Bank of America Study: 78% of Business Owners Anticipate Revenue Growth in Coming Year

Courtesy of TIm Mossholder via Pexels Nearly four out of five owners of small- and mid-sized businesses anticipate revenue growth in the next 12 months, according to the 2024 Bank of America Women & Minority Business Owner Spotlight released today and published in partnership with Bank of America Institute. The 78% level of confidence spans most business owners, with 76% of women, 82% of Hispanic-Latino, 84% of Black/African American, and 83% of Asian American and Pacific Islander, or AAPI, entrepreneurs anticipating revenue growth in the year ahead, the bank said in a news release. Full survey results can be found here. Results come from a survey of more than 2,000 owners of small and mid-size businesses across the country about their business outlook, access to capital, how they manage their employees, and how they interact with their community. The survey was conducted Aug. 7-21 and included small-business owners with annual revenue less than $5 million and employing two to 99 people, and mid-sized business owners with annual revenue between $5 million and $50 million and employing two to 499 people. The annual survey samples a general population of the business owners and includes specific insights into the perspectives of women,...