Report: SMBs optimistic about new decade

Small business owners are excited about their future. That's a key takeaway from new Bank of America data. Their survey of SMB owners found that more than half have plans to expand their business and believe their revenue will also be on the increase.

by Kristina Knight

"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."

Despite their confidence regarding their own future, though, many are cautious about the future of the US, in general. About half (49%) say they are cautious about the overall US economy, despite growing confidence in their local economy. The caution SMBs are feeling is related to the upcoming 2020 election cycles (91%), the GDP, and inflation.

Other interesting findings from BoA's Fall 2019 Small Business Owner Snapshot include:

·         24% have plans to hire more employees
·         61% worry about health care costs
·         54% worry about consumer spending
·         44% say they're already feeling the effects of US trade policies and tariffs

More data from BoA's report can be found here.

Tags: advertising, Bank of America, ecommerce, mobile marketing, Small Business trends, SMB tips, smb trends