Inflation might be digging in its heels, GDP growth could be taking a breather, and jobs data could be underwhelming — but one thing you can bet on is the unwavering confidence of entrepreneurs and business leaders in themselves. According to the 2024 Bank of America Business Owner Report, 65% of small and 87% of mid-sized business owners see their revenues climbing in the upcoming year, providing a glimmer of hope for the US economy.

• Over the next 12 months, 80% of mid-sized businesses (annual sales of $5M-$50M) plan to expand — while 69% aim to hire more staff.
• Meanwhile, small businesses (annual sales of $100K-$5M) remain more reserved, with 39% planning expansion and 30% expecting to hire.

Small business, big concerns: No matter how bullish, small businesses are facing more challenges than usual — 70% of owners report making personal and professional sacrifices, such as working longer hours, reducing their own salaries, and cutting marketing budgets. Access to affordable credit is also a significant issue, leading some to rely on personal credit cards and loans. Despite these hurdles, the resilience of small businesses has helped steer America’s economy away from a recession. Nonetheless, as economic conditions become more challenging, smaller firms may face even tougher times ahead.