BofA: 64% of Small Business Owners Still Recovering from Great Recession
Seven years after the “Great Recession,” two-thirds (64%) of small business owners report their businesses are still in the process of recovering, according to Bank of America’s spring 2015 Small Business Owner Report. The report, based on a semi-annual survey of 1,000 small business owners across the country, says that only one in five (21%) small businesses state they have completely recovered from the recession.
However, despite these lingering impacts from the Great Recession, small business owners are still confident about the future growth of their businesses: 63% believe revenue will increase in the next 12 months (versus 62% last fall), and 66% plan to grow their business in the next five years.
“Small business owners are optimistic about the future and are working extremely hard to achieve success,” said Robb Hilson, Bank of America Small Business executive. “As they have focused on recovery, many business owners have embraced a mindset of self-sacrifice. They are prioritizing their employees and customers above all else and it is often at the expense of their own personal or financial well-being.”
To view the full Bank of America report, click here.