New ESL Business Banking Survey Shows Positive Outcomes in 2023
Seventy-five percent of businesses in the Greater Rochester region are on track to meet or surpass their 2023 expectations
Rochester, NY — In its 2023 Greater Rochester Small Business Economic Climate Update, ESL Federal Credit Union found that 75 percent of small businesses in the Greater Rochester region are on track to end the year meeting or surpassing their 2023 expectations.
The survey consisted of 181 businesses that range in size and sectors that include real estate, construction, manufacturing, retail, professional services, and business services.
Some of the key factors listed for meeting or surpassing business goals is an increase in customer demand, successful business expansion, and fewer supply chain issues. Nearly one third of businesses have added new product or service lines or plan to add them.
“Businesses in the Greater Rochester region are consistently looking for areas of opportunity to grow in their respective fields,” said Keith Cleary, senior vice president, director of business banking, ESL Federal Credit Union. “This new survey shows that businesses are innovative and resourceful in finding new ways to grow while supporting their staff. At ESL, we are committed to their success and growth and will continue to work with businesses to help them thrive and prosper.”
With established headquarters in the Greater Rochester region, companies say the top business opportunities here are high customer demand for their product or service, opportunities, and support to expand and grow their business.
Businesses that have not met their 2023 goals or expectations cite inflation, slow economy, and fewer customers.
According to the survey, the top three business challenges in 2023 that will be areas of focus in 2024 are:
- Work-life balance
- Attracting new customers
- Increasing staff
