80% of Small Business Says Sales to Grow Says B of A

SBA Hot Topic Tuesday — 80% of Small Business Says Sales to Grow Says B of A
October 22, 2024
Bob Coleman

Nearly four out of five (78%) small and mid-sized business owners anticipate revenue growth in the next 12 months. This level of confidence spans most business owners, with 76% of women, 82% of Hispanic-Latino, 84% of Black/African American and 83% of Asian American and Pacific Islander (AAPI) entrepreneurs anticipating revenue growth in the year ahead.

Business owners across all surveyed cohorts are cautiously optimistic that economies will improve over the next 12 months. Nationwide, 66% believe the local economy will improve, 60% believe the national economy will improve, and 57% believe the global economy will improve.

However, data suggests that smaller employers are less optimistic. Some 78% of mid-sized business owners plan to expand and 61% plan to hire over the next year, while just 50% of small business owners plan to expand and 39% plan to hire.

“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,” says 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.”

Beyond hiring concerns, business owners across the country identified inflation and the political environment as top issues.