Sharon Miller: December 13, 2018

SMALL BUSINESSES PLAN TO EXPAND AS COMPETITION FOR TALENT INTENSIFIES,
ACCORDING TO BANK OF AMERICA SURVEY
 

With Rising Revenues and Economic Confidence High, More Small Businesses Look to Hire Amid Tightening Job Market

Sharon Miller

Head of Small Business, Bank of America

According to the fall 2018 Bank of America Business Advantage Small Business Owner Report, a semi-annual study exploring the concerns, aspirations and perspectives of 1,000 small business owners across the country, entrepreneurs expect to end 2018 on a high note, with most anticipating year-over-year revenue growth and many indicating plans to hire and expand in 2019.

Topics Bank of America Executive Sharon Miller is available to discuss include:

  • Small business owners’ economic outlook and expansion plans
  • Entrepreneurs’ declining concern over most economic factors
  • The intense competition for small business talent and resulting shift in hiring strategies
  • Entrepreneurs’ career path reflections and holiday outlook

Bank of America Fall 2018 Small Business Owner Report Key Findings:

  • Entrepreneurs are increasingly confident in their businesses and the overall economy
  • 80% are confident their year-end revenue will exceed 2017 business revenue
  • 67% plan to expand over the next 12 months (vs. 59% in fall 2017)
  • 27% plan to hire in the year ahead, a three-year high (up from 16% in fall 2017)
  • 55% are confident the national economy will continue to improve in 2019 (vs. 46% in fall 2017)
  • Concern over most economic issues fade, while worry over health care and taxes dips to a five-year low
  • 63% are concerned about health care costs (lowest level in five years; down from 72% in fall 2017)
  • 37% are concerned over corporate taxes (a new low; down from 51% in fall 2017)
  • 43% identify U.S. trade policy as an economic concern
  • Heightened competition for talent as small business hiring ramps up
  • 24% of SBOs have lost at least one employee in the last year; 11% have lost 10% or more of their workforce
  • 58% of SBOs who tried to hire report difficulty finding qualified candidates to fill vacant roles
  • Despite the challenges of business ownership, SBOs love what they do and plan to give back this holiday season
  • 90% would recommend entrepreneurship as a career path, and 91% believe the added stress is worth it
  • 83% plan to offer holiday perks this year, such as closing the office and offering flexible hours or vacation time
  • 62% plan to give back to charity this holiday season

For more information, please visit: www.bankofamerica.com/smallbusiness/

 

More About Bank of America Executive Sharon Miller:

Sharon Miller is the head of Small Business at Bank of America. Her team is responsible for delivering business and personal financial solutions to the company’s 3.3 million small business owners and entrepreneurs. Miller’s team of more than 2,500 associates leverage the full resources of Bank of America to deliver advice and guidance on cash management, business financing, personal lending, investments and retirement to Small Business clients. Prior to this role, Miller was Central Division executive for Financial Center Sales and Merrill Edge® at Bank of America. In this role, she led financial center teams working in nearly 900 locations across 11 states, providing an array of financial products, services and expertise to more than 8 million Bank of America households.

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