Metro New York Small Business Owners Optimistic About Revenue and Growth Expectations in the Coming Year
November 13 2014 - 9:00AM
Business Wire
Fall 2014 Bank of America Small Business Owner
Report Also Finds Metro New York Small Businesses Use Social Media
More Than Anywhere Else in the Country
More than three-quarters (76 percent) of metro New York small
business owners are confident they will hit their year-end revenue
goals according to the fall 2014 Small Business Owner Report,
released today by Bank of America. They also show continued
optimism in 2015 and beyond – the study found that 64 percent plan
to grow their business in the next five years and 60 percent
believe their revenue will increase in the next year.
The Small Business Owner Report is a semi-annual study exploring
the concerns, aspirations and perspectives of small business owners
in metro New York and around the country.
Hiring and expansion expectations are also healthy: 48 percent
of metro New York small business owners plan to hire in the coming
year and 42 percent plan to target new industries and customers.
Interestingly, entrepreneurs in metro New York are more likely than
their national counterparts to expand by seeking business partners,
with almost a quarter (24 percent) saying they plan to find
investment partners to grow their company’s offerings (only 14
percent of small business owners nationally plan to do the
same).
“Small business owners in metro New York continue to embody a
sense of optimism as they look to grow their businesses in the
coming year,” said Tim McDonald, metro New York Small Business
Banking manger, Bank of America. “We’re committed to providing the
resources and guidance entrepreneurs need to help them manage their
businesses at every stage and achieve their financial goals.”
Technology – metro New Yorkers are the most
tech-savvyIntegrating technology is not a problem for metro New
York small business owners. More than half (53 percent) incorporate
social media into their day-to-day business practices, compared
with 44 percent nationally and more than any other city surveyed in
the report. In addition, more are selling products and services
online – 47 percent compared to 38 percent nationally, also more
than anywhere else in the country.
Metro New York small business owners are also using technology
to optimize day-to- day operations. More than three-quarters (79
percent) of small business owners in metro New York feel technology
helps them connect more with their employees, and 74 percent say
technology helps them save time.
New Yorkers optimistic about local economy, yet still have
economic concernsConfidence in the local metro New York economy
has grown over the past two years. More than half (51 percent) of
metro New York small business owners feel the local economy will
improve in the next 12 months, up from 47 percent in fall 2013 as
well as a 17 percent increase from two years ago.
However, concerns about specific economic issues have risen.
Eighty-one percent of metro New York small business owners are
concerned about the effectiveness of U.S. government leaders, an 18
percent spike from six months ago and the highest of any city
surveyed. Sixty-nine percent are concerned with the strength of the
U.S. dollar (compared to 57 percent who expressed concern a year
ago), while 65 percent are concern about healthcare costs, versus
79 percent who were concerned a year ago.
Metro New Yorkers are generous this holiday seasonGiven
high revenue expectations for 2014 and the year ahead, small
business owners in metro New York are feeling generous this holiday
season. More than half (58 percent) plan to give salary bonuses to
their employees, compared to 52 percent nationally. Additionally,
38 percent plan to give out gifts to employees (compared to 41
percent nationally) and 39 percent plan to close their office
during the holiday (compared to 37 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 metro New York-based
insights, download the Small Business Owner Report New York
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; the margin of
error for the oversampled markets (where n=300) is +/ 5.7 percent;
and the margin of error for the oversampled markets (where n=301)
is +/ 5.6 percent, with each 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:T.J. Crawford, Bank of America,
1.646.855.3301tj.crawford@bankofamerica.com
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