Hispanic small business owners in the United States have reason to celebrate, according to the second annual Bank of America Business Advantage 2018 Hispanic Small Business Owner Spotlight.
The nationwide survey of Hispanic business owners reports that, just like Hispanic consumers, Hispanic entrepreneurs are a force to be reckoned with. Here’s a closer look at the state of Hispanic small businesses.
Early Tech Adopters
Hispanic business owners are early technology adopters—93 percent use digital tools, such as financial tracking and business management apps, compared to 73 percent of non-Hispanic entrepreneurs.
In addition, two-thirds say social media was important in helping them start their businesses, compared to 21 percent of non-Hispanic entrepreneurs. And 86 percent say social media is important to their success today; 53 percent say it positively impacts their bottom lines (compared to 47 percent and 29 percent of non-Hispanic entrepreneurs, respectively).
Hispanic business owners use social media for multiple business purposes. More than three-fourths use it for marketing (compared to 49 percent of non-Hispanic business owners), 76 percent use it for networking (compared to 46 percent of non-Hispanic business owners), and 57 percent use it for hiring (compared to 23 percent of non-Hispanic business owners).
Investing in Employees
Another reason for the success of Hispanic entrepreneurs: 30 percent invest in their employees’ long-term growth and success, compared to just 14 percent of non-Hispanic business owners. About 80 percent of Hispanic business owners say being able to attract and retain quality employees has an effect on their business growth.
What steps are Hispanic entrepreneurs taking to attract and retain workers?
- 41 percent offer flextime or remote work options
- 33 percent offer employee perks
- 27 percent have an employee reward or bonus program
- 26 percent make efforts to hire a more diverse workforce
- 25 percent have implemented employee team building activities
- 21 percent offer a competitive benefits package
- 19 percent offer paid or unlimited vacation time
These are good first steps—but providing competitive benefits is vital, since health care, retirement plans and other basic benefits are key to employees’ loyalty.
Lessons for All
What lessons can all small business owners learn from Hispanic entrepreneurs?
- Plan for the future. Be realistic about the challenges you face, and prepare a plan for overcoming them.
- Embrace new technology. Openness to new tech tools can put you ahead of the competition.
- Treat your employees well. Investing in your team is investing in your business.
Keep these rules in mind, and like 89 percent of Hispanic business owners, you’ll be confident the business environment will get even better for you in the next decade. For more, check out the Bank of America Business Advantage 2018 Hispanic Small Business Owner Spotlight.
Rieva Lesonsky is CEO and Co-founder of GrowBiz Media, a custom content and media company focusing on small business and entrepreneurship, and the blog SmallBizDaily.com. A nationally known speaker and authority on entrepreneurship, Rieva has been covering America’s entrepreneurs for more than 30 years. Before co-founding GrowBiz Media, Lesonsky was the long-time Editorial Director of Entrepreneur Magazine. Lesonsky has appeared on hundreds of radio shows and numerous local and national television programs, including the Today Show, Good Morning America, CNN, The Martha Stewart Show and Oprah.
Lesonsky regularly writes about small business for numerous websites and for corporations targeting entrepreneurs. Many organizations have recognized Lesonsky for her tireless devotion to helping entrepreneurs. She served on the Small Business Administration’s National Advisory Council for six years, was honored by the SBA as a Small Business Media Advocate and a Woman in Business Advocate, and received the prestigious Lou Campanelli award from SCORE. She is a long-time member of the Business Journalists Hall of Fame.
Bank of America, N.A. engages with Rieva Lesonsky to provide informational materials for your discussion or review purposes only. Rieva Lesonsky is a registered trademark, used pursuant to license. The third parties within articles are used under license from Rieva Lesonsky. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.
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