Elizabeth Romero: April 19, 2019

HISPANIC BUSINESS OWNERS OPTIMISTIC & PLANNING FOR GROWTH

ACCORDING TO BANK OF AMERICA SURVEY

Hiring Plans Impacted by Ultra-Competitive Job Market

Elizabeth Romero

Bank of America Small Business Executive

 

Bank of America recently surveyed more than 300 Hispanic entrepreneurs across the country to better understand their aspirations, concerns and perspectives. The results, released as the third annual Bank of America Hispanic Small Business Owner (SBO) Spotlight, found the majority of Hispanic entrepreneurs are planning for increased revenue, growth, hiring and expansion in the year ahead — eclipsing their non-Hispanic counterparts by double-digits on all indicators. The survey also found that as business owners compete amid a tight labor market, it’s created an especially difficult environment for Hispanic entrepreneurs to attract and retain talent.

Topics Bank of America Executive Elizabeth Romero is available to discuss include:

·         Hispanic business owners’ business outlook and expansion plans

·         Intense competition for small business talent and a resulting shift in hiring strategies

·         Key factors and motivators driving Hispanic business owners’ success

BANK OF AMERICA 2019 HISPANIC SMALL BUSINESS OWNER SPOTLIGHT KEY FINDINGS

  • Hispanic entrepreneurs have their sights set on significant growth, reporting a more confident outlook than their non-Hispanic peers.
  • 74% expect their revenue will increase in 2019 (vs. 57% of non-Hispanic SBOs, and holding steady from 2018)
  • 87% plan to expand in the year ahead (vs. 67% of non-Hispanic SBOs)
  • 79% plan to grow their business over the next 5 years (vs. 55% of non-Hispanic SBOs, and holding steady from 2018)

  • To augment growth, Hispanic entrepreneurs’ hiring plans are nearly double that of their non-Hispanic counterparts, and up double digits year-over-year.
  • 51% plan to hire in the year ahead (vs. 26% of non-Hispanic SBOs, and up from 37% of Hispanic SBOs in 2018)

  • The competitive labor market is directly impacting Hispanic SBOs’ ability to grow and hire, turning the hiring process into a more time-consuming task. Of Hispanic entrepreneurs who tried to hire over the last year:
  • 58% believe the tightening labor market directly has impacted their ability to hire
  • 27% say it takes more time to fill a position than a year ago
  • 45% say it takes three months or more to fill a position
  • 58% spend more than 10 hours hiring an employee

  • Hispanic entrepreneurs are more likely to say their business has grown beyond expectations, crediting employees, family and community as their primary sources to achieve success.
  • 34% report their business has grown beyond what they originally envisioned (vs. 25% of non-Hispanic SBOs)
  • 91% are confident they can achieve business goals because of their employees (vs. 86% of non-Hispanic SBOs)
  • 86% are confident they can achieve business goals because of their community (vs. 69% of non-Hispanic SBOs)
  • 38% hope to pass their business on to their children (vs. 23% of non-Hispanic SBOs)

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

 

 

More About Bank of America Executive Elizabeth Romero:

Elizabeth Romero is the Small Business Central Division Executive for Bank of America. The Central Division is responsible for delivering Small Business solutions to clients across 15 states Arkansas, Colorado, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Missouri, New Mexico, Ohio, Oklahoma, Pennsylvania, Texas and Utah

In this role, Romero is responsible for developing and implementing the overall sales plan and strategy for the profitable expansion and retention of the Small Business Banking segment within Bank of America’s footprint. She is also responsible for setting sales goals and direction for the business segment and integrating sales efforts with product development and client service requirements. Further, Romero works to develop and implement an integrated approach and sales program with lines of business across the enterprise working closely with Financial Centers, Customer Contact Centers, Commercial Banking, GWIM, US Trust, Merchant and Corporate leadership

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