New Small Business Owner Snapshot Reveals Plans for Growth | NAWBO

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New Small Business Owner Snapshot Reveals Plans for Growth

 

 

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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