Atlanta Small Business Owner Optimism Is on the Rise
November 13 2014 - 9:00AM
Business Wire
Fall 2014 Bank of America Small Business Owner
Report Also Shows Atlanta Entrepreneurs Give Themselves High Marks
on Tech Savviness
Atlanta small business owners are more optimistic about their
own revenue growth and their local economy according to the fall
2014 Small Business Owner Report, released today by Bank of
America. When asked about their growth prospects, 67 percent of
Atlanta respondents said they expect their revenue to increase over
the next 12 months, up from 53 percent a year ago. In addition, 49
percent plan to hire staff in the next year, compared to 26 percent
last year. When asked about their local economy, Atlanta small
business owners are equally confident, as 50 percent said their
local economy will improve over the next year, a 21 percent spike
from a year ago.
The Small Business Owner Report is a semi-annual study exploring
the concerns, aspirations and perspectives of small business owners
in the Atlanta area and around the country.
“We are pleased to report that Atlanta small business owners are
very optimistic about their local economy and their own revenue
growth heading into 2015,” said Dean Bird, Atlanta Small Business
Banking manager at Bank of America. “With these strong levels of
optimism, we are confident that Atlanta small business owners have
the tools and tenacity to reach their goals and stay focused on
success.”
Atlanta entrepreneurs embrace technologyAtlanta small
business owners also give themselves a top grade when it comes to
technology; 76 percent of Atlanta respondents give themselves an
“A” or “B” grade in tech savviness, while only 67 percent of their
national counterparts rated themselves the same. When asked about
the various types of technology they use in their day-to-day
business routine, 52 percent use security software, 49 percent use
cloud computing software and 39 percent sell products or services
online. Seven in 10 (71 percent) agree that technology helps them
save time, on par with the national average, and 54 percent say
that it helps them feel more in control. Despite giving themselves
high marks on tech savviness, nearly half (46 percent) of Atlanta
small business owners claim they can run their business
indefinitely without a smartphone or tablet.
Atlanta small business owners more optimistic about local
economy, but specific concerns remainAtlanta small business
owners’ confidence in the national economy lags behind their
confidence in the local economy, but it has increased in the last
year: 35 percent of Atlanta small business owners are confident the
national economy will improve in the next year, compared to 23
percent a year ago. When asked about economic concerns that could
impact their business in the next year, Atlanta entrepreneurs cite
healthcare costs (79 percent) and effectiveness of U.S. government
leaders (76 percent) as top issues. In addition:
- Sixty-seven percent are concerned about
corporate tax rates.
- Sixty-one percent are concerned about
commodities prices for things such as oil and gas.
- Sixty-one percent are concerned about
the strength of the U.S. dollar.
Year-end cheer expected among Atlanta small business
ownerSeventy-six percent of Atlanta small business owners
expect to hit their year-end revenue goal, and 96 percent say their
employees are happy. High spirits may be linked to generosity with
holiday perks, which Atlanta small business owners are more likely
to provide than those in the rest of the country:
- Sixty-two percent plan to award holiday
salary bonuses to employees (compared 52 percent nationally).
- Fifty percent will be holding a holiday
party for employees (compared to 49 percent nationally).
- Forty-three percent said they would be
offering flexible hours or vacation time around the holidays
(compared to the 35 percent nationally).
For an in-depth look at the attributes of the nation’s small
business owners, read the full fall 2014 Bank of America Small
Business Owner Report and for additional Atlanta-based insights,
download the Small Business Owner Report Atlanta infographic
here.
About the Bank of America Small Business Owner ReportBraun
Research conducted the Bank of America Small Business Owner Report
survey by phone in October 2014 on behalf of Bank of America. Braun
contacted a nationally representative sample of 1,000 small
business owners in the United States with annual revenue between
$100,000 and $4,999,999 and employing between 2 and 99 employees.
In addition, 300 small business owners were also surveyed in nine
target markets: Los Angeles, Dallas, Washington, D.C., New York,
Boston, Chicago, San Francisco, Atlanta and Miami. The margin of
error for the national sample is +/- 3.1 percent and the margin of
error for the oversampled markets is +/ 5.7 percent, with both
reported at a 95 percent confidence level.
The Braun Research survey results conducted on behalf of Bank of
America and interpretations in this release are not intended, nor
implied, to be a substitute for the professional advice received
from a qualified accountant, attorney or financial advisor. Always
seek the advice of an accountant, attorney or financial advisor
with any questions you may have regarding the decisions you
undertake as a result of reviewing the information contained
herein. Nothing in this report should be construed as either advice
or legal opinion.
Bank of AmericaBank of America is one of the world's largest
financial institutions, serving individual consumers, small
businesses, middle-market businesses and large corporations with a
full range of banking, investing, asset management and other
financial and risk management products and services. The company
provides unmatched convenience in the United States, serving
approximately 48 million consumer and small business relationships
with approximately 4,900 retail banking offices and approximately
15,700 ATMs and award-winning online banking with 31 million active
users and more than 16 million mobile users. Bank of America is
among the world's leading wealth management companies and is a
global leader in corporate and investment banking and trading
across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 3 million
small business owners through a suite of innovative, easy-to-use
online products and services. The company serves clients through
operations in more than 40 countries. Bank of America Corporation
stock (NYSE: BAC) is listed on the New York Stock Exchange.
Visit the Bank of America newsroom for more Bank of America
news.
www.bankofamerica.com
Reporters May Contact:Matthew Daily, Bank of America,
1.404.607.2844matthew.daily@bankofamerica.com
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