Sixty percent of small business owners and decision makers expect a slight or significant increase in revenue, according to a recent WSFS Bank survey, and many expect to seek financing for purchasing equipment, obtaining working capital, funding expansions and other improvements.
Opinium, a strategic insight agency, conducted the survey of 597 small-business decision makers between Nov. 18 and Dec. 2 for WSFS Bank, the oldest and largest bank and trust company in the Greater Philadelphia and Delaware region. Small businesses are classified as having annual revenue of up to $5 million and a minimum of two employees.
“Small businesses have demonstrated remarkable adaptability in an environment where uncertainty has become the norm,” said Candice Caruso, WSFS Bank senior vice president and chief business banking officer. “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.”
Business owners said the past two years have negatively impact their businesses. More than half, 59 percent cited the inflation rate followed by the cost of living, 45%, the threat of a recession, 31 percent, reduced consumer spending, 27 percent, supply chain disruptions, 23 percent, and economic uncertainty surrounding the 2024 election, 22 percent.