Veteran-Owned and -Led Businesses Cautious on Economic Outlook
Veterans’ small businesses are facing turbulent economic waters as they grapple with challenges like inflation and high interest rates, according to the latest survey by TD Bank, released on the occasion of National Veterans Small Business Week. Located across various industries, these enterprises display cautious optimism about the upcoming year.
More than seven out of ten (71%) of veteran business owners express economic conditions as their main concern impacting growth. The survey indicates additional worries surrounding customer attraction (48%) and competition from other businesses (41%). Only about one third (34%) of those surveyed anticipate performance improvements over the next twelve months, with nearly half (49%) expecting to merely meet their goals.
It's no surprise then, amid such uncertainty, only 29% of these business leaders plan to expand their workforce. Such hesitancy signals muted confidence concerning operational growth for many.
Ready, Aim, Grow!
Despite facing these economic headwinds, veteran-owned businesses are strategically eyeing opportunities to grow. A whopping 77% of participants identify new customer acquisition as the key to their business's future. They know they must adapt to the changing economic environment.
Access to capital and developing professional networks remain pivotal for these entrepreneurs, as 21% believe they would be at a disadvantage if seeking financing. Equally, over half (52%) highlight efficiency initiatives as important avenues for future success. It's all about optimizing processes and keeping costs manageable.
Interestingly, banking innovation stands out as highly valued among veteran-owned businesses with 84% believing their banks offer advanced services. When searching for banking partners, more than two-thirds (68%) cite low fees and online services as the most important factors. So it’s pretty clear these business owners aren’t just focused on the numbers—they’re also prioritizing seamless digital experiences.
“The overall findings of our survey highlight veterans' positive sentiment toward the future of small businesses, especially touching on new technologies and customer growth opportunities,” stated Andy Bregenzer, Co-Head of Commercial Banking at TD Bank. He added, “Our resources can empower veterans to achieve their business aspirations.”
Many small business owners reported high satisfaction levels with their banks, with 96% stating their primary banks meet or exceed their needs. A majority of businesses (55%) maintain just one banking relationship, underscoring their loyalty to institutions they trust.
Survey Methodology
Conducted by Wakefield Research, this survey reached 100 veteran leaders at companies with revenues ranging from $100,000 to $2 billion. It served as a representative sample of business leaders across the U.S., collected online between July 29th and August 13th, 2024, and data was adjusted for accuracy.
Veteran business leaders are defined as owners or those holding chief-level positions within their firms. With insights from various industries, the survey paints a multifaceted picture of the current climate impacting veteran-led businesses across the nation.
About Wakefield Research
Wakefield Research prides itself as an independent market research firm, known for both quantitative and qualitative methods. Partnering with various major brands and agencies, it conducts significant research across nearly 100 countries, frequently appearing in reputable media sources.
TD Bank, recognized as America’s Most Convenient Bank, serves over 10 million customers by providing a full range of banking products across more than 1,100 branches. This bank remains committed to supporting the needs of small business owners, including veterans, with personalized services and solutions to help them thrive.
Veteran business owners continue to face economic hurdles but remain resilient and focused on growth strategies. Their commitment to adapting and innovatively seeking new revenue streams indicates not just survival but potential prosperity within challenging times.
