New Small Business Owner Snapshot Reveals Plans for Growth

Jan 15, 2020 | Partner News



Bank of America's Business Advantage Fall 2019 Small Business Owner Snapshot was recently released and reveals entrepreneurs are planning to enter the new decade on a high-note, as four-in-five anticipate year-over-year growth.

The biannual study explores the perspectives, aspirations and concerns of small business owners nationwide and in 10 major metro markets. Key findings include: 

  • Small business growth indicators remain strong. Over the next year, 69% of business owners plan to expand (level from 67% in fall 2018) and 58% expect their revenue to increase (level from 57% in fall 2018).
  • National economic confidence weakens. Business owners maintain a positive outlook on their local economies (52% level from 54% in fall 2018), while expressing a more cautious view of the national economy (49% down from 55% in fall 2018. The top factors shaping confidence in the national economy this fall are elections (91%) and the U.S. political climate (90%).
  • Shift in economic concern. Health care costs (61%) and the political environment (61%) remain the top two issues of greatest concern for entrepreneurs, though concern has declined from 66% and 65%, respectively, since this spring. Conversely, uneasiness around consumer spending (54% vs. 47% in spring 2019), strength of the U.S. dollar (50% vs. 46% in spring 2019) and corporate tax rates (45% vs. 40% in spring 2019) are on the rise.
  • More business owners impacted by U.S. trade policies. There has been a steady increase in the number of business owners impacted by U.S. trade tariffs and policy over the last 12 months (44% have been impacted vs. 35% in fall 2018). The areas of greatest impact have been on the costs of goods and supplies (61% have seen an increase), and the need to increase customer pricing (55%).
  • Holiday season brings challenges and stressors, but resilient business owners have ways to cope. The biggest challenge for entrepreneurs this holiday season is balancing work and personal commitments (42%). The top ways they plan to cope with holiday-related stress are by taking extra steps toward self-care (48%) and/or planning a vacation (38%).

For further insights, download the complete Snapshot here.  

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