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

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 strate