David Winzelberg //May 9, 2024 //
Depositphotos image
Survey finds optimism among small business owners
Depositphotos image
David Winzelberg //May 9, 2024 //
Small business owners expressed optimism for the future of their businesses over the next 12 months, according to a new survey from TD Bank.
The TD Bank 2024 Small Business Survey found that 90% of small business owners polled are feeling optimistic for the future of their business in the next year, up from 80% in 2023. In addition, 96% of respondents in New York believe their small business will perform well over the next six to 12 months.
Nearly two-thirds (64%) of small business owners surveyed foresee their business revenue and sales increasing and 59% of the respondents plan to expand products and services over the next 12 months, according to the survey.
Nearly all that were surveyed (94%) reported that they have no plans to sell or close their business in the next 12 months with just 4% planning to reduce their staff.
However, inflation remains an issue for small business owners. More than half (56%) of those surveyed cited both inflation and interest rates and the increasing costs of supplies, materials, and equipment (58%) as top concerns.
“While many small businesses remain optimistic heading into the second half of 2024 and 2025, they have continuing concerns about interest rates, inflation and economic pressures,” Chris Giamo, head of Commercial Banking at TD Bank, said in a company statement. “However, SBOs’ optimism surrounding revenue and business growth is a testament to the resiliency of small businesses who have weathered tough economic circumstances and proven their ability to effectively navigate a challenging economy.”
Almost two-thirds (64%) of those surveyed said they will have additional credit or financing needs over the next 12 months. Of those, 50% noted that the loan or line of credit would be used to maintain company operations, with others reporting they’d use the funding or credit to support expansion into new market verticals (47%) and launching a new product or service line (45%).
“As small businesses continue to grapple with lingering economic headwinds, having a trusted financial institution in their corner for continued guidance and financial support is crucial,” Amy Dinkar-Patel, head of Small Business & Commercial Distribution at TD Bank, said in the statement. “It’s a promising sign that almost half of business owners are looking for financial support to invest in growth objectives.”
The TD Bank survey was conducted by Big Village between April 3 to April 15 among a sample of 1,014 small business owners and partners. Small business owners are defined as respondents having less than 100 employees with a recent fiscal year revenue between $250,000 and $5 million.
Share this!
It’s the largest gift towards undergraduate education at the university
May 10, 2024
The company is providing equpment to the non-profit’s studios, which are based in pediatric hospitals, inclu[…]
May 9, 2024
The filings come on the heels of a first week of bargaining between the company and the union.
May 7, 2024
Long Island is home to 12 newspaper groups
May 7, 2024
The new credit union service organization offers commercial underwriting, compliance and other back-office ser[…]
May 7, 2024
Among the new board members is Regina Jankowski, editor of Long Island Business News
May 6, 2024
Listen to this article Commercial, multifamily, and industrial buildings – bot[…]
A strong escrow solution can be a critical for managing multiple business transa[…]
Listen to this article Michael Violano, CPA, MST Audit Partner Make sure your 20[…]
Sign up for your daily digest of Long Island Business News.
Listen to this article Long Island Business News has announced that it has chosen this year’s winn[…]
Long Island Business News is proud to acknowledge Long Island’s best in banking and finance.
Listen to this article Long Island Business News announced that it has selected this year’s winner[…]
The 62,500-square-foot office building is on 5.5 acres.
March 8, 2024, marks a global celebration of women’s achievements. This special section honors out[…]
The 29,726-square-foot building is on 1.26 acres.
The $45 million project would bring a 332,970-square-foot warehouse and distribution building and tr[…]
The company leased a 21,450-square-foot industrial space in the Sherwood Corporate Center.
This will be the second Long Island location for Pickleball Smash-It.
The 41,720-square-foot retail complex is on 4.03 acres.
On Our Island 5/10/2024
9/5/2024
CH-47F Chinook Block II is essential to local economic strength
9/5/2024
Divorce in the digital age: cyber spying and coercive control
9/5/2024
LI law professionals helping to navigate challenging cannabis landscape
9/5/2024
Cohen: Long Island’s future is at the forefront of AI
2/5/2024
Our mission at Long Island Business News is to be the vital business news and advertising source to Long Island’s most influential readers.
Get our free LIBN e-alerts & breaking news notifications!
Subscribe for access to the latest digital and special editions.
© 2024 BridgeTower Media. All rights reserved.
Use of this website is subject to its Terms of Use | Privacy Policy | Your California Privacy Rights/Privacy Policy | Do Not Sell My Info/Cookie Policy
