A survey launched just lately by TD Financial institution discovered that regardless of ongoing market and macroeconomic volatility, a powerful 90% of Washington, D.C., metro small enterprise house owners anticipate assembly or exceeding their enterprise objectives this 12 months.
That is as a lot as 11 share factors greater than in different East Coast metro areas surveyed reminiscent of New York Metropolis, Philadelphia and Miami/Fort Lauderdale. This optimism stems from 2022 outcomes, when 87% of respondents within the DMV met or exceeded their income objectives.
Together with their bullish outlook, 81% of enterprise house owners anticipate that their income/gross sales and/or variety of workers will enhance within the subsequent 12 months. When requested to rank their high three priorities for 2023, entrepreneurs cited attracting new clients, increasing services or products, and making a enterprise succession plan.
Understanding that these actions will want financing, 52% of companies will search credit score within the subsequent 12 months, the survey reported.
Whereas native enterprise sentiment is constructive, the survey reported issues. The highest three challenges are growing prices of provides/supplies/tools, native/regional financial uncertainty, and rising charges/inflation.
“Following classes from the pandemic, enterprises wish to guarantee they’ve adequate money available and entry to credit score to function now and sooner or later,” stated Terry Kenny, industrial market president of D.C., Maryland and Virginia, TD Financial institution.
The survey was performed by Massive Village amongst a pattern of 250 entrepreneurs within the Washington area with fewer than 100 workers and income of $250,000 to lower than $10 million from Jan. 31-Feb. 20.