The fall 2017 Bank of America Business Advantage Small Business Owner Report polled 1,000 business owners across the country, revealing optimism among three-quarters of entrepreneurs that their 2017 year-end revenue would surpass that of 2016.
The report reflected confidence in the economy also surged, as nearly half of business owners expect their local economy and the national economy to improve in the year ahead.
“Entrepreneurs continue to be upbeat about future economic growth as they set their sights on 2018,” Sharon Miller, head of small business at Bank of America, said. “Small business owners are optimistic about their ability to close the year strong and the outlook for the economy in the year ahead. However, these surges in small business owner confidence have not yet translated into plans for long-term growth.”
Further examination of responses reflected entrepreneurs in urban areas have the most dynamic business outlooks and plans for growth while their rural counterparts are more upbeat about the economy.
Fewer than half of entrepreneurs said social media and virtual communities are critical to many aspects of their business, with only 24 percent relying on social media for hiring, 37 percent using it to sell goods and services, and roughly two in five using social platforms to share updates with customers.