Nov. 13--A greater percentage of Chicago-area small business owners are planning to grow their businesses in the next five years, according to a new report from Bank of America.
Two-thirds of Chicago small business owners plan to expand their companies by 2019, up from 59 percent surveyed six months ago, according to the fall 2014 Small Business Owner Report, released Thursday.
More than half of Chicago-area respondents plan to target new industries and customers; 25 percent plan to open new locations; and 23 percent will be looking for investment partners.
Overall, the survey found that small business owners are confident about their companies' overall health, with 71 percent expecting to hit their revenue goals this year. Sixty-one percent expect more revenue this year and 48 percent plan to beef-up hiring. More than half of local business owners surveyed also said they planned to award salary bonuses to employees.
Optimism about the national economy is up, too, according to the survey. Forty-eight percent of local respondents reported that they believe the national economy will improve in 2015, compared with 34 percent last year.
The respondents also reported feeling more confident about Chicago's economy -- with 42 percent of Chicago-area small business owners saying they are confident the local economy will improve in 2015, up from 36 percent last year.
Thirty-percent of Chicago small business owners said their believe the global economy will also improve in the coming year, up from 23 percent last year.
But respondents are worried about rising health care costs. Nearly three-fourths of those surveyed locally fret that health care costs could affect the future of their business. That's up from 67 percent surveyed six months ago.
The survey, which polled 1,000 small business owners across the country last month, polled 300 additional respondents in each of nine markets, including Chicago.
crshropshire@tribune.com
Twitter:@corilyns
