Date: 2025-01-04 Page is: DBtxt003.php txt00027662
MINORITY FOCUS
BofA: Bank of America Institute
2024 Women and Minority Business Owner Spotlight
BofA: Bank of America Institute
2024 Women and Minority Business Owner Spotlight
Original article: Download the report ... Learn about the perspectives, aspirations and concerns of
business owners across the country, with a particular focus on women and minorities.
2024 Women & Minority Business Owner Spotlight
Open archived PDF: BofA-2024-Women-and-Minority-Business-Owner-Spotlight.pdf
Peter Burgess COMMENTARY
Peter Burgess
Bank of America is pleased to present the findings of our 2024 Women and Minority Business Owner Spotlight, a comprehensive study on the viewpoints, goals and concerns of business owners nationwide with sections on women, Hispanic-Latino, Black/African American and Asian American and Pacific Islander (AAPI) business owners.
The report found that most U.S. business owners with revenues up to $50 million are bullish about the coming year, anticipating growth for their businesses despite economic challenges. 78% of entrepreneurs expect their revenue to increase in the year ahead, while 63% plan to expand their businesses. Additionally, business owners are cautiously confident that the local, national and global economies will improve over the next 12 months. However, inflation and supply chain issues continue to impact most business owners, causing many to adjust their business plans.
Women, Hispanic-Latino, Black/African American and AAPI business owners share a strong business and economic outlook, with most expecting revenue growth in the next year. Specific breakouts indicate the following:
More than half of women business owners plan to expand their business in the year ahead, as they value their work-life balance and many weigh the time requirements of their businesses and personal lives when deciding whether to expand their business.
Labor shortages and hiring are top of mind for Hispanic-Latino business owners. To alleviate staffing challenges, some Hispanic-Latino business owners are turning to AI and other automation tools for tasks such as helping the hiring process and streamlining routine operations for existing employees.
Similarly, Black/African American business owners are addressing labor shortages by investing in employees. Most are making a concerted effort to retain talent by providing educational resources for employees, supporting their financial wellness and implementing strategies to enhance employee satisfaction.
AAPI business owners’ economic confidence is bolstering their business plans and encouraging expansion. Despite this confidence, supply chain issues are impacting AAPI business owners at high rates, with 82% reporting challenges. Over half say better supply chains would improve their economic confidence.
Whether you’ve been in business for decades or are just starting out, Bank of America is a trusted partner and knowledgeable resource to provide business owners of all sizes with the information, tools and technology necessary for their long-term growth and success.
Bank of America Institute
2024 Women and Minority Business Owner Spotlight
- Sharon Miller, President and Co-Head of Business Banking and
- Raul Anaya, President and Co-Head of Business Banking
We see that business owners are optimistic about the year ahead, with most reporting confidence in the economy, anticipating revenue increases and planning for expansion.
Sharing this strong economic outlook, most women, Hispanic-Latino, Black/African American and AAPI business owners are anticipating revenue growth over the next 12 months. However, challenges such as inflation and supply chain issues continue to concern business owners, with many AAPI business owners reporting that better supply chains would improve their economic confidence.
Business owners are also optimizing their productivity and prioritizing the experiences of their employees in an effort to address labor concerns. AAPI business owners are using new technology like AI and automation tools to help in the hiring process and Hispanic-Latino and Black/African American business owners are investing in employee education.
Looking ahead, many business owners are planning to expand their businesses and apply customer engagement strategies. Black/African American business owners are personalizing customer interactions to strengthen loyalty and women business owners are prioritizing work-life balance despite strong expansion plans.
We are continuously impressed by all business owners’ abilities to manage, sustain and expand their businesses. At Bank of America, we remain committed to providing business owners with the resources they need to grow and achieve their entrepreneurial dreams.
Methodology Ipsos conducted the Women & Minority Business Owner Spotlight survey online between August 7 and August 21, 2024 using a pre-recruited online sample of small and mid-sized business owners. Ipsos contacted a national sample of 752 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between two and 99 employees, as well as 406 interviews of Hispanic-Latino small business owners, 269 interviews of Black/African American small business owners and 160 interviews of Asian American Pacific Islander (AAPI) small business owners. Ipsos also interviewed a national sample of 323 mid-sized business owners in the United States with annual revenue between $5,000,000 and $49,999,999 and employing between two and 499 employees, along with 200 interviews of Hispanic-Latino mid-sized business owners, 159 interviews of Black/African American mid-sized business owners, and 55 interviews of AAPI mid-sized business owners. The final results for the national segments, the demographic segments and combined samples of the small and mid-sized business owners were weighted to national benchmark standards for size, revenue and region.
These materials have been prepared by Bank of America Institute, in partnership with Business Banking, and are provided to you for general information purposes only. To the extent these materials reference Bank of America data, such materials are not intended to be reflective or indicative of, and should not be relied upon as, the results of operations, financial conditions or performance of Bank of America. Bank of America Institute is a think tank dedicated to uncovering powerful insights that move business and society forward. Copyright 2024 Bank of America Corporation. All rights reserved. For additional information please click here.