We recently released the spring 2015 Bank of America Small Business Owner Report, a semiannual study that uncovers the concerns, aspirations and perspectives of small business owners around the country.
We’re happy to say that confidence in the economy remains steady compared with one year ago. In addition, two-thirds (66 percent) of small business owners are optimistic about the growth of their businesses over the next five years. Sixty-four percent of small business owners, however, note that their businesses are still recovering from the “Great Recession” of 2008. Most have yet to reach a full recovery.
One of the notable findings of the survey is the tendency of small business owners to be self-sacrificing, putting the needs of employees above their own. Sacrifices include accumulating personal debt or delaying their own compensation, versus laying off employees or delaying employee compensation.
Employee appreciation programs are widespread and offered by nearly all (94 percent) of small business owners. Popular forms of expressing appreciation include team outings, spot bonuses, office recognition and extra time off. Small business owners also favor customer appreciation programs, feeling that repeat business stems from strong customer relationships. This sentiment is strongest among Baby Boomer owners.
Bank of America appreciates the tremendous contributions that small business owners make to the U.S. economy, which is why we’ve planned several special events throughout our “Small Business Month” of May. We’re hoping not only to honor small business owners but also to provide useful insights and expertise through special product offers and local events. In San Francisco, we’re proud to celebrate small business owners by being a presenting sponsor of San Francisco Small Business Week, taking place May 16-22.
We’ll also be hosting a Google Hangout on May 20 to discuss some of the themes that have emerged from our spring 2015 Small Business Owner Report. Panelists for the Hangout include Jill Calabrese Bain, Managing Director and Small Business Banking National Sales Executive, Preferred & Small Business Banking for Bank of America; Rieva Lesonsky, CEO of GrowBiz Media & SmallBizDaily.com; and Nikhil Arora, co-founder of Back to the Roots. USA TODAY columnist and small business expert Steve Strauss will moderate. We hope you’ll tune in by checking out the Bank of America Google+ page Wednesday, May 20, at 8pm ET.