Methodology. Bank of America Small Business Owner Report November 2012

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1 We are pleased to share the Fall 2012 Small Business Owner Report, a semi-annual study that uncovers the concerns, aspirations and perspectives of small business owners across the country. This study examines a variety of topics that are top of mind for small business owners, including the upcoming holiday season, revenue and growth expectations for 2013, business management and access to capital. Small business owners want to grow or sustain the level of success they ve experienced in 2012, in the year ahead. They are optimistic about revenue and hiring expectations, but are still wary about the health of the economy. Moreover, small business owners are overwhelmingly committed to running their business, with the vast majority saying they ve never had second thoughts about their decision to start a company, despite the stress it can cause them. At Bank of America, we share in this commitment and continue to provide small business owners with the personalized counsel they need to manage their deposit, credit and cash management needs. Small business is without question the most critical driving factor of our national and local economies. We will continue to provide the resources, specialists, research and insights needed to enable small business owners success in the coming year. Methodology Dean Athanasia, Preferred and Small Business Executive Braun Research conducted the Bank of America survey by phone between Sept. 9 and Oct. 7, 2012 on behalf of Bank of America. Braun contacted a nationally representative sample of 1,003 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. In addition, 300 small business owners were also surveyed in nine target markets including Los Angeles, Dallas, Washington, D.C., New York, Boston, Chicago, San Francisco, Atlanta and Miami. The margin of error for the national sample is +/- 3.1 percent, and +/- 5.7 percent for the oversampled markets, with both reported at a 95 percent confidence level. Table of Contents 2 Small Business Owners are Excited 3 Economic Outlook 4 All Business is Local 5 Black Friday has Minimal Impact 6 Small Business Owners are Well Capitalized 7 Large Businesses Asset or Adversary? 8 The Power of Marketing 9 Small Business Owners Seek Financial Guidance 10 Summary 1

2 Small Business Owners are Excited About Owning A Small Business When asked if they ever had second thoughts regarding their decision to become a small business owner, two-thirds of small business owners say that they don t regret the decision. Additionally, small business owners are optimistic about the year ahead, anticipating an increase in staff and revenue in the coming 12 months. Revenue expectations over the coming 12 months 54 % expect revenue to increase 38 % expect revenue to stay the same $ 7 % expect revenue to decrease Staffing projections over the coming 12 months 3 % plan to reduce staff 31 % plan to hire more employees 56 % plan to keep staffing projections consistent 2

3 Economic Outlook Small business owners are extremely confident in their businesses, but are wary about the health of the overall economy. Over a third of small business owners believe the national economy will improve over the next 12 months and 38% believe their local economy will improve over the next 12 months. They have significant concerns about the coming year with the effectiveness of US government leaders leading the way. Top 5 concerns for small business owners in the coming year: Effectiveness of U.S. Government Leaders 68 % Commodities Prices 66 % Healthcare Costs 65 % Recovery of Consumer Spending 64 % Strength of the U.S. dollar 63 %

4 All Business is Local Small business owners believe the health of their local environment more heavily impacts their business than the national and global economies. The majority of small business s customers come from the community in which their business is based and small business owners cite the local economy as playing a significant role in their business. Where do the majority of your customers come from? MAIN ST. 63 % The majority of my customers come from my local community 27 % The majority of my customers come from outside of my local community, but within the United States 3 % The majority of my customers come from outside the United States When asked the role the local, national and global economy plays in their business, respondents said % The local economy plays a significant role in my business 59 % The national economy plays a significant role in my business 28 % The global economy plays a significant role in my business 4

5 Black Friday Has a Minimal Impact on a Small Business s Bottom Line The holiday shopping season may benefit large businesses, but small business owners overwhelmingly believe that major holiday shopping days, such as Black Friday and Cyber Monday have minimal impact on their business bottom line. When asked which of the following statements most closely matches the importance of Black Friday as it relates to their business bottom line, small business owners said the following 1 % If it weren t for black Friday I wouldn t be in business 7 % Black Friday is one of many significant factors that impact my business bottom line 16 % Black Friday has a minor impact on my business bottom line Importance of Black Friday 75 % Black Friday has no effect on my business bottom line When asked which of the following best reflects their thoughts on the creation of Cyber Monday When evaluated specifically by industry, small business owners in the consumer products, retail and wholesale industries had almost identical feelings to the larger sample. 81 % 12 % 4 % I think cyber Monday is overhyped and has no significance to my business bottom line The creation of cyber Monday has had a modest impact on my business bottom line The creation of cyber Monday has had a significant impact on my business bottom line 5

6 Small Business Owners are Well Capitalized While most small business owners say they know what it takes to obtain a business loan from their bank, access to capital in 2013 is not a priority for a significant majority of them, with many saying they have enough to effectively run their business. Moreover, approximately one in three of the businesses applying for small business loans over the past two years are relatively green, having only been in business between one and five years. In your opinion, do you believe you have enough access to capital to effectively run your small business? Do you intend to apply for a loan in 2013? 70 % Yes 19 % Yes $ 25 % No 78 % No 5 % Don t Know Of the 26% of small business owners who had applied for small business loans within the past two years 80 % were approved. 6

7 Large Businesses Asset or Adversary? Large businesses can be a huge asset for small businesses, motivating small business owners to improve their businesses and also serving as customers for small businesses. Additionally, small business owners are confident in the quality of their business and are not threatened by large businesses. They believe that their customers chose their business over larger businesses mainly because of their customer service. How large businesses are viewed by small business owners 27 % Large businesses can be good customers for my business 31 % Large businesses motivate me to be a better small business owner 17 % Large businesses provide services that are critical to my business operations 17 % Large businesses are my biggest competitor 7

8 The Power of Marketing Not all small business owners rely on digital technology to market their business, as the overwhelming majority (87%) say that good old-fashioned word-of-mouth advertising is the most effective marketing tool. Small business owners find that traditional marketing vehicles are more effective than digital marketing, saying that word of mouth and networking with other small business owners are more effective marketing tactics than any digital option available. When it comes to banking, small business owners are anxious to find more efficient tools, with a third of respondents considering extensive mobile and online resources the most important quality for their bank to possess. Effective marketing tactics for small business owners Word-of-mouth 87 % Networking with other small business owners 49 % Advertising 41 % Direct mail 37 % # Social media 32 % 8

9 Small Business Owners Seek Financial Guidance Small business owners are looking for counsel and expertise from their bank and from many other sources so they can make the right decisions for their business heading into 2013, said Robb Hilson, Small Business executive at Bank of America. When it comes to financial matters, only 29 % describe themselves as being very savvy. When asked what sources small business owners get financial advice from, the top answers were as follows: Accountant or Bookeeper 75 % $ Other Small Business Owners Financial Advisor 50 % 48 % Banker 43 % Family/Friends 40 %

10 Summary Small business owners are excited about owning their small business, projecting an increase in staff and revenue in the year ahead Despite this optimism, small business owners are wary about the health of the economy Larger businesses are reliable customers for many small businesses, and in some cases motivate small businesses owners to improve There is an overwhelming belief among small business owners that major holiday shopping days, such as Black Friday and Cyber Monday, have minimal impact on their bottom lines Access to capital in 2013 is not a priority for the majority of small business owners, with many saying they have enough to effectively run their business Bank of America Commitment to Small Business Bank of America has a long history of serving the small business community providing clients not only with customized product solutions but also with the personal touch of small business experts and specialists. Bank of America is in the final stages of hiring approximately 1,000 small business bankers across the country. These bankers will serve as a dedicated resource for small business owners, helping them assess their companies deposit, credit and cash management needs. Bank of America continues to actively lend to small businesses across the U.S. Through September of this year, Bank of America extended more than $6.2 billion in new credit to small businesses an increase of 26% over the same period last year. In addition, combined new and renewal small business lending totaled $14.9 billion an increase of more than 6% over the same period last year. Bank of America is the leading bank supporting Community Development Financial Institutions, providing more than $200 million to finance small businesses that can t qualify for traditional loans. Our CDFI grant program, created in 2010 to unlock low-cost Federal micro-capital for small businesses, has allowed CDFIs to access more than $117 million from the SBA and USDA, serving over 10,000 local businesses and helping to retain more than 16,000 jobs. The Braun Research survey results conducted on behalf of Bank of America and interpretations in this release are not intended, nor implied, to be a substitute for the professional advice received from a qualified accountant, attorney or financial advisor. Always seek the advice of an accountant, attorney or financial advisor with any questions you may have regarding the decisions you undertake as a result of reviewing the information contained herein. Nothing in this report should be construed as either advice or legal opinion. 10

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