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U.S. Veteran-Owned and -Led Businesses Cautious on Economic Outlook, New TD Bank Survey Shows

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TD Bank's new survey reveals veteran-owned and -led businesses are showing cautious optimism about growth prospects. 71% cite economic conditions as their primary concern, while only 34% expect improved performance over the next year. Despite challenges, businesses see opportunities in: new customer acquisition (77%), access to capital and professional networks, and cost efficiency initiatives (52%).

The survey also highlights strong banking relationships, with 96% reporting their primary bank meets or exceeds their needs. 84% believe their bank offers cutting-edge features, with 68% prioritizing low fees and online banking features when choosing banking partners.

Il nuovo sondaggio di TD Bank rivela che le imprese gestite da veterani mostrano un cauto ottimismo riguardo alle prospettive di crescita. Il 71% cita le condizioni economiche come la loro principale preoccupazione, mentre solo il 34% si aspetta un miglioramento delle performance nel prossimo anno. Nonostante le difficoltà, le imprese vedono opportunità in: nuova acquisizione di clienti (77%), accesso a capitali e reti professionali, e iniziative per l'efficienza dei costi (il 52%).

Il sondaggio mette anche in evidenza relazioni bancarie solide, con il 96% che riportano che la loro banca primaria soddisfa o supera le loro esigenze. l'84% crede che la propria banca offra funzionalità all'avanguardia, con il 68% che dà priorità a basse commissioni e funzionalità di online banking nella scelta dei partner bancari.

La nueva encuesta de TD Bank revela que las empresas dirigidas por veteranos muestran un optimismo cauteloso sobre las perspectivas de crecimiento. El 71% cita las condiciones económicas como su principal preocupación, mientras que solo el 34% espera un mejor desempeño en el próximo año. A pesar de los desafíos, las empresas ven oportunidades en: nueva adquisición de clientes (77%), acceso a capital y redes profesionales, e iniciativas de eficiencia de costos (el 52%).

La encuesta también destaca fuertes relaciones bancarias, con el 96% reportando que su banco principal satisface o supera sus necesidades. El 84% cree que su banco ofrece características innovadoras, y el 68% prioriza bajas tarifas y características de banca en línea al elegir socios bancarios.

TD Bank의 새로운 조사에 따르면, 재향군인 소유 및 운영 기업들은 성장 전망에 대해 신중한 희망을 보이고 있습니다. 71%는 경제 상황을 주요 우려 사항으로 언급했으며, 34%만이 향후 1년 간 향상된 성과를 기대하고 있습니다. 어려움에도 불구하고 기업들은 새로운 고객 유치 (77%), 자본 및 전문 네트워크 접근성, 비용 효율성 개선 (52%)에서 기회를 보고 있습니다.

조사는 또한 강력한 은행 관계를 강조하며, 96%가 주요 은행이 자신들의 요구를 충족하거나 초과한다고 보고하고 있습니다. 84%는 자신의 은행이 최첨단 기능을 제공한다고 믿으며, 68%는 은행 파트너를 선택할 때 낮은 수수료와 온라인 뱅킹 기능을 우선시합니다.

La nouvelle enquête de TD Bank révèle que les entreprises dirigées par des vétérans affichent un optimisme prudent concernant leurs perspectives de croissance. 71% évoquent les conditions économiques comme leur principale préoccupation, tandis que seulement 34% s'attendent à une amélioration de leurs performances l'année prochaine. Malgré les défis, les entreprises voient des opportunités dans : l'acquisition de nouveaux clients (77%), l'accès au capital et aux réseaux professionnels, et les initiatives d'efficacité des coûts (52%).

L'enquête met également en avant de solides relations bancaires, avec 96% des personnes interrogées déclarant que leur banque principale répond à leurs besoins ou les dépasse. 84% croient que leur banque propose des fonctionnalités de pointe, tandis que 68% priorisent les faibles frais et les caractéristiques de la banque en ligne lors du choix des partenaires bancaires.

Die neue Umfrage von TD Bank zeigt, dass von Veteranen geführte Unternehmen eine vorsichtige Optimismus bezüglich ihrer Wachstumsaussichten haben. 71% geben an, dass die wirtschaftlichen Bedingungen ihre größte Sorge sind, während nur 34% mit einer verbesserten Leistung im nächsten Jahr rechnen. Trotz der Herausforderungen sehen die Unternehmen Chancen in: Neukundengewinnung (77%), Zugang zu Kapital und professionellen Netzwerken sowie Maßnahmen zur Kosteneffizienz (52%).

Die Umfrage hebt auch die starken Bankbeziehungen hervor, wobei 96% berichten, dass ihre Hauptbank ihre Bedürfnisse erfüllt oder übertrifft. 84% glauben, dass ihre Bank moderne Funktionen anbietet, wobei 68% bei der Wahl von Bankpartnern niedrige Gebühren und Online-Banking-Funktionen priorisieren.

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Despite caution, survey shows optimism exists related to customer acquisition, access to capital and talent, and cost efficiencies

CHERRY HILL, N.J.--(BUSINESS WIRE)-- As the small business world continues to navigate rapid digital transformation and related shifts in customer expectations, veteran-owned and -led businesses are cautiously optimistic about their business growth over the next 12 months, according to the results of a new survey released today by TD Bank on the occasion National Veterans Small Business Week.

More than seventy percent (71%) of veteran-owned and -led businesses list economic conditions, like inflation and high interest rates, as their primary concern related to their business growth. Additional concerns include attracting customers (48%) and competition from other businesses (41%).

The economic environment continues to pose challenges for veteran-owned and -led businesses’ performance, with just one-third (34%) expecting improved performance over the next twelve months. Instead, nearly half (49%) expect to merely meet their goals in the same timeframe. Notably, only 29% of veteran-owned and -led businesses indicate plans to increase their staffing levels, showing a hesitancy to expand operations amid uncertainty.

Ready, Aim, Grow!

Despite a cautious outlook for service expansion and hiring plans, veteran-owned and -led businesses are eager to pursue areas of opportunity, including:

  • Customer Acquisition: While veteran-owned and -led businesses continue to grapple with the effects of economic fluctuations, 77% note new customers as a key opportunity for their business.
  • Access to Capital and Talent: As the economy continues to stabilize with a potential ‘soft landing’ on the horizon, just one fifth of veteran-owned and -led businesses feel disadvantaged when considering access to capital (21%) or professional networks (21%).
  • Cost Savings/Efficiencies Initiatives: Veteran-owned and -led businesses continue to prioritize financial stability as they navigate market volatility, with more than half (52%) citing cost efficiency initiatives as an opportunity for their company in the next twelve months.

Additionally, banking innovation is particularly important, as the majority of veteran-owned and -led businesses (84%) believe their primary bank offers cutting-edge features and products. When veteran-owned and -led businesses consider choosing a bank partner, more than two-thirds (68%) prioritize both low banking fees and online banking features as top determining factors.

“Overall, the survey findings reveal veterans' positive sentiment about the future of small businesses, including opportunities around new technologies and customer growth,” said Andy Bregenzer, Co-Head of Commercial Banking, TD Bank. “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."

Those surveyed show a high level of satisfaction when it comes to their banking relationships. Notably, an overwhelming 96% report their primary bank effectively meets their business needs or goes beyond to support them. More than half of veteran-owned and -led businesses (55%) maintain only one banking relationship, and nearly two thirds (62%) consider their banking service to be excellent.

Survey Methodology

This report presents the findings of a survey conducted by Wakefield Research among 100 veteran business leaders in leadership roles at companies with annual revenues of $100K - $2B each, along with 200 individuals who make up a representative sample of business leaders in the U.S. The online survey was conducted between July 29th and August 13th, 2024. Data has been weighted.

Veteran business leaders businesses are defined as owners or those in the c-suite.

About Wakefield Research

Wakefield Research is a leading, independent provider of quantitative, qualitative, and hybrid market research for thought leadership and strategic insights. Wakefield Research is a partner to the world’s leading brands and agencies, including 50 of the Fortune 100. We conduct research in nearly 100 countries and our surveys appear regularly in top-tier media. Learn more at www.wakefieldresearch.com.

About TD Bank, America's Most Convenient Bank®

TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S. by assets, providing over 10 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Auto Finance, a division of TD Bank, N.A., offers vehicle financing and dealer commercial services. TD Bank and its subsidiaries also offer customized private banking and wealth management services through TD Wealth®. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Instagram at www.instagram.com/TDBank_US/.

TD Bank is a subsidiary of The Toronto-Dominion Bank, a top 10 North American bank. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com/us.

For further information: Nick Villano, Corporate Communications Manager Nick.Villano@td.com

Source: TD Bank

FAQ

What are the main concerns for veteran-owned businesses according to TD Bank's 2024 survey?

According to TD Bank's survey, 71% of veteran-owned businesses cite economic conditions (inflation and high interest rates) as their primary concern, followed by attracting customers (48%) and competition from other businesses (41%).

What percentage of veteran-owned businesses expect growth in 2024-2025?

Only 34% of veteran-owned businesses expect improved performance over the next twelve months, while 49% expect to merely meet their goals.

What banking features do veteran business owners prioritize according to TD's survey?

68% of veteran business owners prioritize both low banking fees and online banking features as top determining factors when choosing a bank partner.

How satisfied are veteran business owners with their banking relationships?

96% of veteran business owners report their primary bank effectively meets or exceeds their business needs, with 62% considering their banking service to be excellent.

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