Bank of America Small Business Owner Report: NYC Local Breakdown

Bank of America Bank of America Small Business Owner Report NEW YORK ... .. Bank of America's Small Business Owner Report is a semi-annual study exploring the concerns, aspirations and perspectives of small business owners across the country. The fall 2012 Report surveyed 300 small business owners in the New York market, with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. Small business owners (SBOS) are excited about owning small businesses and are optimistic about the year ahead. 510% of respondents anticipate that their revenue will increase over the next 12 months, while 36% expect it to stay the same. of SBOS plan on hiring more employees, 27% When asked how to describe their staffing projections over the upcoming 12 months, while 52% anticipate that their staffing needs will remain consistent. Healthcare The strength of the U.S. dollar: Recovery of The top five The effective- Commodities ness of U.S. government leaders: concerns for costs: prices: consumer spending: small business owners in the 72% 69% 69% 66% 64% coming year are: SBOS believe the health of their local economy plays a more significant role in the success of their business than the national and global economies. of SBOS' customers come from their local community and 65% almost three-quarters of SBOS cite the local economy as playing a significant role in their business. 54% Comparatively, more than half (54%) of respondents say the national economy plays a significant role, while only 36% cite the global economy as critical to their success. Despite the headline-generating consumer turnout for shopping holidays like Black Friday and Cyber Monday, small business owners see little to no benefit from these major shopping milestones. When asked about Black Friday, When asked about Cyber Monday, believe Cyber Monday is overhyped 90% of small business owners say that Black Friday has either a minor (15%) or no (75%) impact on their 82% and has no significance to their bottom line. business's bottom line. When asked about larger businesses, SBOS find them as motivation to improve their own business as well as reliable local customers. Less than one in six (14%) of the SBOS surveyed find larger businesses to be competitors. SBOS believe that customers choose their business over larger businesses because of their: More than 7 out of 10 (72%) 68% 62% 62% SBOS surveyed have larger businesses as customers. Customer Service Reliability/trust Quality O 36% cite “because I am local" as the reason for their customers' loyalty over larger businesses. 2$ The vast majority of SBOS believe they have enough access to capital to run their business. Only 20% of SBOS said that they applied for a business loan over the past year. Two of three (67%) of SBOS believe they have enough access to capital to effectively run their business. Even more surprising is that despite their optimistic views for the coming year, 80% do not intend to apply for a business loan in 2013. Not all small business owners rely on digital technology to market and grow their business. 83% say good old fashioned word-of-mouth advertising is the most effective way to grow their business, SBOS say they are using social media in the following ways: Providing information Providing detailed about my business: information about my product or service: Engaging in interactive Offering discounts conversations Obtaining customer reviews: and deals: with customers: 37% 28% 24% 20% 22% Many small business owners need advice and counsel regarding financial matters. Only 28% describe themselves as being “very savvy" when it comes to financial matters. Small business owners turn to a number of sources when navigating their finances, including: An accountant/bookkeeper A financial advisor A banker Family/friends 85% 50% 43% 45% +. In addition, 42% of SBOS surveyed say "the ability to work face to face with a banker in my community" is the most important quality for a bank to offer. For more information, visit about.bankofaтerica.com visual.ly Bank of America