Dallas/Fort Worth Small Business Owners Confident About Hiring, Revenue Growth and the Economy
November 13 2014 - 9:00AM
Business Wire
Fall 2014 Bank of America Small Business Owner
Report Finds Local Entrepreneurs Less Reliant on Technology Than
Their Peers Nationwide
Dallas/Fort Worth small business owners are looking to hire,
with 46 percent looking to do so in the coming year, an increase of
18 percent from a year ago, according to the fall 2014 Bank of
America Small Business Owner Report, released today by Bank of
America. Sixty-four percent of Dallas/Fort Worth small business
owners also expect their revenues to increase in the next 12
months.
Dallas/Fort Worth small business owners’ bullish hiring plans
could be linked to their increased confidence in the economy, which
is significantly higher than it was a year ago. Confidence in the
global economy has increased by 15 percent (to 33 percent);
confidence in the national economy spiked 17 percent (to 44
percent); and confidence in the local economy grew by 6 percent (to
52 percent).
The Small Business Owner Report is a semi-annual study exploring
the concerns, aspirations and perspectives of small business owners
in Dallas/Fort Worth and around the country.
“The increased confidence in the local and national economies is
encouraging and shows the positive spirit of small business owners
in the Dallas/Fort Worth area,” said Julie Hoad, Small Business
Banking manager at Bank of America. “It is evident that our local
entrepreneurs are excited about their prospects for 2015 – and Bank
of America will be there to help provide the resources these small
business owners need to grow.”
Majority of Dallas/Fort Worth small business owners say
they’re tech savvy, but fewer use tech to feel in controlThe
majority of Dallas/Fort Worth small business owners (58 percent)
consider themselves tech savvy, however this is below the national
average of 67 percent who give themselves the same “A” or “B” grade
when it comes to tech savviness. Additionally, more than one in
three of Dallas/Fort Worth small business owners (36 percent) give
themselves a “C” in tech savviness (versus 27 percent
nationally).
While 58 percent of small business owners nationwide say that
technology makes them feel more in control when managing the
day-to-day aspects of their business, only 48 percent of
Dallas/Fort Worth small business owners feel the same.
Contrary to their nationwide counterparts, Dallas/Fort Worth
small business owners primarily use technology for internal
business practices while their peers look to technology for
external, promotional purposes. Thirty-nine percent of Dallas/Fort
Worth small business owners say that their main use for technology
is organizing office tasks, sharing files, and leveraging
cloud-based accounting tools (compared to 38 percent nationwide),
whereas 34 percent use social media (compared to 44 percent
nationwide) and 30 percent sell products and services online
(compared to 38 percent).
Concerns remain about larger economic issuesWhile
Dallas/Fort Worth small business owners are confident that the
global, national and local economies will improve over the next
year, they do have concerns about specific economic issues.
Fifty-seven percent of Dallas/Fort Worth small business owners are
concerned about credit availability, which is 13 percent higher
than the national average and more than any other city surveyed in
the report. Another area of unease is corporate tax rates, with 63
percent of Dallas/Fort Worth small business owners expressing
concern, compared to only 54 percent of their national
counterparts.
Holiday perks in the form of cashWhen it comes to the
holidays, Dallas/Fort Worth small business owners are feeling
generous with 56 percent planning to give their staff holiday
bonuses, a 15 percent uptick from last year. Additionally, 38
percent plan to offer flexible hours or vacation time around the
holidays (compared to 32 percent a year ago) and 39 percent plan to
close their office during the holidays.
Seventy-six percent of Dallas/Fort Worth small business owners
say Black Friday has minimal or no impact on their business’s
bottom line (compared to 73 percent of national respondents), and
69 percent say Cyber Monday is overhyped and has no significance to
their annual revenue (compared to 69 percent of national
respondents).
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 Dallas/Fort Worth-based
insights, download the Small Business Owner Report Dallas/Fort
Worth 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:Britney Sheehan, Bank of America,
1.425.467.9744britney.w.sheehan@bankofamerica.com
Bank of America (NYSE:BAC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bank of America (NYSE:BAC)
Historical Stock Chart
From Apr 2023 to Apr 2024