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 Dallas market, found the majority of Dallas small business owners are planning on sustaining or growing their business over the next 12 months. Specifically, more than one-quarter (29 percent) plan on hiring more employees while 60 percent expect their staffing needs will remain consistent.
In addition, more than half (52 percent) of the Dallas small business owners surveyed anticipate that revenue will increase in 2013, while 11 percent expect revenue to decline. However, this optimism is tempered by their views on the economy, with only 45 percent of Dallas small business owners confident that their local economy will improve over the next 12 months. Respondents were even less confident in the national (30 percent) and global economies (20 percent) improving in that same period.
The significance of Dallas’s local economy
The study also shows that the local economy has the greatest impact on Dallas-based small business owners. More than half (56 percent) reported that the majority of their customers come from the local community, compared to 37 percent who indicated that their customers primarily come from outside the local community but within the U.S. Only 1 percent indicated that the majority of their customers come solely from outside the U.S.Additionally, 78 percent of Dallas’s small business owners believe the local economy plays a significant role in their business. Comparatively, 61 percent believe the national economy plays a significant role, and only 27 percent believe the global economy is significant to their business. “Dallas’s local economy wouldn’t exist without the vibrant, can-do culture that our small business community has created, both here and across Texas,” said Tanya Sanders, Small Business Banking manager, Bank of America. “I’m proud of what the small business community has accomplished here in Dallas, and happy we could play a part in providing the counsel and expertise small business owners need to navigate economic roadblocks. We are committed to helping them identify the tools and resources that make their money work harder for them.”