Wash­ing­ton busi­ness­men eye rev­enue jump in 2013

The Pak Banker - - Front Page -

NEW YORK

Bank of Amer­ica to­day re­leased the fall 2012 Small Busi­ness Owner Re­port, a semi-an­nual study ex­plor­ing the con­cerns, as­pi­ra­tions and per­spec­tives of small busi­ness own­ers across the coun­try. The sur­vey, which in­cludes an over­sam­pling of small busi­ness own­ers across the Greater Wash­ing­ton mar­ket, found that the ma­jor­ity of Greater Wash­ing­ton's small busi­ness own­ers are plan­ning on sus­tain­ing or grow­ing their busi­ness over the next 12 months. Specif­i­cally, nearly one-third (32 per­cent) plan on hir­ing more em­ploy­ees, while 59 per­cent ex­pect their staffing needs will re­main con­sis­tent.

In ad­di­tion, al­most twothirds (63 per­cent) of the Wash­ing­ton small busi­ness own­ers sur­veyed an­tic­i­pate that rev­enue will in­crease in 2013, while only 6 per­cent ex­pect rev­enue to de­cline.

How­ever, this op­ti­mism is tem­pered by their views on the econ­omy, with only 50 per­cent of Greater Wash­ing­ton small busi­ness own­ers con­fi­dent that their lo­cal econ­omy will im­prove over the next 12 months. Re­spon­dents were even less con­fi­dent in the na­tional (39 per­cent) and global economies (27 per­cent) im­prov­ing in that same pe­riod.

More than half (54 per­cent) re­ported that the ma­jor­ity of their cus­tomers come from the lo­cal community, com­pared to 32 per­cent who in­di­cated that their cus­tomers come pri­mar­ily from out­side the lo­cal community but within the U.S. Only 4 per­cent in­di­cated that the ma­jor­ity of their cus­tomers come from out­side the U.S.

The eco­nomic back­bone of Greater Wash­ing­ton isn't rooted in na­tional gov­ern­ment or­ga­ni­za­tions; it's pow­ered by the re­gion's small busi­ness community, which is do­ing busi­ness ev­ery day with the pub­lic and pri­vate sec­tor across the Mid-At­lantic," said Raj Kochhar, Small Busi­ness Banker re­gion ex­ec­u­tive for the Mid-At­lantic at Bank of Amer­ica. "Bank of Amer­ica re­mains fully com­mit­ted to sup­port­ing small busi­ness own­ers with their fi­nan­cial needs so that both their busi­ness and our community can grow.

Greater Wash­ing­ton small busi­ness own­ers see lit­tle to no ben­e­fit from Black Fri­day and Cy­ber Mon­day. Ninety-two per­cent say that Black Fri­day has ei­ther a mi­nor or no im­pact on their busi­ness's bot­tom line, and 74 per­cent be­lieve Cy­ber Mon­day is over­hyped and has no sig­nif­i­cance to their bot­tom line. Sixty-five per­cent of re­spon­dents be­lieve they have enough ac­cess to cap­i­tal to run their busi­ness ef­fec­tively, and only 12 per­cent said that they ap­plied for a busi­ness loan over past year.

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