Small Business Owners: No Regrets Starting Company
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As the holiday season approaches, small business owners are not placing much stock in Black Friday and Cyber Monday sales. Ninety-one percent of small business owners feel that Black Friday has no significance to their bottom line, while 81 percent feel the same about Cyber Monday.
However, small business owners are still optimistic about their business prospects. More than half of business owners expect revenues to increase in 2013, while just 7 percent expect a decrease. To handle increased revenues, 31 percent of small business owners will add employees, while 56 percent plan to keep staffing numbers the same.
"Small businesses are critical to the growth of the economy," said Dean Athanasia, preferred and small business executive at Bank of America, which conducted the research. "Heading into 2013, small business owners have a high level of confidence in their ability to build and sustain a successful business. We must continue to fuel this confidence by providing the specialized services and support small business owners need to stay focused on thriving in an uncertain economic environment."
That economic uncertainty is not causing any regrets among business owners. Two-thirds of business owners say they have no regrets about their decision to start a business.
Despite having no regrets, business owners could use some financial advice. Just 29 percent of small business owners say they are very savvy financially. As a result, business owners look too accountants, other small business owners, financial advisers and family and friends for advice.
"While most small businesses surveyed have enough capital to run their business, they continue to need counsel on how to put their money to work effectively," said Robb Hilson, small business executive at Bank of America. "Small business owners are looking for expertise from their bank as well as other sources so they can make the right decisions for their business heading into 2013."
The information in this research is based on the responses of more than 1,000 small business owners with between $100,000 and $4,999,999 in revenue. The businesses also employed between two and 99 workers.