Detroit City Wire

Nearly 80% of small and mid-sized business owners in the United States expect revenue growth over the next year, according to a recent study by Bank of America. The 2024 Bank of America Women & Minority Business Owner Spotlight, conducted in partnership with the Bank of America Institute, surveyed over 2,000 business owners nationwide. It highlights sentiments about business outlooks, access to capital, employee management, and community interactions.

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.” He added that many plan to hire and invest in employee education as they prioritize their labor force.

The survey reveals varying levels of optimism based on business size. While 78% of mid-sized businesses plan expansion and 61% intend to hire more staff next year, only 50% of small businesses aim to expand and 39% plan to hire. Sharon Miller from Bank of America noted: “Finding quality labor is one challenge facing many smaller firms... In the year ahead, they are looking to invest in their employees and utilize technology.”

Women entrepreneurs show significant interest in expanding their businesses; 57% have plans for growth through strategies like growing customer bases or creating an online presence. Hispanic-Latino business owners express strong confidence in economic improvement with plans for expansion and hiring more employees. Esmeralda Hernandez from Beauty Creations said: “We continued to scale across key growth measures this year – revenue, hiring... Despite some lingering uncertainty about inflationary costs... we feel strongly about our growth projections.”

Black/African American entrepreneurs also anticipate success with a focus on personalized customer interactions as a strategy for attracting customers. AAPI business owners share similar expectations for economic growth; many plan expansions while utilizing technology tools like AI for staffing.

The report indicates that challenges such as inflation and political environments remain significant concerns across different demographics.