Survey: 84% of women small-biz owners expect Y/Y revenue growth

BANK OF AMERICA’S annual survey of women small-business owners, such as Rhode Island yacht interior-design firm owner Ally Maloney, found they are increasingly optimistic and most expect higher revenues this year. / PBN FILE PHOTO/KATE WHITNEY LUCEY

PROVIDENCE – Women small-business owners are poised to end 2019 on a high note, with 84% anticipating year-over-year revenue growth, according to a recent survey from Bank of America Corp.

The 2019 Bank of America Women Business Owner Spotlight survey also found that future revenue projections and expansion plans have reached four-year highs, as business expectations are stronger among women entrepreneurs than their male counterparts.

However, it found that women continue to report barriers concerning access to capital and pay equality.

The annual study queried more than 1,000 entrepreneurs nationwide.

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“Women business owners see a bright future for their businesses, yet there is still more work to be done as many say work-life balance, access to capital and pay equality remain issues,” said Sharon Miller, head of small business for Bank of America.

Among the other findings:

  • Seventy-three percent plan to expand, compared with 66% of male business owners, which is up from 67% among female business owners last year.
  • Sixty-two percent expect their revenue will increase next year, compared with 55% of male business owners, which is up from 58% of female business owners last year.
  • Twenty-five percent plan to hire, compared with 23% of male business owners, which is up from 21% of female business owners last year.
  • Twelve percent intend to apply for a loan, compared with 11% of male business owners, which roughly holds steady from 13% of female business owners last year.

The respondents “identified having more women in powerful positions of influence as a factor that could help pave the way for the next generation of women in business,” Miller added. “At Bank of America, we intend to do our part by providing the opportunities and resources women entrepreneurs need to help launch and grow their businesses.”

Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.

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