May 2019

Small business owners reveal strong outlook for 2019

While economic uncertainties can be unsettling for some small business owners, the majority of those surveyed report a strong outlook for 2019, according to the Bank of America® 2019 Spring Small Business Owner Report. Take a look at what’s top of mind for small business owners across the country, and how their plans might benefit your business as well.

Key takeaways from the report reveal insights in three areas.

  1. Disaster preparedness — 39% of entrepreneurs do not have a continuity plan in case their business is damaged by a flood, fire or other disaster.

    Although small business owners recognize the need to prepare for events such as natural disasters, economic downturns and cybersecurity breaches, many don’t have plans for navigating and protecting their businesses against potential pitfalls.

    Need help coming up with a plan? Visit our Fraud & Privacy Resource Center and talk to your Small Business Banker to learn the steps other business owners are taking.

  2. Importance of online reviews — 32% report negative online reviews have led to a loss of business and 50% respond to negative reviews as soon as possible.

    Negative reviews are every business owner’s nightmare. But if you think a bad review or two turns away customers, think again. How you respond makes all the difference. For more information, visit the Small Business Community.

  1. Hiring — strong hiring plans hold steady, keeping in line with recent forecasts. 24% intend to hire new employees in 2019.

    Finding and keeping good employees isn’t easy. But when your business is employee-focused, it’s easier to attract (and retain) them. That’s why you need HR and payroll solutions from ADP®. Plus, as a Bank of America small business client, you'll receive dedicated personalized attention from ADP's payroll consultants.

Source: Bank of America 2019 Spring Small Business Owner Report

https://newsroom.bankofamerica.com/system/files/Small_Business_Owner_Report_-_Fall_2018.pdf

ARDK57QR