This year’s report found that small business owners have strong business expectations for the next year, as two-thirds expect their revenue to increase in the year ahead. Additionally, most economic concerns have dropped since last fall as business owners reevaluate the current landscape.
However, overall economic confidence has dipped since last year. Only one-third of business owners believe the national economy will improve over the next 12 months, and just 41% believe their local economy will improve. Business owners have also tempered their plans to obtain funding and expand their businesses in the year ahead.
In preparation for the coming year, women and minority business owners have several focus areas for their businesses. Nearly three quarters of women business owners plan to obtain funding for their business in 2024. Hispanic-Latino and AAPI small business owners are looking to broaden their educational resources to help them improve efficiencies across their businesses. Black business owners are bullish on expansion and revenue growth, while also embracing new ways of working.
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 small business.