The majority of US small business owners (72%) are concerned about the impact of a potential recession, however, 76% are confident their business could withstand the downturn, according to the Bank of America 2023 Small Business Owner Report (PDF). The survey of more than 1,000 business owners across the country found that, despite the continued impact of inflation and supply chain issues, 65% of business owners anticipate revenue growth in the next 12 months.
Small business owners were also asked about topics including future plans, sustainability, employee retention and labour. For example, inflation (79%) was one of the top concerns over the next 12 months. These entrepreneurs also expressed anxiety around commodities prices (68%), the US political environment (68%), rising interest rates (67%) and supply chain (57%).
“While the dual pressures of inflation and supply chain disruptions continue to encumber operations, small business owners remain bullish about their prospects for the year ahead,” said Sharon Miller, President of Small Business and Head of Specialty Banking and Lending at Bank of America. “Small businesses are poised for growth, implementing strategies to retain and attract talent and exploring new tools including artificial intelligence to gain an edge in a highly competitive market.”