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## Small Business Owners Remain Optimistic Amid Economic Challenges

Small business owners are feeling optimistic about the future of their businesses, despite the remaining economic challenges. According to KeyBank’s 2024 Small Business Survey, 65% of small business owners believe they have enough cash reserves to cover their operating expenses for at least a month in case of unexpected needs. This confidence in their financial stability is a positive sign for the small business community.

However, there are still concerns on the horizon. A significant portion of business owners, 37%, anticipate that inflation will lead to a slight increase in their operating costs, while 27% expect a more significant impact on their expenses in the next 12 months. These projections highlight the need for small business owners to stay vigilant and adaptable in the face of changing economic conditions.

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The challenges ahead for small business owners include fluctuating sales and revenue (35%), delayed payments from clients/customers (29%), and high overhead costs (28%). Despite these obstacles, small business owners are proactively taking steps to safeguard their businesses. Measures such as implementing cost-cutting strategies, building up cash reserves, and exploring alternative financing options are being pursued to ensure business continuity and resilience.

Mike Walters, President of Business Banking at KeyBank, acknowledged the resilience and determination of small business owners in the face of uncertainty. He emphasized the importance of confidence and strategic planning in navigating economic challenges, stating that the perseverance of small business owners is a testament to their ability to weather financial storms and drive economic growth.

For any inquiries or further information, please contact [email protected] or call (585) 653-4021.

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