Small Business Optimism Soars: Insights from Bank of America’s 2024 Business Owner Report

WASHINGTON — Bank of America’s recently released 2024 American Business Owner Report offers a look into how small businesses are navigating both the challenges and opportunities of America’s current economic landscape. This year’s report reflects an optimistic, forward-thinking sector. 

While concerns about the economic impact of inflation and healthcare costs persist, a prevailing sense of confidence in revenue growth and expansion opportunities shone through. According to the report, 65% of small business owners expect revenue growth in 2024, with 55% reporting higher profits in 2023 than the year before. 

Following this trend of positivity, small business owners reported actively planning for the future. Thirty-nine percent intend to expand their businesses, and 30% intend to hire more employees over the next year. Businesses are also embracing digitization and artificial intelligence (AI), as well as incorporating sustainable practices. 

In spite of lingering concerns, the general optimism shared among small business owners demonstrates their capacity for innovation, adaptability, and success. 

The full 2024 Bank of America Business Owner Report contains comprehensive insights into the current business landscape for small and mid-sized business owners across the nation.