The report found that most U.S. business owners with revenues up to $50 million are bullish about the coming year, anticipating growth for their businesses despite economic challenges. 78% of entrepreneurs expect their revenue to increase in the year ahead, while 63% plan to expand their businesses. Additionally, business owners are cautiously confident that the local, national and global economies will improve over the next 12 months. However, inflation and supply chain issues continue to impact most business owners, causing many to adjust their business plans.
Women, Hispanic-Latino, Black/African American and AAPI business owners share a strong business and economic outlook, with most expecting revenue growth in the next year. Specific breakouts indicate the following:
- More than half of women business owners plan to expand their business in the year ahead, as they value their work-life balance and many weigh the time requirements of their businesses and personal lives when deciding whether to expand their business.
- Labor shortages and hiring are top of mind for Hispanic-Latino business owners. To alleviate staffing challenges, some Hispanic-Latino business owners are turning to AI and other automation tools for tasks such as helping the hiring process and streamlining routine operations for existing employees.
- Similarly, Black/African American business owners are addressing labor shortages by investing in employees. Most are making a concerted effort to retain talent by providing educational resources for employees, supporting their financial wellness and implementing strategies to enhance employee satisfaction.
- AAPI business owners’ economic confidence is bolstering their business plans and encouraging expansion. Despite this confidence, supply chain issues are impacting AAPI business owners at high rates, with 82% reporting challenges. Over half say better supply chains would improve their economic confidence.
Whether you’ve been in business for decades or are just starting out, 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.
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Learn about the perspectives, aspirations and concerns of business owners across the country, with a particular focus on women and minorities.
