Bank of America is proud to present the findings of our 2023 Small Business Owner Report, our annual study on the viewpoints, goals, and concerns facing small business owners nationwide.
This year’s report shows a bullish business outlook for entrepreneurs, as two-thirds of business owners expect their revenue will increase over the next year. A majority of business owners are also reporting higher revenue compared to last year, and nearly half plan to expand their business in the year ahead.
While business owners are optimistic about their own prospects, they are cautious about the macroeconomic forecast. Inflation and supply chain issues are still top of mind, and confidence in the local and national economies remains at historically low levels. Coupled with rising interest rates and commodities prices, business owners are aware of impacts to long-term planning. The threat of a potential recession also looms, with 72% of small business owners expressing concern, but 76% of entrepreneurs say their business is equipped to survive a recession.
In the face of these challenges, business owners continue to move forward with hiring plans, as 34% plan to hire this year. In a tight labor market, small business owners are staying competitive by investing in their staff. Over the past 12 months, more than half of small business owners implemented additional benefits to retain talent, as 75% of these business owners reported that their efforts meaningfully impacted employee morale and retention.
Looking to the future, business owners are modernizing their operations by investing in new tools and technologies to optimize their businesses. Digital options, such as cashless payments and mobile banking, are helping entrepreneurs stay efficient, while most entrepreneurs plan to embrace artificial intelligence and automation to differentiate their business.
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.