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WSFS Bank Survey Highlights Small Business Owners' Optimism Amid Economic Challenge
Posted on 2025 Jan 22 00:00 UTC

<p><font face="Poppins, sans-serif"><span style="font-size: 15px;">&nbsp;Small Business Optimism Surges for 2025 Amid Economic Uncertainty</span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;">Small business owners across the United States are entering 2025 with renewed optimism, according to a recent survey conducted by WSFS Bank. The findings indicate that despite ongoing economic challenges, many small businesses are planning for growth, with 60% of respondents anticipating increased revenue in the coming year. This confidence highlights the resilience and adaptability of small businesses as they navigate a fluctuating economic landscape.</span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;">&nbsp;A Focus on Strategic Investments</span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;">The survey, which polled 597 small business decision-makers, reveals a strategic shift toward growth-focused investments. The most popular plans include purchasing new equipment (26%), obtaining working capital (25%), and funding business expansions (24%). These trends underscore a commitment to operational improvements and long-term growth.</span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;">"Small businesses have shown remarkable resilience in an unpredictable economic climate," said Candice Caruso, Senior Vice President and Chief Business Banking Officer at WSFS Bank. "Many owners are proactively transforming their operations by embracing technology and refining efficiencies to better serve their customers."</span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;">&nbsp;Challenges Persist but Adaptation Remains Key</span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;">Economic hurdles remain significant, with 59% of respondents identifying inflation as their primary concern. Other key challenges include the cost-of-living crisis (45%), recession fears (31%), reduced consumer spending (27%), and supply chain disruptions (23%). To counter these challenges, 54% of respondents have reduced discretionary spending, while others have sought cost-effective suppliers (27%) or delayed non-essential investments.</span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;">Jeremy Shackleford, Senior Vice President and Director of Small Business Sales for WSFS Bank, emphasized the importance of strategic planning: "Managing debt, strengthening vendor relationships, and exploring financing options are critical steps for small businesses to thrive in this environment. Building strong credit profiles and working closely with trusted advisors, like bankers and accountants, can provide a solid foundation for future growth."</span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;">&nbsp;Banking Relationships: A Mixed Picture</span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;">The survey also examined small business owners' banking preferences, revealing that 53% bank with large national institutions, 29% with regional banks, and 16% with community banks. However, while 51% of respondents appreciated their bank's proactive tools and lending solutions, less than half felt adequately guided on business planning (47%) or economic uncertainty (46%).</span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;">Caruso stressed the importance of tailored banking partnerships, stating, "Establishing clear expectations and maintaining regular communication with banking partners is essential. Proactive support can make all the difference as businesses prepare for economic headwinds."</span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;">&nbsp;In-Person Interactions Still Preferred for Complex Needs</span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;">Interestingly, small business owners showed a strong preference for in-person banking when addressing complex issues like business planning (66%) and lending (62%). Routine services, such as obtaining credit cards, saw an even split among in-person, virtual, and impartial interactions, highlighting the diverse needs of today’s business owners.</span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;">&nbsp;Resilience and Proactivity: Keys to Small Business Success</span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;">The survey results paint a clear picture: while economic uncertainties persist, small businesses are taking proactive steps to secure their futures. From investing in growth to building stronger relationships with their banking partners, the focus remains on navigating challenges and seizing opportunities in 2025.</span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;">As Caruso aptly put it, "Small businesses are the backbone of our communities. By fostering strong partnerships and providing the right tools, we can help them not just survive, but thrive."</span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;"><br></span></font></p><p><font face="Poppins, sans-serif"><span style="font-size: 15px;">This article reframes the survey findings into a cohesive narrative while ensuring originality and a professional tone.</span></font></p>

What is Lorem Ipsum?
Posted on 2024 Aug 16 00:00 UTC

<div style=' background:#FFFFFF;color:#000000;font-family:Verdana;width:auto;padding:5px;'><span><h2 style="margin: 0px 0px 10px; padding: 0px; font-weight: 400; font-family: DauphinPlain; font-size: 24px; line-height: 24px; text-align: left; color: rgb(0, 0, 0); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">What is Lorem Ipsum?</h2><p><b style="margin: 0px; padding: 0px; color: rgb(0, 0, 0); font-family: &quot;Open Sans&quot;, Arial, sans-serif; font-size: 14px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Lorem Ipsum</b><span style="color: rgb(0, 0, 0); font-family: &quot;Open Sans&quot;, Arial, sans-serif; font-size: 14px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;"><span>&nbsp;</span>is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum</span></p><span></div>

This is Test Post For RadarBlog
Posted on 2024 Aug 12 00:00 UTC

<main id="content" class="site-main post-7427 msme_academy type-msme_academy status-publish has-post-thumbnail hentry msme_categories-research-work" role="main" style="box-sizing: border-box; margin: 0px auto; padding: 0px; outline: none; width: 1140px; max-width: 1140px; color: rgb(51, 51, 51); font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, &quot;Noto Sans&quot;, sans-serif, &quot;Apple Color Emoji&quot;, &quot;Segoe UI Emoji&quot;, &quot;Segoe UI Symbol&quot;, &quot;Noto Color Emoji&quot;; font-size: 16px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><header class="page-header" style="box-sizing: border-box; margin: 0px; padding: 0px; outline: none;"><h1 class="entry-title" style="box-sizing: border-box; margin: 0.5rem auto 1rem; padding: 0px; outline: none; font-weight: 500; line-height: 1.2; font-size: 2.5rem; font-family: inherit; color: inherit; display: var(--page-title-display); width: 1140px; max-width: 1140px;">Lorem Ipsum is simply dummy text research work</h1></header><p class="page-content" style="box-sizing: border-box; margin: 0px; padding: 0px; outline: none; -webkit-tap-highlight-color: transparent;"></p></main><p data-elementor-type="footer" data-elementor-id="721" class="elementor elementor-721 elementor-location-footer" data-elementor-post-type="elementor_library" style="box-sizing: border-box; margin: 0px; padding: 0px; outline: none; -webkit-tap-highlight-color: transparent; color: rgb(51, 51, 51); font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, &quot;Noto Sans&quot;, sans-serif, &quot;Apple Color Emoji&quot;, &quot;Segoe UI Emoji&quot;, &quot;Segoe UI Symbol&quot;, &quot;Noto Color Emoji&quot;; font-size: 16px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><section data-particle_enable="false" data-particle-mobile-disabled="false" class="elementor-section elementor-top-section elementor-element elementor-element-f0cfe99 elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="f0cfe99" data-element_type="section" data-settings="{&quot;background_background&quot;:&quot;classic&quot;}" style="box-sizing: border-box; margin: 0px; padding: 0px; outline: none; --flex-direction: initial; --flex-wrap: initial; --justify-content: initial; --align-items: initial; --align-content: initial; --gap: initial; --flex-basis: initial; --flex-grow: initial; --flex-shrink: initial; --order: initial; --align-self: initial; flex-basis: var(--flex-basis); flex-grow: var(--flex-grow); flex-shrink: var(--flex-shrink); order: var(--order); align-self: var(--align-self); position: relative; --swiper-theme-color: #000; --swiper-navigation-size: 44px; --swiper-pagination-bullet-size: 6px; --swiper-pagination-bullet-horizontal-gap: 6px; --widgets-spacing: 0px 0px; transition: background 0.3s, border 0.3s, border-radius 0.3s, box-shadow 0.3s; background-color: var( --e-global-color-0ab5c75 );"><br class="Apple-interchange-newline"><br></section></p>

What is a 1099 Form?
Posted on 2023 Feb 23 00:00 UTC

<p>A 1099 form is used to report a freelancer or independent contractor’s non-employment income of $600 or more. It includes revenue from stock dividends, interest on deposits, property sales, cash prizes, royalties, and other sources. <br><br>The IRS receives this form straight from the payer. Therefore, the taxpayer doesn’t need to file it in their income tax return (ITR). They are, nevertheless, required to inform the IRS about these transactions.<br>Who is included under the 1099 category?<br>With nearly 59 million freelancers, the USA is regarded as the largest freelancer market in the world. And out of this figure, 36 million do it on a full-time basis. <br>Every year freelancers contribute $1trillion to the US economy. As a result, their earnings must be reported on the 1099 form. In addition, businesses that hire their services must also file the 1099 form with the IRS.<br>They do not need to fill out this form if they hired freelancers or contract workers through a third party like Fiverr, Upwork, or Freelancer.com.<br><br>Types of 1099 form<br>A non-salary income has varied forms – like consulting fees, dividends, interest, retirement payouts, tax refunds, and so on. And the 1099 form has a different category for each of these. We will show you how to fill out the 1099 form for payments made or received:<br>1) 1099 NEC – A company that paid $600 or more to an independent contractor or freelancer for work in the last fiscal year must fill out this form. Similarly, if they paid $600 or more to an attorney, they are subject to 1099 NEC.<br>2) 1099-DIV – If a person receives dividend income from their stocks, they will receive a 1099 DIV. The company will send them this form.<br>3) 1099 – INT – Individuals who earned $10 or more in interest in the preceding year will receive this form from banks and brokerage firms.<br>4) 1099 G – People who receive federal, state, or local government tax returns or unemployment benefits also receive 1099-G.<br>5) 1099-R – This form is also issued to those receiving money through a retirement or pension plan or individual retirement account (IRA). In addition, certain annuities and insurance contracts also fall in this category, though they may or may not be taxable.<br>6) 1099-S – This form is used to report the sale of land, which might be residential, commercial, or industrial.<br>7) 1099 MISC – This category includes money received as cash, reward, award, royalties that were not earned through employment.<br><br>How to Fill Out a 1099 Form?<br></p>