New BofA Report shows California business owners more confident than national peers, utilizing digital/AI more

The 2024 Bank of America Business Owner Report captures the latest trends, challenges and opportunities business owners are facing right now and their outlook for the rest of 2024. The report surveyed business owners in California and across the nation.  A key finding was that while the majority of businesses expect revenue growth and are confident in the year ahead, business owners’ outlooks varied by the size of their business: 75% of mid-size business owners expect the economy to improve over the next 12 months, while just 33% of small business owners expect the same nationally.

 Other notable findings:

• Small and Mid-size businesses remain confident around revenues for the remainder of the year – with California businesses outpacing the national average around revenue and growth optimism, preparedness and overall outlook.

• Mid-size companies’ efforts of reinvesting back into their operations, building resiliency, longevity and bringing financial exerts onto their teams is contributing to strong business confidence for the rest of the year.

• Small businesses, while still confident, are indicating more caution around year-end growth in anticipation for potential market volatility especially regarding inflation and its impact on pricing.

• While past economic challenges of supply chain and recession worries have tempered down, other factors remain concerning such as interest rates, inflation and the upcoming political elections.

• Over the past 12 months, most business owners have digitally optimized their business; 89% of mid-size business owners plan to implement artificial intelligence (AI) tools this year and 37% of small business owners say they will too.