Black Friday has little impact on bottom lineGreater Washington small business owners see little to no benefit from Black Friday and Cyber Monday. Ninety-two percent say that Black Friday has either a minor or no impact on their business’s bottom line, and 74 percent believe Cyber Monday is overhyped and has no significance to their bottom line. Larger businesses: asset or adversary? When questioned about their relationship to larger businesses, less than one in five (16 percent) respondents views larger businesses as their biggest competitors. Seventy-six percent indicate they have larger businesses as customers, and 35 percent say that larger businesses motivate them to become better small business owners. From a competitive perspective, Greater Washington small business owners cite a number of factors that they believe drive customers to choose them over larger businesses, including customer service (77 percent), quality and reliability/trust (both 66 percent). One in three (31 percent) believe customers choose them because they are local. Greater Washington small business owners are well capitalized heading into 2013 Sixty-five percent of respondents believe they have enough access to capital to run their business effectively, and only 12 percent said that they applied for a business loan over the past year. Despite their optimistic views for growth in the coming year, 76 percent do not intend to apply for a business loan in 2013. Who small business owners turn to for financial guidance Only 32 percent of Greater Washington small business owners describe themselves as “very savvy” regarding financial matters. When seeking advice, they tap into a broad network for help, including accountants/bookkeepers (67 percent), financial advisors (60 percent), their banker (46 percent) and friends/family (42 percent). “Our clients want guidance on how best to maximize cash flow management from someone who understands their business and the community they do business in,” added Kochhar. “This is why we committed to hiring 1,000 small business bankers across the country – with more than 75 of them working today across the Mid-Atlantic region.”
Bank of America has continued to actively lend to small businesses across the U.S. and the Greater Washington area. Through September, Bank of America has extended $67.7 million in credit across Washington, D.C., to small businesses – this includes $16.8 million in new originations, which has helped enable Bank of America to exceed its national small business lending pledge to the White House and the U.S. Small Business Administration.For a complete, in-depth look at the insights of the nation’s small business owners, please read the entire fall 2012 Small Business Owner Report and for additional Greater Washington insights, download the Small Business Owner Report Greater Washington infographic. About the Bank of America Small Business Owner Report Braun Research conducted the Bank of America Small Business Owner Report survey by phone between Sept. 9 and Oct. 7, 2012, on behalf of Bank of America. Braun contacted a nationally representative sample of 1,003 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. In addition, 300 small business owners were also surveyed in nine target markets: Los Angeles, Dallas, Washington, D.C., New York, Boston, Chicago, San Francisco, Atlanta and Miami. The margin of error for the national sample is +/- 3.1 percent, and +/- 5.7 percent for the oversampled markets, with both reported at a 95 percent confidence level. Bank of America Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving more than 55 million consumer and small business relationships with approximately 5,500 retail banking offices and approximately 16,300 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
For more Bank of America news, visit the Bank of America newsroom.www.bankofamerica.com The Braun Research survey results conducted on behalf of Bank of America and interpretations in this release are not intended, nor implied, to be a substitute for the professional advice received from a qualified accountant, attorney or financial advisor. Always seek the advice of an accountant, attorney or financial advisor with any questions you may have regarding the decisions you undertake as a result of reviewing the information contained herein. Nothing in this report should be construed as either advice or legal opinion. © 2012 Bank of America Corporation. All rights reserved.