Nearly four out of five (78%) small and mid-sized business owners anticipate revenue growth in the next 12 months.

This sentiment spans most business owners, with 76% of women, 82% of Hispanic-Latino, 84% of Black/African American and 83% of Asian American and Pacific Islander (AAPI) entrepreneurs anticipating revenue growth in the year ahead.

This is according to the 2024 Bank of America Women & Minority Business Owner Spotlight (PDF), which surveyed more than 2,000 small and mid-size business owners across the country about business outlook, access to capital, how they manage their employees, and how they interact with their community.

The annual survey samples a general population of small and mid-sized business owners and includes specific insights into the perspectives of women, Hispanic-Latino, Black/African American and AAPI business owners.

Business owners across all surveyed cohorts are cautiously optimistic that economies will improve over the next 12 months.

Nationwide, 66% believe their local economy will improve, 60% believe the national economy will improve, and 57% believe the global economy will improve.

However, data suggests that smaller employers are less optimistic. Some 78% of mid-sized business owners plan to expand and 61% plan to hire over the next year, while just 50% of small business owners plan to expand and 39% plan to hire.

This divergence across business size aligns with Bank of America Institute’s September Small Business Checkpoint, which found lower confidence among smaller businesses compared to their larger counterparts.

However, consistent with the survey finding that business owners are continuing to expand their businesses, the Small Business Checkpoint showed continued payroll growth and elevated hiring demand compared to 2019.

Beyond hiring concerns, business owners across the country identified inflation and the political environment as top issues.