Bank of America Releases the 2024 Business Owner Report

Bank of America is pleased to present the findings of our 2024 Business Owner Report, a comprehensive study on the viewpoints, goals and concerns facing small and mid-sized business owners nationwide.

This year’s report findings indicate that U.S. small and mid-sized business owners maintain a positive outlook as a majority expect their revenues to increase during the next 12 months.

Small business owners are confident in their business, with nearly two-thirds expecting increased revenue in the year ahead. Small business owners’ concerns around most economic factors have tempered since last spring, particularly around recession concerns and supply chain issues. Overall economic confidence has held steady as business owners navigate the ongoing impacts of inflation on their business and plan around high interest rates.

“With anticipated revenue increases, business owners are finding ways to engage with customers and implement new technologies that will help them differentiate their businesses,” said Sharon Miller, President and Co-Head of Business Banking at Bank of America.

Mid-sized business owners are optimistic overall, with 87% of owners expecting their revenue to increase in the year ahead, up significantly from spring 2023. Business expansion is also on the rise with 80% of mid-sized business owners planning to expand their business over the next 12 months.

“Our report finds that most mid-sized business owners are planning to expand their businesses and hire in the coming year,” said Raul Anaya, President and Co-Head of Business Banking at Bank of America. “These business owners indicated confidence in their revenue growth as well as local, national and global economies.”

Entrepreneurs are adopting digital tools across their operations to help save time, stay organized and reach new customers. Many are also implementing sustainable business practices, such as recycling or purchasing energy-efficient equipment.

Bank of America is a trusted partner and knowledgeable resource to provide business owners of all sizes with the information, tools and technology necessary for their long-term growth and success.

Bringing Smiles to the West Coast

Dentistry has always been a part of Dr. Ashley Joves’ life. As a child, she often spent time at the dental office where her mother worked, singing to patients and bringing smiles to their faces. Now, as the founder of Smile + Co., Dr. Joves continues to spread positivity through her own dental practice, which prioritizes care, comfort and compassion.

A few years after graduating from New York University (NYU) College of Dentistry in 2009, Dr. Joves moved back home to California in 2011 and eventually made the life-changing decision to open her own practice – one that was more casual and approachable than the practices she previously experienced. She began to document her journey on social media, starting with a Facebook Live post announcing the opening of her practice. She then gained support from thousands of friends, family and followers who appreciated her authenticity and fresh approach to the dental industry.

Founded in 2017, Smile + Co. has since expanded beyond its original location in Folsom, California. With support from Bank of America, Dr. Joves opened a second practice in Roseville, California in 2023. She formed a strong relationship with Bank of America Regional Business Development Officer Forrest Wiederman, who worked closely with her to ensure she felt supported in every step of her process. Becoming her go-to contact, Forrest and his team helped make Dr. Joves’ goal of creating her dream practice a reality.

“I feel like I’ve chosen a great partner to work with,” said Dr. Joves. She appreciated the attentiveness of her team at Bank of America when securing her second loan, feeling like they were in lockstep throughout her experience, which is a feeling she works to recreate within her own practice.

Like many business owners today, Dr. Joves recognizes the importance of creating a meaningful, individualized and caring customer experience for each of her patients. “I wanted to create an environment that felt more like visiting friends than coming to the dentist,” said Dr. Joves.

Her team prioritizes regularly checking in with patients during their appointments, requesting feedback at the end of every visit, reading every review and taking time to listen to their clients, ensuring that they are able to provide the best service possible.

Beyond Smile + Co., Dr. Joves hosts the “Little Black Dress Podcast” with “second-in-command” and Clinical Lead Collin Al-Samarrie, which aims to empower and inspire confidence in women and underscore the importance of friendship. In addition to this, Dr. Joves says she is prioritizing the growth of her newest practice and working to encourage women business owners, helping to pave the way for women looking for growth and opportunity.

As Dr. Joves notes, owning a business is “an ever-evolving process.” As questions and challenges arise, maintaining relationships and keeping lines of communication open can ease the process, enabling business owners to take new opportunities.

Bank of America is proud to support business owners like Dr. Joves, and entrepreneurs like her, every step of the way. To learn more about Dr. Joves’ business visit, https://www.smileandcompany.com/.

Download the report

Learn about the viewpoints, goals and concerns facing small and mid-sized business owners nationwide.