Bank of America releases the spring 2017 Small Business Owner Report

We are pleased to share the spring 2017 Bank of America Small Business Owner Report, a semi-annual study that uncovers the perspectives, aspirations and concerns of small business owners around the country.

This spring, small business owners' confidence in the economy has rebounded significantly from just six months ago and is at one of the highest levels recorded in the last five years. At the same time, the study uncovered that while confidence in the economy has jumped, entrepreneurs are cautious in their estimates for revenue growth and their plans to hire new employees in the coming year. Many were also modest when forecasting five-year business expansion plans.

Despite some caution, small business owners are experiencing less anxiety about several economic issues, including consumer spending, corporate tax rates, the strength of the U.S. dollar and the stock market. Health care remains the number one concern among small business owners, though the level of concern has also declined from six months ago.

While on average small business owners nationwide are taking a wait-and-see approach to hiring and expansion, millennial entrepreneurs, by contrast, indicate more ambitious plans to hire. Millennial small business owners also have higher expectations both for increased revenues in 2017 and business growth over the next five years.

Confidence in the economy hasn’t reduced stress levels among small business owners, who are reporting higher levels of stress compared to five years ago. In fact, one in four admit to having had a nightmare about their business failing. Despite this, entrepreneurs describe their jobs as fulfilling and satisfying, and feel they have achieved work-life balance.

When looking forward to the future of small business, entrepreneurs anticipate a workplace that is more virtual, automated and digital, with one in 10 saying they could see their business employing a robot within the next 20 years.

Whether you’ve been in business for 30 years or are just starting out, Bank of America is committed to helping provide you with a competitive advantage to sustain and grow your small business.

Sharon Miller, Managing Director, Head of Small Business, Bank of America

Download the spring 2017 Bank of America Business Advantage Small Business Owner Report


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