Small Business Owners Expecting Growth in 2024: Insights from Rieva Lesonsky

Small Business Owners Expecting Increased Revenues in 2024, Survey Shows

According to the recently released 2024 Bank of America Business Owner Report, a majority of small business owners are optimistic about their financial prospects for the year. The report reveals that 65% of small business owners expect their revenues to grow in 2024, with 55% reporting that they made more money in 2023 than in the previous year.

In addition to expecting revenue growth, small business owners also have plans to expand their businesses (39%) and hire more employees (30%) over the next 12 months. While these numbers are positive, they are slightly down from last year’s Small Business Owner Report.

Despite their optimism for their own businesses, small business owners are more cautious about the national economy, with only 33% expecting it to improve in the next year. Concerns about inflation and higher interest rates still linger, but they are less worrisome than they were a year ago.

The report also highlights that small businesses are becoming more reliant on credit cards, with balances up 18% since 2019. However, adjusted for inflation, credit card balances are comparable to or even lower than 2019 levels.

Overall, small business owners are implementing customer engagement tactics, digitizing their businesses, and planning to implement AI to differentiate themselves from competitors. Despite facing challenges such as inflation and economic uncertainties, small business owners remain confident in their businesses and revenue expectations.

For a more detailed look at the insights of small and mid-sized business owners, read the full 2024 Bank of America Business Owner Report.