A new survey from TD Bank found that veterans who own and lead businesses are cautiously optimistic about the next 12 months.
The survey released for National Veterans Small Business Week found that 71 percent of veteran-owned and -led businesses were concerned about inflation and high interest rates, while only 48 percent were concerned about attracting customers and 41 percent were concerned with competition from other businesses.
“Overall, the survey findings reveal veterans’ positive sentiment about the future of small businesses, including opportunities around new technologies and customer growth,” Andy Bregenzer, co-head of Commercial Banking at TD Bank, said. “There are many resources designed to support veterans’ financial wellbeing, and banks are here to provide guidance and expert recommendations on the resources and solutions that will help veterans successfully pursue their business goals and achieve their aspirations.”
But the survey found that the economy poses challenges those businesses with just a third (34 percent) expecting improved performance over the next 12 months. Nearly half (49 percent) said they expected to meet their goals over the next year, and only 29 percent said they plan to increase their staffing levels.
Just one fifth (21 percent) of the survey’s respondents said they felt disadvantaged when it comes to accessing capital or accessing professional networks. More than half of the businesses (52 percent) cited cost efficiency initiatives as an opportunity over the next year, while 77 percent said new customers were a key economic opportunity.