The Small Business Owner Snapshot is a biannual study conducted by Bank of America that explores the concerns, aspirations, and perspectives of small business owners (SBOs) across the United States and in 10 major cities, including Miami.

By MiamiDiario Newsroom

2019 Ends on Strong Growth and Outlook Remains Strong Heading into 2020: Miami entrepreneurs are entering the new decade on a high note, with many anticipating YOY revenue growth to wrap up in 2019. Yes While expansion plans, revenue forecasts and hiring intent remain strong, Miami's overall business outlook has weakened since the fall of 2018.

Economic Confidence Declines: Miami SBOs are less optimistic about the strength of the local and national economy. The main factors determining their confidence in the national economy in this downturn are commodity prices and inflation.

US dollar strength and interest rates top of mind: The biggest concerns for Miami SBOs this fall are US dollar strength and interest rates, both of which have risen since spring. Concerns also increased around the stock market, consumer spending and the availability of credit.

The holiday season brings challenges and stress, but resilient business owners have ways to cope: The biggest challenges for Miami SBOs this holiday season are creating customer demand and balancing professional and personal commitments. The best ways to deal with this situation are to take extra steps toward self-care and/or developing processes to handle an influx of business.

Miami entrepreneurs are about to end 2019 on a high note; revenue projections, expansion and hiring plans are relatively flat since the spring, but below YOY.

Business Perspectives: Year-end revenue forecasts, as well as expansion and hiring plans, remain relatively strong despite fluctuations over the past year. – YOY Growth: 91% of SBOs are confident their year-end revenue will exceed their 2018 business revenue. – Expansion: 80% of SBOs plan to expand in the coming year (down slightly from 83% in spring 2019, was reduced by 2,5% in the spring of 2010). 89% in Fall 2018) – Revenue: 71% of SBOs expect their revenue to increase in the coming year (a slight increase from 69% in Spring 2019, decreased from 82% in Fall 2018)

Hiring: 37% of grassroots organizations plan to hire in the coming year (slightly down from 40% in spring 2019, a significant increase in revenue).
dropped from 47% in fall 2018)

Loan application: 19% of grassroots organizations intend to apply for a loan (down from 27% in spring 2019 and significantly in spring 2010). dropped from 30% in fall 2018)

Business Goals for the New Decade: – While the owners of businesses in Miami are preparing to enter a new decade, 96% have the goal of growing or advancing their business in some capacity. Its four main goals for the coming decade include:
o Significant increase in revenue (64%) o Prioritization of business presence in online/social media (50%) o Expansion into new markets (27%) o Automation of business operations (27%)

-Miami entrepreneurs are less optimistic about the strength of their local economy and the national economy. Commodity prices and inflation top the list of factors influencing the Miami SBO's confidence in the economy this fall.
Economic Confidence: Miami SBOs' confidence in both the local and national economies declined significantly year over year.

- Local: 53% expect their local economy to improve in the next 12 months (down from 59% in spring 2019)
National: 49% expect the national economy to improve in the next 12 months (down from 58% in the spring
2019 and decreased significantly from 61% in the fall of 2018).

Main factors determining economic projections: The top five factors influencing Miami business owners' confidence in the national economy include: – Commodity prices (92%) – Inflation (90%) – GDP growth rate (89%) – Technology /automation (88%) – Personal business performance (88%).

Concerns about most economic factors continue to grow, especially around the strength of the US dollar, interest rates and consumer spending.

Economic concerns: – The top economic concerns for Miami entrepreneurs in the year ahead are the strength of the US dollar (61%) and interest rates (61%).

Concerns about the strength of the US dollar and the increase in interest rates since this spring (47% and 52%),
respectively). – Concern also rose around the stock market (58% vs. 45% in spring 2019), consumer spending (58% vs. 49% in spring 2019), and consumption (58% vs. 49% in spring 2010).
spring 2019) and credit availability (52% vs. 43% in spring 2019). – Major economic concerns include:

The strength of the US dollar (61%, vs. 47% in spring 2019, vs. 48% in fall 2018) o Interest rates (61%, vs. 52% in spring 2019, vs. 51% in the fall of 2018) o The costs of health care (60%, compared to 67% in the spring of 2018).

With information from press release

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