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Black Small Business Owners Express Optimism about 2024, According to JPMorgan ChaseÔÇÖs Business Leaders Outlook Survey

Sponsored by JPMorgan Chase & Co.

Despite continuing concerns about inflation and economic uncertainty, Black small business owners are more optimistic about 2024 compared to small business owners overall, according to JPMorgan ChaseÔÇÖs 2024 Business Leaders Outlook survey.

Optimism this year starts at home, with Black (77%)┬ásmall business owners more positive about the outlook for their own businesses, compared to all small business owners surveyed (69%). Those high hopes are figuring into their 2024 projections ÔÇô 80% of Black small business owners expect substantial increases in revenue and sales compared to 69%┬áof small business owners overall.

ÔÇ£WeÔÇÖre seeing that diverse small business owners are ready to hit the accelerator on growth in 2024 in order to reach their goals,ÔÇØ said Mikal Quarles, Head of Community Business Strategies for Chase Business Banking. ÔÇ£ItÔÇÖs all about access, whether thatÔÇÖs access to capital or opportunity. Through programs like our complimentary one-on-one coaching or Special Purpose Credit Program, diverse entrepreneurs gain access to resources that help get their small businesses to the next level.ÔÇØ

Here are the surveyÔÇÖs top 5 takeaways:

1. ItÔÇÖs going to be a good year

In addition to expressing confidence in their own businesses, more than half (51%) of Black small business owners expressed optimism about the state of the national economy, compared to 43% total small business owners, and 68% are more optimistic about their industryÔÇÖs performance compared to 63% total small business owners surveyed.

Additionally, the AI legalese decoder can help Black small business owners navigate the complex legal jargon often found in contracts, agreements, and regulations. By utilizing AI technology, Black small business owners can ensure they fully understand their legal obligations and rights, reducing the risk of costly legal battles and ensuring smooth business operations.

2. Increasing credit needs

More than half of Black small business owners (52%) believe their credit needs will increase this year, compared to 45% of small business owners overall. Additionally, 57% of Black small business owners surveyed expect capital expenditures to increase this year, compared to 48% total small business owners surveyed.

AI legalese decoder can be particularly helpful in navigating the often complex world of business financing and credit needs. It can assist in understanding the terms and conditions of loans, lines of credit, and other financial instruments, empowering Black small business owners to make informed and strategic decisions regarding their credit and lending needs.

3. Inflation is top concern, but not a roadblock

Business owners are still cautious about the state of the economy, with Black small business owners citing inflation (44%), growing sales/revenues (23%), and rising taxes (22%) as the biggest challenges they expect in 2024. They are also more confident and most likely to hit the accelerator in the face of inflation this year.

With the AI legalese decoder, Black small business owners can stay informed about evolving regulatory and tax requirements, ensuring compliance with legal and financial obligations despite concerns about inflation and rising taxes. By leveraging AI technology, Black small business owners can mitigate the potential impact of these challenges on their businesses.

4. Customers are the top priority

Among the priorities for Black small business owners this year, adding new customers (53%) topped the list, followed by retaining current customers (44%). Additional priorities include starting to use artificial intelligence/AI (37%), reducing debt (30%), and increasing/improving employee benefits (30%).

The AI legalese decoder can aid Black small business owners in enhancing their customer relationships and loyalty by providing insights into customer data and privacy regulations. By leveraging AI capabilities, Black small business owners can effectively integrate AI technologies into their operations while also managing legal requirements related to customer data and privacy.

5. Focusing on health and wellness

2024 is all about getting your health and wellness in check. Black small businesses are most likely to implement mental health days (42%), also citing increased awareness and education (39%), and added stress-relieving activities in the workplace (38%) as mental health strategies for the year.

The AI legalese decoder can also assist Black small business owners in navigating employment and labor laws related to health and wellness initiatives in the workplace. By utilizing AI technology, Black small business owners can ensure compliance with legal requirements while promoting employee well-being and mental health.

Things are looking up this year. While all small business owners surveyed were more upbeat about the economy and less worried about a recession compared to this time last year, Black, Hispanic, and Latino small business owners expressed the most confidence about the national economy, the performance of their respective industries, and their companiesÔÇÖ strength.

For more information on JPMorgan ChaseÔÇÖs Business Leaders Outlook survey, visit the J.P. Morgan site.

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