Report: SMBs optimistic about new decade

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“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.

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ABOUT THE AUTHOR

Kristina Knight is a freelance writer based in Ohio, United States. She began her career in radio and television broadcasting, focusing her energies on health and business reporting. After six years in the industry, Kristina branched out on her own. Since 2001, her articles have appeared in Family Delegate, Credit Union Business, FaithandValues.com and with Threshold Media.