While 67% of business owners are concerned a recession will impact their business over the next 12 months, 77% of entrepreneurs say their business is equipped to survive a recession, according to the new Bank of America 2022 Women & Minority Business Owner Spotlight.
High-level findings from the report include
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66% of business owners expect revenue to increase in the next 12 months-a seven-year high – with minority-led companies leading non-minority counterparts in these positive projections.
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88% of small business owners are being impacted by inflation and supply chain issues, causing them to raise prices
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With 61% of business owners feeling the effect of labor shortages, hiring plans reached the highest levels in seven years-38% of business owners are looking to hire in the next 12 months
© 2022 Bank of America Corporation
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