skip to main content

Bank of America Finds 66% of Small Business Owners Expect Revenue Increases Over the Next Year; 52% Plan to Expand Their Businesses

Bank of America

Despite headwinds from supply chains, inflation and labor shortages, small business owners are forecasting a strong year ahead, according to the 2022 Women & Minority Business Owner Spotlight, a new report from Bank of America exploring the outlook of entrepreneurs nationwide. The report is based on a survey of more than 1,300 small business owners across the country, with additional insights into gender and ethnicity, and found that revenue expectations rose to a seven-year high, and expansion plans increased significantly since the spring. Over the next 12 months:

  • 66% of business owners expect revenue to increase—a seven-year high
  • 52% plan to expand their business—up from 37% this spring
  • 83% plan to obtain funding for their business—up from 70% this spring
As the possibility of a recession looms, 77% of entrepreneurs say their business is equipped to survive a recession.“As we look ahead to 2023, small business owners are optimistic about the future, even with ongoing economic challenges and uncertainty,” said Sharon Miller, President, Small Business, Head of Specialty Banking and Lending at Bank of America. “The data underscores what we’ve seen time and time again: the continued resilience of small business owners whose success remains foundational to our local and national economies.”
Sharon Miller

Inflation and commodities prices are top concerns

When asked about their primary concerns, small business owners identified inflation (75%) and commodities prices (69%), followed by a potential recession (67%), the U.S. political environment (66%) and interest rates (65%). A strong majority (88%) say inflation and supply chain issues (80%) are continuing to impact their operate