Business
New Survey from WSFS Bank Reveals Optimism Among Small Business Owners
Following Years of Challenges, Small Business Owners Project A Bright Outlook Even Amid Economic Hurdles WILMINGTON, Del.--(BUSINESS WIRE)-- Small business
About this update from Wsfs Financial Corporation
[{"type":"text","content":"\nFollowing Years of Challenges, Small Business Owners Project A Bright Outlook Even Amid Economic Hurdles\n\n\n WILMINGTON, Del.--(BUSINESS WIRE)--\nSmall business owners and decision makers are optimistic about the economic outlook for the year ahead, with 60% expecting a slight or significant increase in revenue, according to a new survey conducted by WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS). The survey polled 597 small business decision makers to gauge their feelings on the state of their business and financing needs in the current economy. For purposes of this data, small business owners are identified as those at businesses with annual revenues of up to $5 million and a minimum of two employees.\n\n\nWhile respondents’ views of the past two years mainly reflect economic challenges encountered, many plan to seek financing to invest in key business needs in 2025, signaling an optimistic shift. Additionally, these owners are confident in their ability to secure that financing. The most common planned investments include purchasing equipment (26%), obtaining working capital (25%), and funding expansions (24%).\n\n\n“Small businesses have demonstrated remarkable adaptability in an environment where uncertainty has become the norm,” said Candice Caruso, Senior Vice President, Chief Business Banking Officer, WSFS Bank. “Many small business owners are planning ahead and transforming their businesses by embracing technology, refining operational efficiencies, and seeking new ways to serve their customers. We are proud of the role that WSFS plays in helping to propel these investments and keeping small businesses at the heart of the communities they serve.”\n\n\nChallenges Facing Small Businesses\nDespite a more optimistic outlook for the future, the past two years have presented many hurdles for small business owners. For those who believe the past two years have had a negative impact on their business, the rising inflation rate (59%) is seen as the primary factor, followed by the cost of living crisis (45%) and the looming threat of a recession (31%). More than a quarter also pointed to reduced consumer spending (27%), while over a fifth mentioned supply chain disruptions (23%) and economic uncertainty surrounding the recent election (22%).\n\n\nIn response to these challenges, more than half ...