Bank of America released a study report that explores the concerns, aspirations and perspectives of small business owners all over the country. In this survey, small business owners of Greater Washington market were taken part of sample study. The survey found that small businesses are planning to either grow or sustain their business during the span of next 12 months.
The Washington businesses are planning to hire more employees as 59 percent respondents want their staffing need to remain consistent. Also, 63 percent Washington D.C. small businesses surveyed are foreseeing a revenue rise in 2013 while 6 percent are expecting decline in revenue.
Among the Greater Washington businesses surveyed, 72 percent small businesses have a role to play in their business, 52 percent believe that national economy plays a role and 30 percent believe that global economy has a role to play. As far as their views on the economy is concerned, 50 percent believe that local economies will improve in 12 months, 39 percent have faith on national economy and 27 percent believe that global economy will improve.
As far as customers are concerned, 54 percent say that they get customers from local community, 32 percent indicate to find customers from outside local community and just 4 percent say that their customers are from abroad.
Bank of America stands committed to help small business owners. But the small business entrepreneurs have their own views. For example, they say that ‘Black Friday’ and ‘Cyber Monday’ have no great impact on their business in the bottom-line. Moreover, they say that big businesses motivate them to grow and often become their customers.
The Bank of America survey reveals that sixty-five percent respondents believe they have access to capital and just 12 percent actually applied for loans. Seventy-six percent did not apply for loans and 32 percent of Greater Washington small businesses surveyed describe themselves as savvy regarding financial matters.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org