses and servicing exisiting customers with exquisite attention. Few are on the offensive. Only 26 percent say they are focused on growing their business.

Of course we in marketing point to the fact that down markets are the best time for expanding market share. I guess it's up to us to find ways to market more agressively in today's delicate survival mentality.

Download a copy of the American Express Small Business Survey

Thanks to Guy Kawasaki for the post on American Express