Miami’s Small Businesses Expect to See Growth Soon
Bank of American recently conducted its first report of small-businesses, those with revenue from $100,000 to just under $5 million, by surveying their owners and those in the Miami market expect to see growth soon. Twenty-five percent of those who took part expressed that they plan to hire and expand their staff within the next 12 months and half of them also expect to their revenue to grow during that time.
While increasing staff is a positive step for small-businesses in Miami, other markets prove to be more optimistic. For example, 31 percent of owners plan to hire nationwide, 29 percent in Washington, 28 percent in New York, and 33 percent in Atlanta. The survey also revealed…
- Plans for marketing were in the works for 40 percent of Miami small-business owners. The national response rate was 47 percent.
- Miami market small-business owners said their top concern was the effectiveness of U.S. government leaders, with 69 percent saying it was a problem. Other top concerns were health care costs, the recovery of consumer spending and commodities prices.
- When asked about the local economy, 35 percent of Miami small-business owners said it would improve in the next 12 months, compared with 50 percent of respondents in New York, 48 percent in Washington, D.C., and 31 percent in Atlanta.
- Thirty-seven percent of Miami small-business owners said the national economy would improve in the next 12 months.
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Source: South Florida Business Journal