Business owners expect 2017 revenue to exceed that of 2016.
New York: The majority of Los Angeles-area small business owners expect 2017 revenue to exceed that of 2016 as the year comes to a close.
They are projecting that growth to continue in the year ahead. This confidence coincides with an increase in economic optimism since last fall. Forty-eight percent of L.A. entrepreneurs believe the national economy will improve over the next 12 months, an increase of 9 percentage points year over year. Similarly, 47 percent of L.A. small business owners believe their local economy will improve in year ahead, and they are planning to hire and expand at rates above their national peers:
As per the fall 2017 Bank of America Business Advantage Small Business Owner Report, a semiannual survey of 1,000 business owners across the country and in the greater L.A. area, seven out of 10 L.A. entrepreneurs expect their revenue will increase over the next 12 months (19 percentage points higher than the national average). In the short term, L.A. business owners anticipate a strong finish to 2017, as 83 percent are confident that their year-end revenue will exceed that of 2016.
As the job market has tightened in recent years, business owners are increasingly focused on employee retention strategies. In L.A., 39 percent of business owners provide regular annual employee raises -- the highest percentage among entrepreneurs nationwide, and 17 percentage points higher than the national average. To enhance company culture, seven out of 10 of L.A. entrepreneurs offer employee incentives.
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|Publication:||Daily the Pak Banker (Lahore, Pakistan)|
|Date:||Dec 1, 2017|
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