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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.

Download the report

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

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