Most small and mid-sized business owners expect revenue increases in 2024, according to the 2024 Bank of America Business Owner Report. In addition, their fears surrounding a recession have decreased since spring 2023, according to a press release.

Key data points among mid-sized businesses include:

  • 87% expect revenue to increase in next 12 months.
  • 69% plan to hire more employees in the next 12 months.
  • 84% said revenues were up in 2023 compared to 2022.

When looking at small businesses, 65% expect a revenue increase and 55% reported higher revenues in 2023 compared to 2022.

Top concerns among businesses included the political environment at 68%, inflation at 67% and consumer spending and supply chain issues at 66%.

"Small business owners remain cautiously optimistic in 2024," Sharon Miller, president and co-head of business banking at Bank of America, said in the release. "With anticipated revenue increases, many are focused on engaging with customers and implementing new technologies that will help them differentiate their businesses."

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