Bank of America releases the spring 2018 Small Business Owner Report

We are pleased to share the spring 2018 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.

In this spring’s report, we found some of the highest levels of optimism among U.S. entrepreneurs since we began surveying them in 2012. Confidence in the economy – both at the national and local levels – is the highest it’s been since 2015 and the second highest in the history of the report. Revenue projections, plans to expand and long-term growth are also up year-over-year. Hiring, too, is on the rise, with more business owners saying they intend to staff up in the year ahead.

Some of this optimism may be due in part to recent changes made to the U.S. tax law, which many entrepreneurs in our survey described as a “game-changer.” The majority say they plan to invest tax savings back into their business, including to expand operations, and reward and hire employees.

The report also looked at how digital and other emerging technologies are impacting, and even disrupting, the small business landscape. We found that nearly all small businesses manage some aspect of their business on their smartphone, while one-third use it to process digital payments. Digital payment adoption is moving full steam ahead, with most entrepreneurs believing that the conversion to cashless will happen within the next five years.

Other technologies – such as the Internet of Things, data analytics, 3D printing and even Artificial Intelligence – are set to transform the future of small business, with nearly half of entrepreneurs reporting they are using or currently exploring one such technology. We also found that blockchain, and its relevance to small businesses, is still largely an unknown.

Finally, we also see business owners grappling with the risk that comes with a greater reliance on digital technology as nearly one in 10 business owners said they were impacted by a data breach in the past year.

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 2018 Bank of America Small Business Owner Report

4/26/2018


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