WSFS Bank Survey: 92% of Small Businesses Meet Expectations, 66% Forecast Growth
WSFS Bank’s survey of 505 Mid-Atlantic small business leaders finds 92% report meeting or exceeding performance expectations and 66% anticipate growth over the next 12 months. Owners cite inflation (52%) and tariff uncertainty (40%) as top challenges, with 51% cutting non-essential spending to protect cash flow.
1. Survey Overview and Key Metrics
WSFS Bank surveyed 505 small business owners and decision-makers in the Mid-Atlantic region, revealing that 92% are currently meeting or exceeding performance expectations and 66% expect revenue growth over the next year.
2. Economic Challenges and Business Adaptations
Respondents identified inflation (52%), cost-of-living pressures (43%), tariff uncertainty (40%) and recession concerns (33%) as performance drags, with 51% reducing non-essential spending, 31% shifting to lower-cost suppliers and 27% renegotiating vendor contracts.
3. Banking Relationship Insights
Overall satisfaction with banking partners stands at 84%, though smaller and newer businesses indicate a need for deeper expertise and advisory support to manage cash flow and long-term planning effectively.
4. AI Adoption Trends
Technology integration is rising, with 81% of surveyed businesses using AI tools; 43% employ AI for data analysis and information gathering, while 42% use it for marketing and content creation, driven by larger firms' greater resources.