Every year Bank of America issues a report on the National Business & Economic Outlook and in the recent 2022 Women & Minority Business Owner Spotlight, small business owners have a positive outlook for their business, as revenue expectations continue to rise and expansion plans have sharply increased.
Despite the threat of inflation, supply chain and labor shortages, economic confidence has brightened since the spring, with confidence in the national economy increasing significantly.
Inflation and commodities prices remain the top two concerns for business owners, but concern has decreased since the spring. Ripple effects from inflation have increased concerns around interest rates, consumer spending and credit availability. As the threat of a potential recession looms, business owners are confident in their ability to weather economic challenges.
Women business owners have a positive overall business outlook, with most expecting revenue growth over the next 12 months and a majority feeling equipped to weather a downturn. At the same time, confidence levels around their business and their broader economic outlook are more tempered than their male peers.
To our sponsors and community partners, thank you for your continued support.
To our members, we strive to create powerful content with our quarterly education series and monthly networking events just for you. We are thankful for you.
To my Board of Directors and our behind-the-scenes gurus who work tirelessly to ensure NAWBO Silicon Valley preservers, my heartfelt appreciation for your dedication. In alphabetical order:
Project Pros – Lauri, Katie & team
“As we express our gratitude, we must never forget that the highest appreciation is not to utter words but to live by them.” –– John F. Kennedy