Managing Director, Jerry Miller, America Sharon discussed on America Tonight with Kate Delaney


Them our powers Jerry Miller managing director had a small business bank of America Sharon thanks so much for joining us thank you for having me so we can all the big year you did all kinds of business projections I think that were I gotta say mind blowing I was looking at those yesterday and this morning and and like I said here we are in a new decade twenty twenty so how are small business owners feeling do you think about the economy and their businesses as we will are rolling into this new year it might not only the new year but a new decade so it's just crazy to think about that and what we found in our survey with small business owners were that they felt that this year and now we're already in December eighty two percent of them told us that they were ending on a high note that their revenues this year would be higher than in full year two thousand eighteen so that to me is is a very good indicator and momentum going into twenty twenty so what do you attribute all of that too well I attribute to consumer spending when you look at our own data bank of America our consumer spending year on year is up five and a half percent and that's on three trillion dollars in transactions so not at a small number and the strength of the consumer that is continuing to accelerate and they're spending and that gives confidence and and people are spending with small business owners across the country yeah and we and obviously we've seen some of those key economic indicators that we always look for like hiring revenue growth you're mentioning business expansion is always something to look at you know that and that's been very very steady it was steady at the tail end of last year wasn't it it was and I mean it continues to point to a very strong U. S. economy and that support of small businesses so unemployment continues to stay low consumer spending is strong and that just drives that growth and expansion across the United States yeah what do you think are the things that keep the small business owners awake at night I know that's a question that we've asked even you in the past what do you think that they are concerned about the most well healthcare continues to be a concern over all small business owners when we survey and we do this twice per year it pops to the number one concern of small business owners the concern of the political environment is also appear on their top concerns and so we do see them continuing to you know think about how this is all going to impact their their business and what's happening but you know when you think about how how we measure their state we actually saw a decline in concern over those two issues this fall from last fall even though they rise to the top of their concerns so that to me points to again strength as we go into twenty twenty yeah was the was Jerry Miller managing director head of small business course bank of America and when you know when you're in the new year it's still is always about predictions so when we look at predictions for the next decade of small business ownership what does that look like what are your print predictions well we we continue to see formation of businesses although he had this this year it was a it was flat when you think about the business formation versus businesses going out of business that we continue to see you know people breaking out on their own so whether that be women small business owners which continued to open businesses and you move out of their corporate world or decide to go into you know an area that they love and build a business we see minority business owners continued strength in that area and and really across the board we continue to see economic expansion and so even business owners that are in business today eighty percent are hoping to grow or dance their business in the new decade so there is certainly option is an across the United States and across the business owner sentiment yeah I love that when you're talking about growing just small business and of course bank of America and we've talked for years you have so many ways for businesses to do that and so much data and so much information do you think that that's what people also need that they know that they are thirsty for that like how can I do this what can bank of America tell me that I don't know what are they reaching out more for help they are I mean we we continue to expand the number of specialists that we have that help business owners across the country so in our forty three hundred financial centers we have small business specialist that you know if you're thinking about opening a business or if you already have a business comment you know talk to us we also have our online capabilities in our digital capabilities and you know the number one reason Kate that businesses go out of business just because of they can't manage their cash flow so last year we rolled out our business a Danish three sixty which is a tool for business owners to help manage their cash flow and understand what's coming in and out so we listen to our clients we want to understand what they need and from there were able to develop tools whether it be online we we make sure that we equip our specialist with all the right information and that's why here we are a national franchise but we operate in ninety local markets because you know what's happening in Dallas Texas is very different than in San Francisco and so our local experts really are close to the pulse of what's happening yeah I love that I love that you said so that that nine the local markets because what a difference that makes in it and to your point Sharon is obviously very different depending on the part of the country you are what goes in and comes out and and again what the consumers and what their products are and and what these small businesses do right right and then what are their challenges you know it we continue and I think you know he asked about looks small business owners are challenged with you know it is they keep him up at night healthcare costs political environment but I also think this notion of you people want to hire when I sit down with our clients they say yes I want to expand my business eighty percent tell us they do twenty four percent say they they want to hire and grow in the number of employees but even if you're not growing and the number of employees you're gonna have attrition you're gonna need to replace and when you have less than a hundred employees it is so important that you get the right skilled labor and what I hear from mark we can't find the right skilled labor so I think this is a a broader issue that we're gonna all have to come together and say how do we make sure that the work force of the future is equipped to do the work that needs to be done as we continue to evolve well I like that work force of the future that sounds like a speech here in thank goodness I'm just very passion about because it is so interesting you know we have so much to do and so much strength in the economy and there's so much excitement optimism then you got appeal that back and say okay how do we make sure that there's that foundation it's able to sustain mess and one real important in fact I think the most important asset to any company our people and you have the right people doing the right things to be able to help drive your business forward yeah that's definitely something that I think I agree with you that's the that's the main thing I think that so many companies struggle with period and especially a lot of small businesses to your point of how are they hiring and how many people and all of that so as we kind of close this out I'm I'm just wondering on a personal note I have like fifteen new year's resolutions and keep up with them how about you do you have any new year's resolutions I DO you know is seven I I agree it's either you you kind of put your listing a start mentally thinking well I want to make sure that I'm doing that that you know I could improve on and I am chronic over scheduler I try to put too much in and so sometimes that makes me run a little bit behind I'm late and I've been this year that was actually I might last year's new year's resolution list you and I'm doing better I won't stand for but it's just I just got to continue to get better and more mindful and you know the I want to be on time I mean that's it's hard to be on time you know we try to do it all and and I think it's it's it's something that I've been working on and I'll continue to do all right I love that we must have the same list because it's the same thing for me over scheduling and then I hate that I hate I think it's the circle of trust like you you get maybe five to eight minutes but then if you're later than that unless you're in the middle of Manhattan you're in trouble you are and it is not good so yeah so that's what that any I'll I'll you know my last name obviously Miller and so some of my circle of traffic coming Miller time I don't want that anymore I'm going to be on time Miller time lead Miller's I love that Sherri hill or me in director head of small business bank of America thanks so much thank you for having me Kate always great to have sherry Miller on the show and especially here we are just a couple of weeks into the the new year and as I mentioned the decade it was interesting how entrepreneurs finished in four and five U. S. small business owners I anticipate that strong growth coming into this next year too and there's some great great little not dissimilar quickly some up for you that I got from bank of America and their bank of America damage fault two thousand and nineteen small business owners nap shot US business owners are coming up on a high note eighty two percent anticipating that year over year revenue growth and as there does they closed out last year small business growth indicators pretty steady and what does that mean sixty nine percent plan to expand fifty eight percent X. back to their to see their revenue increased twenty four percent plan to hire woo twelve percent intend to apply for a loan so that those are all great great numbers stay with us much.

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