A new study reveals that small business owners expect to hire and increase revenue in the coming year despite trepidations about the national economy.
The fiscal cliff issue has yet to be resolved, but it seems small business owners are optimistic about hiring and sales growth next year, according to a new report released by Bank of America.
Of 1,003 small business owners polled between September and October, 54% expect revenue to increase in the next 12 months, while 38% believe revenue will stay the same.
What’s more, 31% of small business owners said they plan to add employees in 2013, while only 3% expect to decrease their company headcount.
“Heading into 2013, small business owners have a high level of confidence in their ability to build and sustain a successful business,” Dean Athanasia, a Bank of America preferred banking executive, said in a statement.
While entrepreneurs in the survey indicate confidence about growth projections, they remain less confident about the overall health of the economy. Less than half (38%) of small business owners polled said they think the national economy will improve in 2013.
With Thanksgiving only a week away, the report also revealed an interesting tidbit about Black Friday sales: they're overhyped, at least for small businesses. 75% of business owners surveyed said Black Friday has no effect on the bottom line of their businesses.