BofA Study: Nearly 80% of U.S. Business Owners Anticipate Revenue Growth in the Coming Year
Bank of America's 2024 Women & Minority Business Owner Spotlight reveals 78% of small and mid-sized business owners expect revenue growth in the next 12 months. This optimism is shared across diverse groups, with 76% of women, 82% of Hispanic-Latino, 84% of Black/African American, and 83% of AAPI entrepreneurs anticipating growth. The survey, covering over 2,000 business owners, shows 66% believe local economies will improve, while 60% expect national economic improvement.
Key findings include:
- 57% of women business owners plan to expand
- 78% of Hispanic-Latino owners plan expansion
- 77% of Black/African American owners plan to expand
- 73% of AAPI owners plan expansion
Business size impacts outlook, with 78% of mid-sized businesses planning expansion compared to 50% of small businesses. Challenges include inflation, political environment, and labor issues, with many owners implementing strategies to attract talent and improve customer interactions.
Il rapporto di Bank of America del 2024 su donne e imprenditori minoritari rivela che il 78% dei proprietari di piccole e medie imprese prevede una crescita dei ricavi nei prossimi 12 mesi. Questo ottimismo è condiviso da gruppi diversi, con il 76% delle donne, l'82% degli imprenditori ispanico-latini, l'84% dei neri/afroamericani e l'83% degli imprenditori AAPI che si aspettano una crescita. Il sondaggio, che ha coinvolto oltre 2.000 imprenditori, mostra che il 66% crede che le economie locali miglioreranno, mentre il 60% prevede un miglioramento dell'economia nazionale.
I risultati chiave includono:
- Il 57% delle imprenditrici prevede di espandere la propria attività
- Il 78% dei proprietari ispanico-latini prevede espansione
- Il 77% dei proprietari neri/afroamericani prevede di espandere
- Il 73% dei proprietari AAPI prevede espansione
La dimensione dell'azienda influisce sulle prospettive, con il 78% delle medie imprese che pianificano un'espansione rispetto al 50% delle piccole imprese. Le sfide comprendono l'inflazione, l'ambiente politico e i problemi lavorativi, con molti proprietari che attuano strategie per attrarre talenti e migliorare le interazioni con i clienti.
El informe de Bank of America sobre Mujeres y Empresarios Minoritarios de 2024 revela que el 78% de los propietarios de pequeñas y medianas empresas esperan un crecimiento de ingresos en los próximos 12 meses. Este optimismo se comparte entre diversos grupos, con el 76% de mujeres, el 82% de hispanos-latinos, el 84% de negros/afroamericanos y el 83% de empresarios AAPI anticipando crecimiento. La encuesta, que cubre a más de 2,000 propietarios de negocios, muestra que el 66% cree que las economías locales mejorarán, mientras que el 60% espera una mejora económica nacional.
Los hallazgos clave incluyen:
- El 57% de las propietarias de negocios planean expandirse
- El 78% de los propietarios hispanos-latinos planean expansión
- El 77% de los propietarios negros/afroamericanos planean expandirse
- El 73% de los propietarios AAPI planean expansión
El tamaño del negocio impacta la perspectiva, con el 78% de las medianas empresas planeando expansión en comparación con el 50% de las pequeñas empresas. Los desafíos incluyen la inflación, el entorno político y los problemas laborales, con muchos propietarios implementando estrategias para atraer talento y mejorar las interacciones con los clientes.
뱅크 오브 아메리카의 2024년 여성 및 소수 민족 기업주 조명 보고서에 따르면, 중소기업 소유자의 78%가 다음 12개월간 수익 성장을 기대하고 있습니다. 이 같은 낙관론은 다양한 그룹에서 공유되고 있으며, 여성의 76%, 히스패닉-라틴계의 82%, 흑인/아프리카계 미국인의 84%, AAPI 기업가의 83%가 성장을 예상하고 있습니다. 2,000명 이상의 기업주를 대상으로 실시된 설문조사 결과, 66%는 지역 경제가 개선될 것이라고 믿고 있으며, 60%는 국가 경제 개선을 기대하고 있습니다.
주요 발견은 다음과 같습니다:
- 여성 기업주 중 57%가 사업 확장을 계획하고 있습니다
- 히스패닉-라틴계 소유자 중 78%가 확장을 계획하고 있습니다
- 흑인/아프리카계 미국인 소유자 중 77%가 확장을 계획하고 있습니다
- AAPI 소유자 중 73%가 확장을 계획하고 있습니다
사업 규모에 따라 전망이 달라지며, 중견기업의 78%가 확장을 계획하고 있는 반면, 소규모 기업은 50%에 불과합니다. 도전 과제로는 인플레이션, 정치적 환경, 노동 문제가 있으며, 많은 소유자들이 인재를 유치하고 고객 상호작용을 개선하기 위한 전략을 실행하고 있습니다.
Le rapport de Bank of America sur les femmes et les entrepreneurs issus de minorités de 2024 révèle que 78 % des propriétaires de petites et moyennes entreprises s'attendent à une croissance des revenus au cours des 12 prochains mois. Cet optimisme est partagé au sein de divers groupes, avec 76 % des femmes, 82 % des Hispano-Latinos, 84 % des Noirs/Afro-Américains et 83 % des entrepreneurs AAPI anticipant une croissance. L'enquête, réalisée auprès de plus de 2 000 propriétaires d'entreprise, montre que 66 % croient que les économies locales vont s'améliorer, tandis que 60 % prévoient une amélioration de l'économie nationale.
Les principales conclusions incluent :
- 57 % des femmes propriétaires d'entreprise prévoient d'étendre leurs activités
- 78 % des propriétaires hispano-latinos prévoient une expansion
- 77 % des propriétaires noirs/afro-américains prévoient d'expanser
- 73 % des propriétaires AAPI prévoient une expansion
La taille de l'entreprise a un impact sur les perspectives, avec 78 % des entreprises de taille intermédiaire prévoyant une expansion contre 50 % des petites entreprises. Les défis incluent l'inflation, l'environnement politique et les problèmes de main-d'œuvre, avec de nombreux propriétaires mettant en œuvre des stratégies pour attirer des talents et améliorer les interactions avec les clients.
Der Bericht von Bank of America über Frauen und Unternehmerinnen aus Minderheiten 2024 zeigt, dass 78 % der Inhaber kleiner und mittelgroßer Unternehmen ein Umsatzwachstum in den nächsten 12 Monaten erwarten. Dieser Optimismus ist in verschiedenen Gruppen verbreitet, wobei 76 % der Frauen, 82 % der Hispano-Latino, 84 % der Schwarz/Afroamerikaner und 83 % der AAPI-Unternehmer ein Wachstum erwarten. Die Umfrage, die über 2.000 Unternehmensinhaber umfasst, zeigt, dass 66 % glauben, dass sich die lokalen Wirtschaften verbessern werden, während 60 % eine Verbesserung der nationalen Wirtschaft erwarten.
Die wichtigsten Ergebnisse umfassen:
- 57 % der Unternehmerinnen planen eine Expansion
- 78 % der Hispano-Latino-Inhaber planen eine Expansion
- 77 % der Schwarz/Afroamerikaner-Inhaber planen eine Expansion
- 73 % der AAPI-Inhaber planen eine Expansion
Die Unternehmensgröße beeinflusst die Aussichten, wobei 78 % der mittelgroßen Unternehmen eine Expansion planen im Vergleich zu 50 % der kleinen Unternehmen. Zu den Herausforderungen gehören Inflation, das politische Umfeld und Arbeitsfragen, wobei viele Inhaber Strategien umsetzen, um Talente zu gewinnen und die Kundeninteraktionen zu verbessern.
- 78% of small and mid-sized business owners expect revenue growth in the next 12 months
- 66% of business owners believe local economies will improve
- 60% of business owners expect national economic improvement
- 57% of women business owners plan to expand their business
- 78% of Hispanic-Latino business owners plan to expand their businesses
- 77% of Black/African American business owners plan to expand
- 73% of AAPI business owners plan to expand their businesses
- 78% of mid-sized businesses plan expansion
- Only 50% of small businesses plan to expand
- Business owners identified inflation as a top concern
- Political environment cited as a top issue for business owners
- 81% of Hispanic-Latino business owners report labor challenges impacting their business
- 33% of Hispanic-Latino owners are working more hours personally due to staffing shortages
Insights
The survey results paint a cautiously optimistic picture for small and mid-sized businesses in the U.S., with 78% anticipating revenue growth in the next 12 months. This broad-based confidence spans across various demographic groups, including women and minority-owned businesses.
Key points for investors:
- Mid-sized businesses show stronger expansion plans (78%) compared to small businesses (50%), indicating potential opportunities in companies serving larger SMEs.
- Hiring intentions are robust, especially among mid-sized businesses (61%), suggesting continued strength in the labor market.
- The focus on employee education and technology adoption, particularly AI for hiring (91% among AAPI owners), could drive productivity gains.
- Inflation and political environment remain top concerns, which may impact profit margins and business planning.
For Bank of America (BAC), this outlook bodes well for its small and mid-sized business banking segment. The anticipated expansion and funding needs (94% for Hispanic-Latino and Black/African American owners) could drive loan demand and fee income. However, investors should monitor the divergence between smaller and larger businesses, as it may affect BAC's portfolio risk and growth strategies.
This comprehensive survey offers valuable insights into the U.S. small and mid-sized business landscape, revealing several trends that could impact various sectors:
- The high percentage of businesses planning to expand their customer base (65% for women-owned businesses) and create an online presence (48%) suggests continued growth in digital marketing and e-commerce sectors.
- Increased focus on personalized customer interactions (70% for Black/African American owners) and social media presence (54%) indicates opportunities for CRM and social media marketing platforms.
- The widespread adoption of AI for staffing (91% among AAPI owners) points to potential growth in HR tech and AI-driven recruitment solutions.
- Labor challenges remain a significant issue, with businesses raising wages and owners working more hours. This could lead to increased demand for automation and productivity tools.
Investors should consider companies that provide services or technologies addressing these needs, such as digital transformation consultancies, AI-powered HR solutions and customer experience platforms. The survey also highlights the resilience and growth potential of minority-owned businesses, which could present opportunities in diversity-focused investment funds or companies with strong supplier diversity programs.
Majority of women and minority business owners surveyed plan to expand their businesses over the next 12 months
This is according to the 2024 Bank of America Women & Minority Business Owner Spotlight (PDF), published in partnership with Bank of America Institute. The survey of more than 2,000 small and mid-size business owners across the country explores sentiments about business outlook, access to capital, how they manage their employees, and how they interact with their community. This annual survey samples a general population of small and mid-sized business owners and includes specific insights into the perspectives of women, Hispanic-Latino, Black/African American and AAPI business owners.
"These businesses are the heart of the
Confidence varies by business size
Business owners across all surveyed cohorts are cautiously optimistic that economies will improve over the next 12 months. Nationwide,
However, data suggests that smaller employers are less optimistic. Some
"Finding quality labor is one challenge facing many smaller firms, though employment growth is still strong, and our clients continue to be optimistic about staffing," said Sharon Miller, president and co-head of Business Banking for Bank of America. "In the year ahead, they are looking to invest in their employees and utilize technology to bolster their hiring and improve client experiences."
This divergence across business size aligns with Bank of America Institute's September Small Business Checkpoint, which found lower confidence among smaller businesses compared to their larger counterparts. However, consistent with the survey finding that business owners are continuing to expand their businesses, the Small Business Checkpoint showed continued payroll growth and elevated hiring demand compared to 2019.
Beyond hiring concerns, business owners across the country identified inflation and the political environment as top issues.
Women business owners pursue expansion
Over half (
- Growing their customer base (
65% ) - Creating an online presence (
48% ) - Utilizing professional services (
35% )
Even with expansion goals in mind,
Hispanic-Latino business owners express confidence
Hispanic-Latino business owners report strong confidence in the economy. Of these business owners,
Esmerelda Hernandez, founder and CEO of
Labor challenges are also top of mind for Hispanic-Latino business owners, with
- Raising wages to attract more competitive talent (
33% ) - Working more hours personally due to staffing shortages (
33% )
To learn more about the opportunities and struggles for Hispanic-Latino business owners, see our 2024 Hispanic-Latino Business Owner Spotlight (PDF).
Black/African American business owners prioritize customer interactions
Black/African American business owners are optimistic about their success in the year ahead and report strong business and economic outlooks. Over the coming year,
Black/African American entrepreneurs are prioritizing personalized customer interactions, with
- Increasing their presence on social media (
54% ) - Offering personalized deals and discounts to individual customers (
45% )
AAPI business owners planning to expand and hire
AAPI business owners also hold strong expectations for economic growth and success in the coming year:
71% believe the national economy will improve70% believe their local economies will improve73% plan to expand their businesses over the year
AAPI business owners also plan to seek capital and plan to improve their workforce stability in the year ahead. Sixty percent plan to hire more employees and many are utilizing technology and AI tools to assist their hiring efforts.
91% of AAPI business owners reported using AI as an approach to staffing in the past year, almost 30 percentage points higher than non-AAPI business owners.
Bank of America 2024 Women & Minority Business Owner Spotlight Methodology
Ipsos conducted the Women & Minority Business Owner Spotlight survey online between August 7 and August 21, 2024, using a pre-recruited online sample of small and mid-sized business owners. Ipsos contacted a national sample of 752 small business owners in
Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.
Reporters may contact:
Susan Atran, Bank of America
Phone: 1.646.743.0791
susan.atran@bofa.com
Anu Ahluwalia, Bank of America
Phone: 1.646.855.3375
anu.ahluwalia@bofa.com
1 | Defined as having revenue of |
2 | Defined as having revenue less than |
View original content to download multimedia:https://www.prnewswire.com/news-releases/bofa-study-nearly-80-of-us-business-owners-anticipate-revenue-growth-in-the-coming-year-302271255.html
SOURCE Bank of America Corporation
FAQ
What percentage of U.S. business owners expect revenue growth in 2024 according to Bank of America (BAC) study?
How do expansion plans differ between mid-sized and small businesses in the BAC survey?
What percentage of women business owners plan to expand in 2024 according to BAC's study?
What are the top concerns for business owners identified in the BAC 2024 study?
How are Hispanic-Latino business owners addressing labor challenges according to BAC's 2024 survey?
