Hispanic owned businesses are one of the fastest growing segments in the U.S small business sector and what they think about the overall business climate matters. So, what do they think about the future? Hispanic entrepreneurs are increasingly optimistic about the future.
According to a recent survey conducted by Bank of America, Hispanic business owners are feeling good about the economic future in the country and see their heritage as an important advantage to their success. When asked whether they believe the economy will improve in 2018, a majority of Hispanic business owners said yes. It is interesting to note that according to this survey, Hispanic business owners were more optimistic than their non-Hispanic counterparts.
Hispanic businesses are also planning on doing more hiring in 2018 and believe their revenue will increase. This optimism by Hispanic business owners is not limited to the short term. Hispanic entrepreneurs and business owners anticipate strong growth in the long term too and are actively leveraging the digital environment to better position themselves for future markets.
At least part of this optimism can be credited to a belief that the business environment for Hispanic entrepreneurs will strengthen in the next decade. A majority of Hispanic business owners also believe that their heritage is an advantage in certain areas like business growth, customer development and retention, and networking.
The survey also found that Hispanics are more apt to use digital tools than their non-Hispanic counter parts. More use of social media appears to be paying off as 53 percent of Hispanic business owners reported that social media engagement has a positive impact on their bottom line.
Over all it looks like Hispanic owned businesses and Hispanic entrepreneurs are leading the way in this new digital economy. The future is looking bright, and If all the positive sentiment continues it will be a good future for Hispanic business too.