Poll also found many are preparing for growth,
including hiring
CLEVELAND, Nov. 14,
2024 /PRNewswire/ -- With the election now behind us,
many business owners are planning for 2025. A recent KeyBank Small
Business Flash Poll found 61% of respondents indicated they were
likely to seek clarity and hold off on major business decisions
until after the election, while only 12% said the election would
have no impact on their 2025 planning. The poll also found business
owners anticipate policy shifts will most affect areas such as:
- Taxation (45%)
- Regulations (34%)
- Trade policies (31%)
Despite challenges posed by pre-election uncertainty surrounding
anticipated policy changes, small business owners are preparing for
growth, with nearly one-third (32%) expecting to expand their staff
in 2025.
"Small business owners faced many challenges in 2024, including
political uncertainty," said Mike
Walters, President of Business Banking at KeyBank. "Despite
challenges, they've displayed great resilience and patience
navigating an election year. As they plan for 2025, it is important
that they talk with their banker to develop strategies and explore
solutions that can help them adapt to and persevere through
potential policy shifts and changes."
KeyBank's recent Small Business Flash Poll also showed higher
interest rates have impacted small business owners in many ways,
including:
- 38% of respondents faced reduced profit margins
- 37% faced increased borrowing costs
- 31% have deferred capital investment due to high interest
rates
At the same time, more than half of respondents (56%) expect
interest rate changes to positively impact their businesses. The
poll found they've adapted to the rate environment by increasing
cash reserves (43%), reducing reliance on debt (37%), and
diversifying funding sources (32%).
Methodology
This survey was conducted online by Survey
Monkey, including 1,796 respondents, ages 18-99, located in
the United States, who own or
operate a small-to-medium size business with an annual gross
revenue of less than $10 million,
completed the survey in August
2024.
ABOUT KEYCORP
KeyCorp's (NYSE: KEY) roots trace back
nearly 200 years to Albany, New
York. Headquartered in Cleveland,
Ohio, Key is one of the nation's largest bank-based
financial services companies, with assets of approximately
$190 billion at September 30, 2024. Key provides deposit,
lending, cash management, and investment services to individuals
and businesses in 15 states under the name KeyBank National
Association through a network of approximately 1,000 branches and
approximately 1,200 ATMs. Key also provides a broad range of
sophisticated corporate and investment banking products, such as
merger and acquisition advice, public and private debt and equity,
syndications and derivatives to middle market companies in selected
industries throughout the United
States under the KeyBanc Capital Markets trade name. For
more information, visit https://www.key.com/. KeyBank Member
FDIC.
CFMA #241111-2881834
This material is presented for informational purposes only and
should not be construed as individual tax or financial advice.
KeyBank does not provide legal advice. Key.com is a federally
registered service mark of KeyCorp. ©2024 KeyCorp
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SOURCE KeyBank
