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Despite headwinds from supply chains, inflation and labor shortages, small business owners are We have a strong outlook for the year ahead. The report, based on her survey of more than 1,300 small business owners across the country, adds additional insights on gender and ethnicity, where earnings expectations rose to their highest in seven years, It turns out that expansion plans have increased significantly since the spring. Over the next 12 months:
- 66% of business owners expect revenue growth, the highest level in seven years
- 52% plan to expand their business, up from 37% this spring.
- 83% plan to raise capital for their business, up from 70% this spring.
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With a recession looming, 77% of entrepreneurs say their business is prepared to weather it. Sharon Miller, President, Small Business and Head of Specialty Banking and Lending, Bank of America, said: “The data underscores what we have seen time and time again: the continued resilience of small business owners, whose success underpins our local and national economies. and continues to be.” |
Sharon Miller |
When asked about their main concerns, small business owners identified inflation (75%) and commodity prices (69%), followed by potential recession (67%) and the US political environment (66%). , followed by the interest rate (65%). A majority (88%) say inflation and supply chain issues (80%) continue to affect their business, leading to higher prices.
Amid the labor shortage, employers report hiring plans are at their highest level in seven years, with 38% planning to hire in the next 12 months. A majority of business owners (61%) said labor shortages are currently affecting their business, up from 41% in the spring. Business owners affected include:
- 49% are working more hours
- 31% are raising wages to attract competitive talent
- 30% are struggling to fill vacancies
The report also includes specific insights on the perspectives of women, blacks, Hispanic Latinos, Asian Americans, and Pacific Islanders (AAPI) Business owners examine key areas such as access to capital, business prospects, social change, and community.
More than a quarter (29%) of female business owners surveyed say they do not believe they will have equal access to capital, compared with 40% of Black business owners and 27% of Hispanic-Latino business owners. %, AAPI My business owner said the same thing.
Minority business owners report having more difficulty accessing business finance than the national average, with 46 percent of Black and Hispanic-Latino business owners AAPI Employers reporting personal challenges. Black business owners were most likely to be concerned about getting credit, with 57% of black business owners surveyed expressing concern, whereas overall he was 45%.
Female business owners have an overall positive business outlook, but are less confident about their business and the wider economic climate than their male colleagues. Over the next 12 months:
- 63% expect increased revenue compared to 68% of male business owners
- 47% plan to expand their business compared to 57% of male business owners.
- 38% believe the domestic economy will improve compared to 50% of male business owners
Overall, female business owners say they face more challenges in business than male business owners, with a majority (59%) striving harder to achieve the same success as men. I have to work to.
Fifty-five percent of black business owners say racial justice and fairness are important to their business, compared to 30% of non-black business owners. Eighty-seven percent of Black business owners say they are committed to driving social change through their business, and two in five say they are making social changes through their business through volunteerism, operational changes, and financial commitments. have a positive pledge or commitment to a public cause. As a result of these efforts:
- 61% say their sales have increased
- 40% say they are more connected to their community
- 34% say their customer base has increased
Additionally, Black business owners are more optimistic about their business prospects than non-Black business owners. Over the next 12 months:
- 72% expect increased revenue compared to 63% of non-Black business owners.
- 65% plan to expand their business compared to 50% of non-Black business owners.
With their family’s future in mind, the majority of Hispanic Latino business owners (86%) are committed to building intergenerational wealth through their businesses. Community involvement is also a priority. His 88% of Hispanic Latinx business owners say they actively give back to their communities through actions such as donating products and services, volunteering, and sponsoring local events and teams. .
Additionally, Hispanic-Latino business owners are more optimistic about their business prospects than non-Hispanic-Latino business owners. Over the next 12 months:
- 71% expect increased revenue compared to 65% of non-Hispanic Latino business owners
- 59% plan to expand their business, compared to 52% of non-Hispanic Latinx business owners
AAPI Business owners report strong support systems, with 80% saying their family supports their business.Delivering to the next generation is also a top priority, with 82% AAPI A business owner who aims to build wealth for generations through business. In addition, more than 1 in 3 (37%) AAPI The business owner said he received guidance in starting a business from his family.
When asked about their business outlook for the next 12 months, 62% of businesses said AAPI Business owners said they expect revenue to increase, with 60% saying they have plans to expand their business (versus 52% of non-business owners).AAPI business owner).
For more insights on domestic small business owners, read the full Bank of America 2022 Women and Minority Business Owners Spotlight.
Ipsos Public Affairs will conduct the Bank of America 2022 Women & Minority Business Owner Spotlight survey online from July 26th to August 17th, 2022 using a pre-recruitment online sample of small business owners. did. Ipsos contacted a national sample of 1,308 U.S. small business owners with annual revenues between $100,000 and $4,999,999 and employing between 2 and 99 employees to conduct a survey of Hispanic small business owners. We conducted 357 interviews, 369 interviews with Black small business owners, and 150 interviews. Asian-American small business owner. Final results for the national and demographic segments are weighted to national benchmark criteria for size, revenue, and region, while final results for the Hispanic segment are weighted by size, revenue, region, and whether respondents are predominantly English-speaking or Spanish-speaking. were weighted based on whether they speak – Busy.
Bank of America is one of the world’s leading financial institutions, providing a full range of banking, investment, wealth management and other financial and risk management products and services to individual consumers, small businesses and large corporations. doing. The company offers unparalleled convenience in the United States, operating approximately 4,000 retail financial centers and approximately 16,000 ATMs Award-winning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate banking, investment banking and trading across a broad range of asset classes, serving businesses, governments, institutions and individuals around the world. Bank of America provides industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in the United States, its territories, and approximately 35 countries. Bank of America Corporation stock (New York Stock Exchange: BAC) is listed on the New York Stock Exchange.
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Don Vecchiarello, Bank of America
Phone: 1.980.387.4899
don.vecchiarello@bofa.com
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