We are pleased to share the fall 2014 Bank of America Small Business Owner Report, a semi-annual study that uncovers the concerns, aspirations and perspectives of small business owners around the country.
Despite continued concerns about government leaders and health care costs, we’re happy to say that the majority of small business owners we surveyed expect revenues to increase in the coming year, and their confidence in the local and national economies remains high.
There is also a notable shift occurring across the country and within the small business community – the youngest baby boomers turn 50 this year, Gen-Xers are maturing into middle age and Millennials are becoming a force in the small business world. Whether they are taking over their parents’ companies or embarking on their own venture, Millennials are making their mark and doing it in their own unique way. As such, this report takes a look at Millennial small business owners and how their attitudes, management styles and skillsets compare to their older counterparts.
One of the most obvious implications of this shift is the adoption of technology, and the report takes a close look at both adoption trends and impact on running a small business. As expected, Millennial small business owners are embracing aspects of technology at a faster rate than their older peers, and the way small businesses are run on the whole is evolving right before our eyes – becoming more efficient, mobile and fast-paced.
As 2014 draws to a close, most small business owners across the country will end the year on a good note. We found that small business owners are optimistic about achieving their year-end revenue goals and many will celebrate by offering year-end bonuses and other special holiday perks to their employees.
At Bank of America, we know the resources that are crucial to a small business owners’ success, both technologically and otherwise, which is why we have dedicated small business experts in local communities across the country. We have also committed to expanding our small business presence and will be hiring more than 200 new small business bankers in key markets throughout the nation by the end of 2014.
Whether you’ve been in business for 30 years or are just starting out, Bank of America is committed to providing you with the expertise to sustain and grow your small business.