Entrepreneurs Look to Balance Work and Personal
Commitments This Holiday Season
U.S. small business owners are entering the new decade on a high
note, with 82 percent anticipating year-over-year revenue growth as
they close out 2019, according to the Bank of America Business
Advantage Fall 2019 Small Business Owner Snapshot.
Entrepreneurs are confident about their business prospects, with
expansion plans, revenue projections and intent to hire remaining
strong and steady from last fall. While business owners also
maintain a positive outlook for their local economies (52 percent
vs. 54 percent in fall 2018), they are expressing a slightly more
cautious view of the national economy (49 percent, down from 55
percent in fall 2018). The top five factors influencing business
owners’ confidence in the national economy this fall are elections
(91 percent), U.S. political climate (90 percent), GDP growth rate
(89 percent), inflation (89 percent) and interest rates (89
percent).
“Entrepreneurs are charging into the new decade eager to
increase their revenue and expand into new markets,” said Sharon
Miller, head of Small Business, Bank of America. “While business
owners are also closely monitoring the effects of recent changes to
U.S. trade tariffs and policies, as a whole, they’re continuing to
invest in their businesses and are optimistic about 2020.”
The new research, based on a semiannual survey of more than
1,600 entrepreneurs across the country, also reveals:
Small business growth indicators remain steady and
strong
- Sixty-nine percent plan to expand (up slightly from 67 percent
in fall 2018).
- Fifty-eight percent expect their revenue to increase (level
with 57 percent from fall 2018).
- Twenty-four percent plan to hire (down slightly from 27 percent
in fall 2018).
- Twelve percent intend to apply for a loan (down slightly from
15 percent in fall 2018).
Concern about health care costs and the political environment
declined, while concern about other economic issues is on the
rise
- The top two economic concerns for entrepreneurs in the year
ahead are health care costs (61 percent) and the political
environment (61 percent), though they declined from 66 percent and
65 percent, respectively, since spring 2019.
- Conversely, the survey found increasing concerns related to
consumer spending (54 percent vs. 47 percent in spring 2019), the
strength of the U.S. dollar (50 percent vs. 46 percent in spring
2019), and corporate tax rates (45 percent vs. 40 percent in spring
2019).
U.S. trade policies are impacting more business
owners
Over the past year, more business owners say they have been
impacted by U.S. trade policies. As of this fall, 44 percent say
they are feeling the effects of tariffs, up from 41 percent in the
spring and 36 percent in fall 2018. Of those business owners who
have been affected this fall, the greatest impacts have been on the
costs of their goods and supplies (61 percent have noticed an
increase) and raised customer pricing (55 percent).
Holiday season brings challenges and stressors, but resilient
business owners have ways to cope
During the holiday season, entrepreneurs are preparing for the
unique challenges and opportunities that come with this busy time
of year. Sixty-six percent expect to face challenges this holiday
season, including balancing work and personal commitments (42
percent), creating customer demand (37 percent), and keeping prices
competitive (36 percent).
Fifty-four percent of entrepreneurs feel stressed during the
holidays. As stress levels rise, they plan to cope by taking extra
steps toward self-care (48 percent), going on a vacation (38
percent), and developing processes to handle the influx of business
(25 percent). Nearly three-quarters of entrepreneurs also look
forward to spending time with family and friends during the
holidays, 29 percent plan to provide employees special perks and
bonuses, and 28 percent plan to give back to their local
communities.
For a complete, in-depth look at the insights of small business
owners, read the Bank of America Business Advantage Fall 2019 Small
Business Owner Snapshot.
Bank of America Business Advantage Fall 2019 Small Business
Owner Snapshot Ipsos Public Affairs conducted the Bank of America
Small Business Owner Snapshot survey for fall 2019 online between
July 19 and August 19, 2019, using a pre-recruited online sample of
small business owners. Ipsos contacted a national sample of 1,323
small business owners in the United States with annual revenue
between $100,000 and $4,999,999 and employing between two and 99
employees. In addition, a total of approximately 300 small business
owners were surveyed in each of 10 target markets: Atlanta, Boston,
Chicago, Dallas, Houston, Los Angeles, Miami, New York, San
Francisco and Washington, D.C. The final results were weighted to
national benchmark standards for size, revenue and region.
Prior to 2016, waves of the Small Business Owner Report Survey
were conducted by telephone, and while best efforts were made to
replicate processes, differences in sample, weighting and method
suggest caution when making direct statistical comparisons of the
results before and after 2016.
Bank of America Bank of America is 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, asset management, and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
66 million consumer and small business clients with approximately
4,300 retail financial centers, including approximately 2,400
lending centers, 2,600 financial centers with a Consumer Investment
Financial Solutions Advisor and 1,900 business centers;
approximately 16,600 ATMs; and award-winning digital banking with
nearly 38 million active users, including approximately 29 million
mobile users. Bank of America is a global leader in wealth
management, corporate and investment banking and trading across a
broad range of asset classes, serving corporations, governments,
institutions and individuals around the world. Bank of America
offers industry-leading support to approximately 3 million small
business owners through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations across the United States, its territories and
approximately 35 countries. Bank of America Corporation stock
(NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
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www.bankofamerica.com
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version on businesswire.com: https://www.businesswire.com/news/home/20191204005478/en/
Reporters May Contact: Don Vecchiarello, Bank of America,
1.980.387.4899 don.vecchiarello@bofa.com
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