Chris Holman welcomes Larry Mann, Market Manager, SVP, Bank of America.
Their topic of discussion is what are the key findings of Bank of America’s first Mid-Sized Business Owner Report?

§ How are MSBOs fairing in a post-pandemic world?

§ What is the economic outlet over the next 12 months for MSBOs?

§ Are MSBOs planning to invest in their businesses?

§ How are MSBOs attracting and retaining top talent?

§ What new digital strategies are MSBOs adopting to optimize their businesses?

§ What other trends are you seeing for MSBOs in metro Detroit?

§ What are some of the challenges?


Here are some Key Takeaways from the Bank of America 2023 Mid-Sized Business Owner Report

§ Mid-Sized Business Owners (or MSBOs) maintain a positive outlook, as 75% plan to expand their business, and 67% expect the national economy to improve over the next 12 months.

§ Over the last 12 months, 90% of MSBOs have adopted digital strategies to further optimize their businesses and operations, with new digital tools helping them to save time (48%), increase customer satisfaction (43%), manage cash flow (43%), stay organized (41%) and reach new customers (37%).

§ Employees are the most valuable asset of any company, and current labor shortages have challenged business owners looking to attract and retain talent.

§ The Mid-Sized Business Owner Report found that many MSBOs struggle to find skilled, experienced employees.

§ To attract qualified candidates, many MSBOs are increasing salaries (43%), offering more PTO (40%), strengthening retirement benefits (36%), and introducing new employee training and resource groups (34%).

§ Inflation and supply chain issues persistently affect MSBOs, leading to operational adjustments and price increases. According to the bank’s findings, 94% of MSBOs confirm that inflation currently impacts their businesses, with 45% opting to raise prices, 37% reevaluating cash flow and spending, 35% increasing employee wages, and 33% reducing business costs.

§ 87% of businesses who have adopted digital strategies in the last 12 months plan to utilize automation/AI tools.

Michigan Business Beat | Larry Mann, Key Findings of First Mid-Sized Business Owner Report

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