This year’s report finds a steady stream of new challenges for business owners, but they’re remaining resilient and anticipate revenue increases and opportunities for expansion in 2022. As business owners look ahead to next few months, consumer spending will continue to play a key role in driving recovery from pandemic losses.
While business confidence is on the rise, entrepreneurs are wary of the short- and long-term impact of multiple economic forces. Confidence in the national and local economy dropped year-over-year, and rising inflation and supply chain disruptions continue to generate headwinds for business owners and drive operational changes. Meanwhile, business owners are continuing to prioritize attracting new talent and retaining existing employees, as hiring plans have rebounded to their highest level since fall 2018.
Looking longer term, entrepreneurs anticipate that emerging technologies, such as cybersecurity, 5G and automation, will become increasingly important to business success. Many business owners are also adopting digital tools at a higher rate to aid in their business operations, including online banking and cashless payments.
As they reflect on the past 10 years of business ownership, entrepreneurs acknowledge a challenging but rewarding decade. Most business owners agree that business ownership has become more difficult, but community and family support continue to play a key role in keeping business owners passionate and excited for the future.
Whether you’ve been in business for decades or are just starting out, Bank of America is committed to helping provide you with the resources necessary to manage, sustain and grow your business.
