The majority (72%) of U.S. small business owners (SBOs) 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. 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.
Conducted in March and April, other findings include:
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79% of business owners raised prices over the last 12 months.
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53% added benefits and perks to retain talent.
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49% plan to use automation and artificial intelligence (AI) tools for their business in 2023.
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34% believe the national economy will improve in the next 12 months.
In the past year, 80% of small business owners adopted digital tools for their business, leveraging digital banking to manage their finances and social media to reach their customers. Business owners are also embracing AI and automation, with 49% planning to use AI tools to enhance their business in 2023.
Looking ahead, 55% of entrepreneurs anticipate accepting exclusively digital payments at some point in the future, and 90% say digital tools help make their operations more efficient, helping them save time and stay organized.