PROVIDENCE – The majority of U.S. small-business owners, 72%, are concerned about the impact of a potential recession, however 76% are confident their business could withstand the downturn, according to the Bank of America Corp. 2023 Small Business Owner Report released April 27.
Bank of America surveyed more than 1,400 business owners nationwide. The bank found that despite the continued impact of inflation and supply chain issues, 65% of business owners anticipate revenue growth in the next 12 months.
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Small-business owners were also asked about topics, including future plans, sustainability, employee retention and labor. Conducted in late March and early April, other findings include:
- 79% of business owners raised prices over the last 12 months.
- 53% added benefits and perks to retain talent.
- 49% plan to use automation and artificial intelligence tools for their business in 2023.
- 34% believe the national economy will improve in the next 12 months.
“While the dual pressures of inflation and supply chain disruptions continue to encumber operations, small-business owners remain bullish about their prospects for the year ahead,” said Sharon Miller, president of small business and head of specialty banking and lending at Bank of America Corp. “Small businesses are poised for growth, implementing strategies to retain and attract talent and exploring new tools, including artificial intelligence to gain an edge in a highly competitive market.”
The majority of business owners, 56%, reported increased revenue in 2022 compared with 2021. Looking ahead at the next 12 months, 48% plan to expand their business versus 37% last spring. Additionally, 82% intend to obtain financing in the year ahead compared with 70% last spring.
Sam Wood is a PBN staff writer. Contact him at Wood@PBN.com.
