- Business growth (43 percent say their heritage helps, versus 16 percent who say their heritage harms; 41 percent say it has no impact).
- Customer development and retention (42 percent say it helps, versus 15 percent who say it harms; 43 percent say it has no impact).
- Networking (39 percent say it helps, versus 23 percent who say it harms; 38 percent say it has no impact).
In addition, a solid majority of those Hispanic entrepreneurs who are active on social media use it to connect with clients and peers - including to market their business (78 percent, compared to 49 percent of non-Hispanics), network (76 percent, compared to 46 percent of non-Hispanics) and share updates with customers (74 percent, compared to 39 percent of non-Hispanics).The heavy use is paying off, as 53 percent say social media engagement has a positive impact on their bottom line (versus 29 percent of non-Hispanic entrepreneurs), and 86 percent say the feedback they receive on social media channels is important to the success of their business (versus 47 percent of non-Hispanic entrepreneurs). Social media is also helping Hispanic businesses get off the ground, with 66 percent saying it was important when starting their business, versus 21 percent of non-Hispanic small business owners. Employee talent and in-person community networks driving success Hispanic entrepreneurs value their employees as an integral part of business success, and view in-person communities as a significant contributor to business and professional growth. Eighty-one percent of Hispanic small business owners believe their ability to attract and retain quality employees directly impacts their growth. Additionally, Hispanic entrepreneurs (87 percent) are much more likely than their non-Hispanic counterparts (54 percent) to take specific actions to reward and motivate their employees, including:
- Forty-one percent provide employees flexible hours or the option to work remotely, compared to 34 percent of non-Hispanic small business owners.
- Thirty-three percent offer employee perks, compared to 16 percent of non-Hispanic entrepreneurs.
- Twenty-seven percent have employee reward or bonus programs, compared to 14 percent of non-Hispanic small business owners.
For a complete, in-depth look at the insights of the nation's Hispanic small business owners, read the full 2018 Bank of America Hispanic Small Business Owner Spotlight.Bank of America Hispanic Small Business Owner SpotlightGfK Public Affairs and Corporate Communications conducted the Bank of America Hispanic Small Business Owner Spotlight survey between August 8 and September 28, 2017, using a pre-recruited online sample of Hispanic and non-Hispanic small business owners. GfK contacted a national sample of 1,013 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees, as well as 394 interviews among Hispanic small business owners, 149 of whom were primary Spanish speakers. The final results were weighted to national benchmark standards for size, revenue, and region, and, for the Hispanic augment, whether the respondents were primarily English-speaking or Spanish-speaking. Bank of AmericaBank of America is one of the world's leading 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 approximately 47 million consumer and small business relationships with approximately 4,500 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 35 million active users, including approximately 24 million mobile users. Bank of America is a global leader in wealth management, 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 approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.