Sharon Miller: May 17, 2018

SMALL BUSINESS OPTIMISM SOARS TO HIGHEST LEVELS SINCE 2015,
ACCORDING TO BANK OF AMERICA SURVEY
 

Tax Reform Contributing to Entrepreneurs’ Confidence, as Digital Payments and Emerging Tech

Poised to Reshape the Small Business Landscape

 

Sharon Miller

Head of Small Business, Bank of America

 

According to the spring 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, small business optimism towards the economy, revenue and long-term growth has soared to the highest levels we’ve seen since fall 2015.

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

  • Small business owners’ economic outlook, concerns and growth expectations
  • Entrepreneurs views on tax reform and its impact on their business
  • The role digital technology plays in businesses
  • How emerging technologies are transforming the small business landscape

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

  • Small business optimism has soared to the highest levels we’ve seen since fall 2015

•  54% expect the national economy will improve over the next 12 months (vs. 52% in spring 2017)

•  60% believe their revenue will increase in 2018 (vs. 48% in spring 2017)

•  60% plan to grow their business over the next five years (vs. 56% in spring 2017)

  • New tax changes present opportunities for business owners nationwide

•  58% cite the new tax policy as a ‘game-changer’ for small businesses overall, and 63% say it’s made them more optimistic about their own business’ outlook

•  37% have altered their 2018 business plans as a result of the new law

•  71% expect to receive savings resulting from the new policy, and many plan to use these funds to fuel growth

  • More than half of small businesses predict digital payments to completely replace cash in five years

•  52% predict all business payments will be digital within five years

  • Emerging technologies are set to transform the small business landscape, while blockchain remains a mystery

•  77% make annual investments in technology; 35% do so at least once a quarter

•  44% are using or exploring advanced technologies for their business, including 3D printing and virtual reality

•  65% aren’t familiar with the blockchain, while 13% believe it will be relevant to their business in the near future

•  19% foresee accepting cryptocurrency within five years

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 three million small business owners and entrepreneurs. Miller’s team of more than 2,500 associates delivers advice and guidance on cash management, business financing, home lending, investments and retirement. Prior to this role, Miller was Central Division Executive for Financial Center Sales and Merrill Edge® at Bank of America. Miller joined Bank of America in 1996. She started her career as a Financial Advisor in Houston, Texas. She has been an active member of Bank of America’s Diversity Council, has served on Merrill Lynch’s Director Advisory Council to Management and has held numerous market leadership roles across the country. Miller has held leadership positions in United Way, March of Dimes and Communities in Schools.

 

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