Michigan Business Beat | Niveen Shitara - BofA Data: Most Business Owners Anticipate Revenues Up

Michigan Business Network

Originally uploaded June 28th, re-edited Dec. 21st. Jeffrey Mosher welcomes back Niveen Shatara, Senior Vice President / Small Business Banking Manager with Bank of America. He had several questions for her in that conversation: --What is the Business Owner Report and how is it different this year? --What are its key findings? --What stood out to you? --Why are half the mid-sized business owners planning to apply for bank loans this year? --Are you finding business owners are actively seeking advice from bank experts like yourself? Bank of America recently released its 2024 Business Owner Report which surveys business owners about their specific business and economic outlooks, while also exploring other topics including inflation, digital tools, customer engagement and sustainability. 2024 Business Owner Report: This year’s survey explores the perspectives, aspirations and outlooks of small and mid-sized business owners across the U.S. institute.bankofamerica.com Key high-level findings from the survey of more than 1,400 nationwide business owners include: Despite some continued impacts from operational issues and inflation, 87% of mid-sized business owners (MSBOs) and 65% of small business owners (SBOs) anticipate revenue growth over the next 12 months. The majority of MSBOs (84%) and over half of SBOs (55%) had higher business revenues in 2023 than in 2022. Concerns over a potential recession have declined substantially, with 61% of MSBOs and 56% of SBOs expressing recession concerns, down 11 percentage points and 16 percentage points, respectively, from Spring 2023. Business owners are adopting digital tools across their operations, with (99%) MSBOs and 71% of SBOs digitally optimizing their businesses over the past 12 months. » Visit MBN website: www.michiganbusinessnetwork.com/ » Watch MBN’s YouTube: www.youtube.com/@MichiganbusinessnetworkMBN » Like MBN: www.facebook.com/mibiznetwork » Follow MBN: twitter.com/MIBizNetwork/ » MBN Instagram: www.instagram.com/mibiznetwork/