According to a Bank of America survey, Boston-area small business owners are feeling optimistic, if cautious, about the upcoming fiscal year. Many expect to increase sales as well as workers throughout 2013.
Though 9% of small businesses in the region expect revenue to fall in 2013, more than half of those polled project significant increases. Similarly, only 2% plan to cut staff, while more than a quarter plans to expand their workforce.
Business owners from other cities gave similar feedback.
“I think they’re optimistic,” said Bank of America’s national sales executive Anna Colton. “I find that really encouraging.”
Chris Constantino, president of Camio Custom Cabinetry, shared that his small business was able to hire two new workers over the past year. Though the national business environment makes him nervous, he believes his company will continue to gain market share.
“I am optimistic things will be better for us,” he said. “But I am not sure the economy will be better next year.”
The recent elections will also have an impact on the economy, regardless of the winning party. RC’s Grand Coach & Limousine owner Richard Caraviello explained that his business was unusually slow this year as a result of the elections.
“People were afraid of the elections and the uncertainty about who was going to president,” he said. “At least you know there is going to be a person in charge, and you can work around that.”
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