Bank of America recently released a report on Small Business ownership where they surveyed over 1,000 small-business owners on their outlook toward the future and top economic concerns as it relates to their business. The results were enlightening.
Among the top concerns business owners have over the next 12 months are rising inflation and a potential recession. However, nearly 65% of respondents said despite this, they anticipate an increase in revenue.
Results also show that businesses are doubling down on retention efforts and leveraging digital tools to optimize their business operations.
The survey also gathered results from 250 small businesses in large markets like New York, Los Angeles, Atlanta, and Chicago – all urban areas that benefit greatly from their population and proximity to customers.
Black entrepreneurs are rebounding despite being among the hardest hit by the pandemic. Now, the number of Black-owned micro and small businesses have steadily grown since 2020, and these recent survey results could signal more short-term positive outcomes.