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WSFS Bank Survey Highlights Small Business Owners' Optimism Amid Economic Uncertainty

Posted on Jan-22-2025

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. A Focus on Strategic InvestmentsThe 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. "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." Challenges Persist but Adaptation Remains KeyEconomic 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. 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." Banking Relationships: A Mixed PictureThe 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%). 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." In-Person Interactions Still Preferred for Complex NeedsInterestingly, 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. Resilience and Proactivity: Keys to Small Business SuccessThe 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. 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."

2025’s Most In-Demand Skills

Posted on Jan-23-2025

San Francisco, CA – Upwork Inc. (NASDAQ: UPWK), a leading global platform connecting businesses with independent talent, today released its 2025 In-Demand Skills report, revealing a dynamic shift in the workforce. The report highlights a surge in demand for advanced AI capabilities alongside a growing need for human-centric expertise, reflecting the evolving priorities of businesses navigating technological disruption and a changing global landscape. AI Skills in High Demand: The report underscores a significant increase in demand for AI specializations, particularly generative AI modeling and AI data annotation, with year-over-year growth rates exceeding 220% in some cases. These highly specialized roles command premium pay, with freelancers possessing these skills earning up to 22% more per hour compared to traditional roles within the same field.  "The earning premiums for advanced AI skills reflect the significant value businesses place on this technology," said Teng Liu, Economist at Upwork. "This highlights the scarcity of these specialized skills and their critical role in driving business productivity and competitive advantage." Human-Centric Skills Gaining Traction: Beyond AI, the report highlights a notable increase in demand for career coaching, training & development, and other human-centric roles, with growth exceeding 74% year-over-year. This trend indicates a growing emphasis on employee adaptability and guidance as businesses navigate the complexities of rapid technological change. "This report illustrates a dual narrative in workforce priorities," said Kelly Monahan, Managing Director of the Upwork Research Institute. "While demand for technical expertise in areas like AI is explosive, businesses are simultaneously investing in human development to ensure their teams can effectively leverage these technologies. The future of work is not solely about technology; it's about empowering people to utilize it effectively." The Rise of Freelancing: The report further emphasizes the increasing reliance on freelancers to address skill gaps. Nearly half of all businesses (49%) are turning to freelancers to fill critical skill gaps, and 48% of CEOs plan to increase their reliance on freelance talent in the coming year. This shift reflects a growing preference for expertise and adaptability over traditional hiring methods. Furthermore, the report highlights a de-emphasis on traditional educational credentials. 74% of executives view degrees as less relevant when hiring freelancers, prioritizing demonstrated expertise and proven results. Upwork data supports this trend, with 78% of CEOs believing top freelancers contribute more value than degree-holding employees. Top Skills for 2025: Upwork's report categorizes the fastest-growing skills into key work areas:  Accounting & Consulting: Personal coaching, career coaching, training & development Coding & Web Development: Scripting & automation, web design, UX/UI design Customer Service & Admin Support: Supply chain project management, construction project management, qualitative research Data Science & Analytics: Generative AI modeling, AI data annotation, knowledge representation Design & Creative: Pattern design, video production, product design Sales & Marketing: Display advertising, campaign management, email marketing The full report also identifies the top 10 most in-demand skills by category, including graphic design, full-stack development, data analytics, and social media marketing. Conclusion: "As organizations embrace advanced technologies, they must cultivate the skills and resilience necessary for their teams to thrive in this era of rapid transformation," added Monahan. "Leveraging highly specialized freelancers can significantly contribute to driving adaptability and innovation within organizations. For professionals, focusing on niche specializations or combining technical skills with human-centric expertise is crucial for maintaining a competitive edge." Methodology: The data for this report was sourced from Upwork's proprietary database, analyzing freelancer earnings and job postings in the U.S. between January 1, 2024, and October 31, 2024. Skills with at least $100,000 in aggregate freelancer earnings during this period were included in the analysis, with growth calculated year-over-year.

Understanding and Registering a DBA for Your Business

Posted on Jan-23-2025

Starting a business often involves navigating a maze of legal and administrative requirements. One crucial step for many businesses is registering a DBA (Doing Business As) name. This article will guide you through the process and help you understand the significance of a DBA. What is a DBA? A DBA, also known as a fictitious business name, is an alternative name under which a business operates. It allows businesses to operate under a name different from the legal name of the owner or the registered business entity. For example, a sole proprietor named John Smith might operate a bakery under the DBA "Sweet Treats Bakery." Key Points to Remember:  Not a Legal Entity: A DBA is not a separate legal entity like an LLC or corporation. It simply allows you to conduct business under a different name. No Tax ID: A DBA does not provide its own tax identification number (like an EIN). Limited Liability Protection: A DBA does not offer the same level of personal liability protection as an LLC or corporation. When Do You Need a DBA?  Sole Proprietorships: Often essential if you plan to operate under a name different from your own. Partnerships: Allows for a professional business name instead of relying on the names of individual partners. Franchises: Required to align with the franchisor's brand and comply with local regulations. LLCs: Can be beneficial for managing different business lines or operating under multiple trade names. Benefits of Registering a DBA:  Enhanced Credibility: Adds legitimacy and professionalism to your business. Brand Protection: Helps protect your trademarked brand name from infringement. Separate Identity: Provides a distinct identity for different business operations within an LLC. Cost-Effective: Generally less expensive than forming a corporation or LLC. Drawbacks of Registering a DBA:  Limited Liability Protection: Offers less protection from personal liability compared to LLCs or corporations. Operational Restrictions: May limit certain business activities, such as trading stocks or transferring ownership. Potential for Consumer Confusion: Using multiple DBAs can confuse customers and hinder brand recognition. How to Register a DBA: 1. Determine if You Need One: Research your state's requirements and assess if a DBA is necessary for your business.2. Choose Your DBA Name: Select a unique and appropriate name that complies with state regulations.3. Check for Availability: Verify that the chosen name is not already in use by another business in your state.4. Obtain the Necessary Forms: Obtain the appropriate DBA registration form from your state's Secretary of State or county clerk's office.5. Complete and Submit the Form: Fill out the form accurately and submit it with any required fees and supporting documents.6. Receive Confirmation: Once your application is approved, you will receive confirmation from the relevant state agency. Important Note: This information is for general guidance only. Consult with legal and financial professionals for specific advice tailored to your business needs. By understanding the purpose and implications of a DBA, you can make an informed decision about whether it is the right choice for your business.  Disclaimer: This article provides general information and should not be considered legal or financial advice.

When to Register Your Business in Another State

Posted on Jan-23-2025

When to Register Your Business in Another State In today's interconnected world, businesses often operate beyond state borders, whether through online transactions, remote teams, or in-person meetings with clients in other states. This raises the crucial question: When is it necessary to register your business in another state? Understanding "Doing Business" in Another State The term "doing business" can be nuanced. Simply selling products or services to customers in another state may not always require registration. However, if your business activities involve a more significant presence in another state, registration may be necessary.  Key Factors Determining the Need for Foreign Qualification:  Physical Presence: Maintaining an office, retail store, or other physical location in another state generally requires registration. In-Person Meetings: Frequent face-to-face interactions with clients in another state can trigger registration requirements. Revenue Generation: If a substantial portion of your revenue originates from activities within a specific state, registration may be necessary. Employee Presence: Employing workers in another state and paying state payroll taxes typically requires registration. State Business Licenses: Obtaining a business license in another state strongly suggests the need for registration. Examples of When Foreign Qualification is Required:  Expanding a Physical Business: Opening a new restaurant or retail location in another state. Operating in One State While Based in Another: For example, a business incorporated in Nevada but operating primarily in California. Significant Client Base in Another State: If a business partner located in another state brings in a significant portion of the client base. Examples of When Foreign Qualification May Not Be Required:  Online Businesses with Remote Clients: Freelancers or online businesses with clients nationwide may not require registration in every state where they have customers. The Foreign Qualification Process:  Application Submission: Submit an application to the Secretary of State's office in the state where you intend to operate. Required Documents:      Certificate of Authority or Statement & Designation by a Foreign Corporation.     Certificate of Good Standing from your home state. Professional Assistance: Seek guidance from legal or financial professionals to ensure compliance with all requirements. Legal and Financial Implications:  Avoiding Penalties: Foreign qualification helps avoid fines, interest on unpaid taxes, and legal limitations. Legal Compliance: Ensures your business operates legally in all states where it conducts business. Conclusion: Determining whether to foreign qualify your business requires careful consideration of your specific activities and interactions within other states. Consulting with legal or financial professionals can provide personalized guidance and ensure compliance with all relevant regulations. By understanding the requirements and taking the necessary steps, you can protect your business from legal and financial risks while expanding your operations effectively. Disclaimer: This article provides general information and should not be considered legal or financial advice.

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