MIAMI — Bank of America’s newly released Small Business Owner Report, which includes small business owners surveyed across the Miami market, found that many are optimistic about the future of their business.
Braun Research conducted the survey by phone between March 17 and April 9.
When asked how to describe their staffing projections over the upcoming 12 months, one in four (25 percent) of Miami small business owners said they plan to hire more employees, with 45 percent indicating they plan to keep their staffing projections consistent.
Additionally, half (50 percent) of Miami small business owners believe their revenue will increase in the next year and two-fifths (40 percent) of respondents believe that marketing is the most important action that they can take in order to achieve this revenue growth.
Despite their optimistic view, Miami respondents have a number of specific concerns about the economy’s impact on the success of their business, the greatest being the effectiveness of U.S. government leaders (69 percent), followed by the recovery of consumer spending (67 percent) and health care costs (67 percent).
The availability of credit was lower on the list of concerns (55 percent) compared to other issues that impact their business.
The survey found that more than one-third (35 percent) of Miami small business owners are confident that their local economy will improve over the next 12 months, on par with their opinions about the national economy during the same time period (37 percent). Six in 10 (59 percent) Miami small business owners believe their local economy is important to the success of their business.
The survey found that managing the ongoing success of their small business is the most stressful aspect of a Miami small business owner’s life (40 percent), more than three times as stressful as raising children (13 percent) and almost four times as stressful as
maintaining a healthy relationship with a spouse or partner (11 percent).
Compared to the national average of 18 percent, Miami small business owners have seen less employee turnover during the past year (14 percent), with more than two-thirds (69 percent) reporting that employee turnover has remained the same.
When asked about the number one challenge they face as they look to retain top talent, Miami small business owners cite finding employees with the skills required for their businesses (25 percent), closely followed by offering competitive salaries (24 percent) and finding employees with a good work ethic (16 percent).
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