Women in business are confident about their future

NORTHAMPTON, MA / ACCESSWIRE / November 15, 2022 / At the end of a busy year and an economy surrounded by many questions ahead, we focus on the resilience we’ve seen from women small business owners in the face of difficult times for many. Our research shows that trust has not been shaken.

Key4Women’s 2022 Financial Confidence Survey finds results that should give optimism about our outlook. An amazing 8 in 10 small business owners plan to grow or expand within the next two years. While economic troubles also affect the business environment, 6 in 10 respondents are confident about their own financial health and future.

The elements of the economy, the recovery from the pandemic, and optimism about the future make right now a time for many women in small businesses to evaluate and advance.

Review operating models and take advantage of small business “benefits”.

Businesses of all sizes can struggle to meet customer demand in the face of widespread supply chain disruptions and labor shortages. When it comes to small businesses, a business review can identify areas where owners can devote resources to meet customer demand in this challenging economic environment.

For example, a small business addressing a staffing shortage may want to reallocate resources to training initiatives. Training programs can help a small business operate more efficiently by expanding employees’ skills and helping them envision a future with the company. Or small businesses that adopt digital processes may be able to do more with fewer people, helping them reduce costs, minimize service disruptions, and improve customer experiences.

Additionally, many post-pandemic workers are walking out with more consideration for how their work aligns with their ideal work-life balance and personal values. In fact, the results of the 2022 KeyBank Financial Mobility Survey show that nearly two-thirds of Americans now believe work-life balance (62%) is more important than a high-paying salary (22%).

This is great news for small businesses, which are typically free from the bureaucracy and vested interests that prevent larger companies from adopting innovative practices. Small businesses are uniquely positioned to offer perks that everyone—but especially women—appreciate, like flexible work hours, childcare, better PTO structures, a tight-knit corporate culture, and business discounts.

While many small business owners are aware of the range of products their banks offer – ie checking accounts – what may be less aware is that their banks can provide owners with experts to guide them as they analyze their businesses to meet the economic environment. Whether by evolving their operations or understanding their unique employee “benefits.”

Check in with your finances

The 2022 KeyBank Financial Mobility Survey shows that despite differences in perceived financial savvy and financial confidence, Americans consistently report that the number one thing that made them feel financially resilient during the pandemic was financial information. It’s never a bad time to seek expertise and speak to a financial advisor. Knowledge really is power in this case.

A tool at KeyBank that helps our customers a lot is the Small Business Check-in. A 3-5 minute interactive digital tool that allows clients to assess where they and their business currently stand financially, assess their goals and find out how their bank can help open new opportunities on their financial journey.

Improve cash flow

Of course, small businesses that have access to lines of credit have an advantage when it comes to reviewing and transforming operations. For example, capital can help small businesses buy inventory to protect operations from supply chain disruptions and leverage technology for optimized service.

As the number of small business owners is growing, so are the resources provided by banks that they can access to help them meet ongoing challenges and seize opportunities.

Business owners shouldn’t rule out researching new products to put money back in their pockets and budget. At KeyBank, we offer the KeyBank Business Cash Rewards Card, which rewards small business customers for their relationships with up to 2% unlimited cashback on purchases when they also have a qualifying checking account and a Key Merchant Services account*

We remain committed to supporting the small business sector by helping owners overcome and remove obstacles that small businesses have traditionally encountered when working with banks. And we offer additional resources to help women with the unique challenges they face through our Key4Women program, which empowers women to achieve their financial and business goals.

Rachael Sampson is KeyBank’s national Key4Women leader.
She can be reached at (513) 830-1122 or [email protected]

Kristyn Squires is KeyBank’s Small Business National Sales Leader. She can be reached at 216-689-8773 or [email protected]

*Business Cash Rewards customers receive 1.5% unlimited cashback on all purchases. You can earn a 0.25% bonus if you have a KeyBank business checking account, are open and in good standing, and maintain an average daily balance of $2,000. You can also earn a 0.25% bonus for processing payments through a qualifying Key Merchant Services program. Clover Go® accounts do not qualify for the Key Merchant Services program. Eligible purchases do not include cash advances of any kind, balance transfers, overdraft protection transfers, or store credits. Certain exclusions apply. We will determine whether you have met the banking and processing criteria on the last Monday of each calendar month based on the status of your deposit account and processing activity for the thirty (30) calendar days prior to the immediately preceding Saturday. KeyBank Business Cash Rewards Program Terms and Conditions apply, which are subject to change and can be found at key.com/bizrewards.

Any opinion, forecast or recommendation contained herein is subject to change without notice and is not intended as individual advice. This material is for informational purposes only and should not be construed as individual tax or financial advice. KeyBank does not offer legal advice. All credit products are subject to security and/or credit approval, terms, availability and are subject to change. KeyBank is a member of the FDIC. CREDIT LINES, DEALER SERVICES AND CREDIT CARDS ARE NOT INSURED OR GUARANTEED BY FDIC.

KeyCorp. © 2022.
CFMA #221021-1776781

KeyBank, Tuesday, November 15, 2022, Image of press release

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Contact information:
Spokesperson: KeyBank
Website: https://www.key.com/about/corporate-responsibility/cr-overview.jsp
E-mail: [email protected]

SOURCE: KeyBank

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