A WSFS Back survey of 300 businesses throughout the Greater Philadelphia region and Delaware discovered 64 percent believe a resurgence of COVID-19 is their greatest foreseen challenge.
Additionally, 46 percent stating the greatest challenge is an uncertain operating environment, and 43 percent stating it was the cost to modify workspaces for their employees.
“Throughout the COVID-19 pandemic, businesses have been incredibly resilient and leaned on their ingenuity and deep knowledge of their customers’ needs to weather the storm,” Steve Clark, WSFS Bank executive vice president and chief commercial banking officer, said. “Whether they lowered operating costs, pivoted to provide customers with products and services in new ways, or worked closely with their lenders to obtain assistance, they dug deep and did what was necessary to keep their businesses not only running but moving forward.”
The survey also discovered that 54 percent of business leaders were optimistic about business growth.
During the pandemic, 79 percent of minority-owned businesses and 71 percent of the manufacturing, wholesale, and distribution sectors have experienced growth, as have 61 percent of businesses classified as mid-sized.
Survey participants said they feel their recent experiences make them better able to handle a pandemic resurgence.
WSFS has 54 offices in Pennsylvania and 43 in Delaware.