Nearly 80% of small and mid-sized business owners in the U.S. expect revenue growth over the next year, according to the 2024 Bank of America Women & Minority Business Owner Spotlight report. The survey, conducted by Ipsos, involved more than 2,000 business owners nationwide and revealed optimism across various demographics.
Raul Anaya, president and co-head of Business Banking for Bank of America, stated: “These businesses are the heart of the U.S. economy and business owners are expecting to increase their revenue in the coming year, despite continued concerns around inflation.” Anaya also noted plans among many business owners to hire and invest in employee education.
The report indicates that confidence levels vary by business size. While 78% of mid-sized businesses plan to expand, only 50% of small businesses have similar plans. Sharon Miller, president and co-head of Business Banking for Bank of America, commented on this trend: “Finding quality labor is one challenge facing many smaller firms, though employment growth is still strong.”
Among women business owners, 57% plan to expand their operations. Strategies include growing their customer base and creating an online presence. Additionally, Hispanic-Latino entrepreneurs express strong economic confidence with 76% expecting national economic improvement.
Esmeralda Hernandez from Beauty Creations echoed this sentiment: “We continued to scale across key growth measures this year...and remain confident this momentum will continue into the new year.” However, labor challenges persist for Hispanic-Latino businesses.
Black/African American entrepreneurs prioritize customer interactions as a strategy for growth. Meanwhile, AAPI business owners show high expectations for economic success with significant plans for expansion and hiring.
The methodology involved a diverse sample of small and mid-sized businesses with varying revenues. The final results were weighted to reflect national standards for size and region.