Bank of America Survey Finds 70 Percent of Chicago Small Business Owners Plan to Grow Their Business
May 04 2015 - 9:00AM
Business Wire
Chicagoland Entrepreneurs Express Confidence in
the Economy, Revenue Growth, and Hiring Projections
Chicago small business owners are optimistic about their ability
to grow their own businesses, according to the spring 2015 Bank of
America Small Business Owner Report, a semi-annual study exploring
the concerns, aspirations and perspectives of small business owners
in the Chicago area and around the country. Seventy percent of
Chicago small business owners plan to grow their business over the
next five years (up 11 percent from a year ago), and 64 percent
expect their revenue to increase in the year ahead (up from 59
percent one year ago).
Chicagoland entrepreneurs are more confident than counterparts
in other parts of the country when it comes to local, national and
global economies. According to the survey, 56 percent of Chicago
small business owners are assured that their local economy will
improve in the next 12 months (49 percent nationally), 58 percent
are positive about the national economy (48 percent nationally) and
46 percent are optimistic about the global economy (35 percent
nationally).
More Chicagoland small business owners feel they have recovered
from, or were never impacted by, the Great Recession than any other
market surveyed (40 percent compared to 33 percent nationally).
Issues that plagued them in the past are of less concern today.
Chicago small business owners are significantly less concerned
about the following issues than they were six months ago:
- Health care costs (69 percent versus 73
percent).
- The effectiveness of U.S. government
leaders (60 percent versus 70 percent).
- The strength of the U.S. dollar (47
percent versus 72 percent).
“It’s great to see how confident Chicago small business owners
feel about their business and the economy,” said Jim Holmes, small
business banker manager for Bank of America. “Bank of America is
committed to fostering the optimism that local Chicago
entrepreneurs show by providing them with the tools and resources
they need to help grow their businesses.”
Chicago entrepreneurs support employees but encounter
challenges in hiring
Almost all (96 percent) Chicago small business owners have
employee appreciation programs, including:
- Dinners and outings (53 percent).
- Office recognition (44 percent).
- Spot bonuses (40 percent).
They also provide a number of benefits for employees,
including:
- Flexible hours (54 percent).
- Closure on major holidays (51
percent).
- Salary bonuses (50 percent).
When looking at staffing, 51 percent of Chicago entrepreneurs
say they expect to hire more employees this year, with 39 percent
planning to keep the same number of employees. Though the majority
plan to hire, 42 percent of Chicago small business owners say it’s
difficult to find qualified candidates. The top challenges in
finding qualified staff are attributed to:
- A skills gap (57 percent).
- High salary demands (39 percent).
- A preference among potential employees
to work for a large or mid-size brand (38 percent).
Local community and small business owners shop close to
home
Chicago small business owners overwhelmingly support other local
small businesses in the community by shopping small. Seventy-two
percent of Chicago small business owners gave themselves an “A” or
“B” grade for shopping at other local small businesses, which is
nine points higher than the national average. They also rate their
local community high in shopping small, as 66 percent handed out an
“A” or “B” grade when assessing how well Chicago residents frequent
local small businesses.
For an in-depth look at the attributes of the nation’s small
business owners, read the full spring 2015 Bank of America Small
Business Owner Report, and for additional Chicago-based insights,
download the Small Business Owner Report Chicago infographic
here.
About the Bank of America Small Business Owner ReportBraun
Research conducted the Bank of America Small Business Owner Report
survey by phone, from March 4, 2015, through March 27, 2015, 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 each of 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 is +/ 5.7 percent, 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 and
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 4,800 retail financial centers and approximately
15,900 ATMs and award-winning online banking with 31 million active
users and approximately 17 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 all 50 states, the District of Columbia, the U.S.
Virgin Islands, Puerto Rico and more than 35 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:Diane Wagner, Bank of America,
1.312.992.2370diane.wagner@bankofamerica.com
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