Most small businesses expecting growth

The Bank of America 2021 Small Business Owner Report conducted in March reveals that 60% of small business owners expect revenue to grow over the remainder of the year. With expectations rising significantly from fall 2020, questions were asked about local economies, the national economy, and expected revenue. Each category saw a steep rise from a year prior with percentages above 2019 as well.

Even taking advantage of the programs available during the pandemic, business owners ranked family and friends, and Accountants/CPAs as their primary resource for guidance to navigate the challenging economy. With one-quarter reporting they sought a business loan or line of credit over the past year, only 16% say they foresee seeking financing in 2021.

The report also dives into the digital transformation most businesses faced and adapted to during 2020. 62% of business owners adopted new digital tools and strategies. Sub-categories were also gauged.

The transition to cloud-based apps and systems for business continuity effected many touchpoints for small businesses during the pandemic and business owners see those changes being permanent for their entities.

On overview of the report can be found here.