Bank survey finds small businesses optimistic about future

Most small business owners are worried about a possible recession but confident that their companies can withstand an economic downturn, according to a new survey by Bank of America. Seventy-two percent of owners said they were concerned about a recession. However, 76% said their business could withstand a downturn, with 65% anticipating revenue growth in the next 12 months.

The survey also asked about the effects of inflation and supply chain disruptions, finding that 79% of business owners raised prices over the last 12 months. Fifty-three percent of respondents said they had added benefits and perks to retain talent. Thirty-four percent believe the national economy will improve in the next 12 months, with the same percentage saying they plan to hire in 2023. In terms of technology, most owners said they have adopted digital tools for their businesses, with 49% planning to use automation and artificial intelligence tools this year.