Bank of America today released the fall 2012 Small Business Owner Report, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners across the country. The survey, which includes an oversampling of small business owners across the Miami market, found the majority of Miami’s small business owners are planning on sustaining or growing their business over the next 12 months. Specifically, nearly one-third (30 percent) plan on hiring more employees, while 57 percent expect their staffing needs will remain consistent.
In addition, nearly two-thirds (63 percent) of the Miami small business owners surveyed anticipate that revenue will increase in 2013, while only 6 percent expect revenue to decline. However, this optimism is tempered by their views on the economy, with only 39 percent of Miami small business owners confident that their local economy will improve over the next 12 months. Respondents were even less confident in the national (33 percent) and global economies (20 percent) improving in that same period.
The significance of Miami’s local economy
The study also shows that the local economy has the greatest impact on Miami small business owners. Nearly half (49 percent) reported that the majority of their customers come from the local community, compared to 29 percent who indicated that their customers come primarily from outside the local community but within the U.S. Eight percent indicated that the majority of their customers come from outside the U.S., the largest percentage of any market surveyed in the report.Additionally, three in five Miami small business owners believe the local (58 percent) and national (59 percent) economy play a significant role, while only 35 percent believe the global economy has a substantial impact. “Miami’s economy is directly tied to major macro-economic issues and the ability to engage easily with businesses overseas,” said Odalis Martinez, Small Business Banking manager, Bank of America. “Our small business owners play a critical role in the growth of Miami as one of America’s most significant international business destinations. This is one of the many reasons why Bank of America remains committed to Miami small business owners – so they can continue to build revenue, create jobs and expand their business relationships.”