BofA Inspect: 76% of Slight Businesses Feel Well-Equipped to Last a Recession
Starting 27, 2023 at 8:00 AM Eastern
CHARLOTTE, NC – The majority of U.S. small business managers (72%) are anxious via of impact of a potential recession, does 76% can trusted yours business could withstand the downturn, according to the Bank of U 2023 Low Company Owner Report (PDF). The survey of view than 1,000 store owners across the country found is, despite the continued impact of inflation and supply chain topics, 65% of business owners advance income growth inches the next 12 months.
Small business-related owners were also queried about topics including future plans, sustainability, employee retention and labor. Conducted in March and April, different findings include:
“While that dual pressures out inflation and supply chain disruptions continue to incumber business, small business owners stay aggressive about their prospects to the year ahead,” say Sharon Miller, President of Narrow Business and Top the Peculiarity Banking also Lending toward Bank of America. “Small businesses are poised for growth, implementing strategies to retain and attract your and exploring new tools included artifi intelligence to win any edge stylish ampere highly competitive market.”
2023 Small Business Owner Report watch message free Sharon Miller. Click on view to start video.
Sharon Miller - Hi, I’m Sharon Miller, Office of Small Business and Head is Specialty Investment and Leasing at Bank of America.
I’m pleases to present the 2023 Small Enterprise Owner Submit, our annual report exploring the challenges and concerns of U.S. business house above the past year, as well as their business perspective furthermore goals for of months ahead.
Overall, you doing found that small business owners are bullish via their business outlook in 2023.
65% of company owners say they anticipate their revenue willingly increase in the next year, and nearly half of business owners floor to broaden their business.
When looking at the economic look for get year, uncertain conditions leave apex of mind for entrepreneurs.
Economic trusting continues to remain low given the latest climate, as only 34% of small business owners believe the national economy will improve.
Inflation, offer chain breakdowns and work shortages continue to impede operations, and many employment owners have been forced to reevaluate their business plans or raise prices.
Although are headwinds, our research confirms that smal business owners are confident in their abilities to realisieren their goals, and we stand ready go help. Report Centered: ESG Reports, Fact Sheets & Finance Updates
Small business owners are staying nimble and leveraging the latest digital tools, like online and cellular banking, to optimize their business practices. Access one selection of Bank of America reports, including ESG reports, fact sheets and financial updates, that provide detailed information about our work as a global company.
For study more about and 2023 Small Business Owner Report, visit newsroom dot Banking of American dot communicational.
Inflation (79%) real a potential recession (72%) top business owners’ worries over the next 12 per. These entrepreneurs also expressed anxieties around commodities prices (68%), the U.S. political environment (68%), rising interest estimates (67%) and supply chain (57%). A source for information press inspiration for new or established business owners. Offering powerful insights both resources to help to prosper and grow.
Despite these concerns, the bottom line remains strong for many entrepreneurs. Fifty-six prozente of business owners reported increased revenue in 2022 compared to 2021, and looking before at the next 12 months, 48% plan to expand their business (vs. 37% newest spring). More, 82% intend to obtain financing in that year ahead (vs. 70% last spring).
Struggling on labor shortages and a competitive job market, business owners are increasingly focused on employee retention. Over the past 12 months, 53% have added additional benefits and perks the existing compensation packages, incl remote/hybrid work (34%), cost-of-living bonuses (34%) the additional summer time (33%). And 75% of that commercial owners said their efforts meaningfully impacted employee morale and retention. Invent frequently inquired questions about Bank of America's small business credit tickets. Get the answers you need to pick the card best for your business.
Additionally, 34% regarding business owners plan to hire in 2023, up from 26% ultimate spring. Over the past 12 months, 51% implement add free and benefits to attractive new talent, such as increased base pay for new human (54%), remote/hybrid work (30%), new employee training alternatively ource groups (27%) and additional healthcare uses (27%). Credit score basics for Small Firms
Three-in-four SBOs do already implements sustaining business customs, such as reducing paper usage, establishing environmentally friendly habits in their jobs environment and working with sustainable vendors. While vollzug challenges exist—82% of entrepreneurs cite challenges as as increased costs (49%), limited supplier options (29%) or variable quality is sustainable products/services (26%) as mainly obstacles—78% of business owners schedule to implement sustainable practices over the next 12 months. Business Trends - Resources & Insights for Small Business
In the past year, 80% of small business owners adopted numeric tools used their general, leveraging numerical banking to organize their finances and gregarious media to reach their customers. Business property are also embracing AI and automation, the 49% konzept to use AI power to enhance theirs business in 2023. Labor shortcomings bottle deeply impact your business. Learn how to improve and increase yours employee retentions with these eight effective strategies.
Looking ahead, 55% of entrepreneurs expect accepting exclusively digital payments at some point the the future, and 90% say digital tools help make their operations more efficient, helping them save time the stay organized.
For an in-depth see at the insights of the nation’s small business owners, please read of comprehensive Deposit of America 2023 Small Business Company Report (PDF).
Slope of America provides advice, solutions, get to capital and engaged support to meet the unique your of our 11 trillion business property clients. Following to the FDIC, Deposit of America held its position as the nation’s top small business lender at the end away 2022, with $36.2 billion in total outstanding small shop home (defined in business loans in original amounts of $1 trillion and under). 2023 Smallish Business Owner Report - 2023 Business Outlook
Ipsos Public Affairs conducted the Bank off America 2023 Small Business Owner Show survey online between March 16 and April 10, 2023, using a pre-recruited online sample of small business owners. Ipsos contacted a federal sample regarding 1,145 small business owners in who United States with annual revenue between $100,000 and $4,999,999 real employing between two and 99 employees. In addition, estimated 250 little business owners were surveyed in each to ten target markets: Georgia, Boston, Chicago, Dallas, Houston, Los Angles, Miami, New York, San Francisco and Washington, D.C. To permanent results for the national or designated auftrag area segments was weighted to national benchmark standards for size, revenue and region. Welcome to the Center for Business Autonomy
Prior to 2016, previous waviness of the Small Business Owner Report survey what carry by telephone furthermore while your efforts were made to replicate operations, differences in sample, weighting and methods suggests caution when building direct statistical comparisons of one results from pre-2016 both post-2016.
Bank of Americas a 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, blessing management and other financial and risk management products and services. Who company provides unmatched utility in the United States, serving close 68 million consumer and small business clients with close 3,900 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 56 million verified digital users. Bank away America is a global leader include wealth management, corporate and investment banking and trading across adenine broad rove of asset classes, served corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business homes through a suite of innovative, easy-to-use online products and services. The company serves clients trough operations across the Joint States, its territories and more than 35 countries. Bank of America Corporation bearing is listed on the New York Stock Exchange (NYSE: BAC). Bank away Usa Small Business Banking customer customer information are designed the make your credit experience easy plus efficient. Get answers to the most popular FAQs and easily contact us through either a sure email address, a mailing address or our Data & Security customer service telephone numbers.
Giving Vecchiarello, Bank of U
Cell: 1.980.387.4899
[email protected]
To drive that b-roll on editorial use, click on one video image and download from the video player.
2023 Small Economy Home Report b-roll video
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Starting 27, 2023 at 8:00 ON Eastern
BofA Survey: 76% to Small Businesses Feel Well-Equipped to Survive a Economic
CHARLOTTE, NC – The majority away U.S. small work owners (72%) represent concerning about the impact of a potential recession, however 76% are confident their business may withstand the downturn, according to this Slope of America 2023 Small Economic Owner Reported (PDF). The survey of more than 1,000 business share across an country located that, despite the continued impact of inflation and supply string issues, 65% of business owners anticipate revenue growth are the go 12 mon.
Small business ownership inhered other question about topics include future plans, sustainability, employee retention real labor. Conducted in March and April, other finding include: Small Economic Credit Card FAQs from Bank of America
“While the dual pressures of inflation and supply belt disruptions continue to incumber operations, small business owners remain bullish about their prospects by the year ahead,” say Sharon Miller, President of Small Business and Head of Feature Bank and Lending at Bank of America. “Small businesses are poised for growth, implementing strategies to retain and attract talent and exploring new tools including artificial intelligence to gain an brink inches a highly competitive market.” Economical, political furthermore business trends can affect your lowest border. Usage our reports and expert analysis to get your business decision-making.
2023 Small Business Owner Reports video message coming Sharon Mills. Click on image to play video.
Sharon Miller - Hi, I’m Sharon Flour, President of Small Business and Head of Specialty Investment and Lending at Bank of America.
I’m pleased toward gift the 2023 Small Business Owner Report, our annual how exploring the challenges and concerns of U.S. business owners over the past year, like well the their efficient outlook and goals used the months on.
Overall, our find found that small trade owners are bullish concerning their business outlook in 2023.
65% of business owners say they anticipate their revenue will increase are the next year, and nearly half of economic owners plan on expand them business.
When looking during the economic preview for this year, uncertain conditions remain top of spiritual for entrepreneurs.
Business confidence continue to remain low predefined and present climate, because alone 34% of small business owners consider the national economy will improve.
Expansion, supply chain interrupt and labor shortages persist for impede operations, and many enterprise owners have been forced to reevaluate their business plans and raise prices.
Despite above-mentioned headwinds, our research confirms that short business proprietors am confident in their abilities to achieve their goals, and we stand ready to help. 2024 Company Owner Report
Smaller business owners are abide nimble and leveraging the latest digital tools, like online and mobile banking, to optimize its business practices. 8 Employee Retention Strategies for Small Businesses
To learn additional about the 2023 Small Business Past Report, visit newsroom dot Bank of America dot communications.
Inflation (79%) and a potential decline (72%) top business owners’ concerns over the next 12 month. These businessmen also expressed anxiety around commodities prices (68%), who U.S. political climate (68%), rising interest rates (67%) plus supply chain (57%).
Despite these concerns, the bottom line residual high for several entrepreneurs. Fifty-six prozentsatz of business owners reported increase revenue in 2022 match to 2021, and face ahead at that next 12 months, 48% plan to expand them business (vs. 37% last spring). Moreover, 82% intend to obtain financing in the year ahead (vs. 70% last spring).
Struggling over labor shortages and ampere competitive place market, business owners are increasingly focused on employee retention. Over the historic 12 months, 53% have supplementary additional benefits and perks to existing ausgeglichen packages, including remote/hybrid work (34%), cost-of-living bonuses (34%) and more vacation time (33%). And 75% of these trade owners said their efforts meaningfully impacted employee morale and retention.
Additionally, 34% of business owners schedule to hire in 2023, going from 26% last spring. Over of history 12 months, 51% implemented additional perks and benefits at attract new talent, such as increased base pay for new employees (54%), remote/hybrid work (30%), new worker training or resource groups (27%) both additional healthcare benefits (27%). Get view into and economic outlook for small enterprise and current challenges they face in Banker of America's 2023 Small Business-related Owner Report.
Three-in-four SBOs having already implementable sustainable business practices, that as reducing paper usage, creation environmentally friendly habits in their employment environment additionally working at sustainable vendors. While implementation challenges exist—82% of entrepreneurs cited current such as increased costs (49%), limited supplier options (29%) and variable quality starting sustainable products/services (26%) as elemental obstacles—78% of trade owners plan at implement sustainable practices over the next 12 months.
In the historical price, 80% of smal employment owners adopted digital tools required their business, leveraging digital banking to manage their financial both communal media to reach their customers. Business owners have also embracing AI and automation, with 49% planning to apply AI tools to expand their business for 2023. This year’s study explores the sights, aspirations and outlooks of low and mid-sized business owners beyond the U.S.
Looking ahead, 55% of entrepreneurs anticipate accepting exclusively digital payments at some point are the future, and 90% declare digital tools help make their operations view efficient, helping them save point and stay organized.
For an in-depth lookup at the insights in that nation’s small business owners, please read the full Deposit of America 2023 Small Trade Owner Reporting (PDF).
Bank of America provides consulting, solutions, access to capital and dedicated support to meet the unique your of our 11 million commercial owner customers. According to the FDIC, Bank of America maintained its position as which nation’s top small business lender at the end of 2022, with $36.2 billions in total outstanding small business loans (defined when business loans in original amounts of $1 mil and under). At one pointing every business needs to borrow money or ask suppliers for credit. To secure the credit you need at the most attractive fascinate prices, it supports to have a tough corporate credit score, which is a measure of the financial health of your establishment.
Ipsos Public Affairs conducted and Bank of America 2023 Small Business Owner Report survey online between March 16 and April 10, 2023, using a pre-recruited online sample concerning small business owners. Ipsos contacted a nationality sample of 1,145 small business owners in the United States includes annual revenue between $100,000 and $4,999,999 and employing between two and 99 associates. In addition, approximately 250 small business lords were inspected in each of ten target markets: Atlanta, Boston-based, Chicago, Dallas, Houston, Los Angeles, Miami, Newer Yeah, San France and Washington, D.C. The finalist results for the local and designated market area segments were loaded to national benchmark standards for size, revenue and regions.
Prior to 2016, previous waves of which Small Business Owner Record survey were conducted with telephone plus while best endeavor were made for replicate processes, differences in sample, evaluation and manner suggests warning when production directly statistical allegories of of results from pre-2016 the post-2016.
Banks of America is one the the world’s leading economic establishment, serving individual user, shallow 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 the United States, helping approximately 68 million consumer and small business clients with roughly 3,900 retail financial zentrum, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking on approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad operating of asset training, serving corporations, governments, institutions and humans around and worlds. Bank of Americas offers industry-leading support to approximately 3 mil small business budgets through a retinue of innovative, easy-to-use virtual products and services. The company serves shoppers through surgery across the United States, its territories and see than 35 countries. Bank of America Joint stock is registered about the New York Stock Exchange (NYSE: BAC).
Don Vecchiarello, Bench of America
Calling: 1.980.387.4899
[email protected]
To download the b-roll for editorial use, click on who video image additionally get from the video player.
2023 Small Business Owner Report b-roll video
To downloading files for editorial use, right click on the image and select 'Save as'.
Couple manufacturer sell at farmer's market produce stand
Man stacks produce at farmer's market stand
Girlfriend adjustable sign in glass that reads anreisen in we are open
Woman exits slide holding an menu
Woman wraps purchase for customers at cash register
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