A Bank of America survey indicates a majority of U.S. small and mid-sized business owners anticipate stronger performance next year. Seventy-four percent forecast revenue growth, and nearly 60% plan to expand operations.
About half of the surveyed owners believe economies from local to global will benefit from stabilizing tariff policies and cooling inflation. A large portion also expects supply chain improvements by 2026. Sharon Miller, President of Business Banking at BofA, stated, “Business owners are approaching the coming year with confidence and a clear focus on growth.” These businesses were significantly impacted by 2025 tariff policies, facing challenges like higher costs, supply chain disruptions, and slower hiring. Key survey findings include: – Three in five owners are affected by labor shortages in a tight market, with many working more hours due to staff shortages. – Only 1% of owners plan layoffs in the next 12 months, while 43% plan to hire more. – More than half of respondents have raised prices due to persistent supply chain issues and inflation, consistent with last year. Miller added, “Many plan to retain their current staff and hire more, and anticipate that local, national and global economies will improve.” Separately, the survey showed artificial intelligence has become essential, with 77% of owners having integrated it into their operations over the past five years.
