Three Tips for Delaware Business Owners in 2025

By Nathan McCann, Senior Business Consultant for JPMorganChase

The small business landscape is ever-changing, and Delaware is no exception. Over the past year, businesses have faced economic challenges such as inflation and rising costs. However, according to JPMorganChase’s 2025 Business Leaders Outlook Survey, about 60% of small and midsize business leaders are optimistic about the local economy. This, combined with Delaware’s unique market dynamics, creates both opportunities and challenges for local business owners. Drawing from my work as a Senior Business Consultant with JPMorganChase, which allows me to work with entrepreneurs across industries, I can share three tips to help your business thrive. 

Reconnecting with your Purpose

In my conversations with entrepreneurs across industries, I’ve found that businesses with a clear sense of purpose navigate challenges effectively but also build stronger customer loyalty. Your purpose should help guide key financial decisions whether you’re sourcing new raw materials, spending funds or investing. 

For Delaware business owners, reassessing your purpose should be more than just an annual exercise – it should be viewed as a strategic necessity. Whether you’re a startup or a legacy business, revisiting your mission statement and recalibrating your offerings can reveal opportunities for growth and innovation. With 53% of midsize businesses planning to launch new products or services in 2025, it’s essential to ensure these align with your core purpose. 

Mastering your Numbers 

Have a clear budget plan that will effectively help you reach your 2025 revenue goals. It’s all about the numbers when scaling and managing cash flow. It could be an investment that you want to make, or a new product, service or initiative you want to build into the budget. Also, what is being spent on marketing? Businesses spend an average of 2%-5% of gross sales on a marketing budget. Your numbers will tell you everything that is going on in your business, from profitability indicators, operating expenses, net profit, to operational efficiencies.  

Business owners are usually focused on driving sales or increasing clientele, but they often forget that receivable practices, invoicing on time and tracking payments can significantly impact your bottom line. Understanding your 2024 financial performance will help provide financial clarity and lay the groundwork for sustainable growth.  

It’s recommended that Delaware business owners focus on key metrics, such as profit and loss statements, cash flow and specific key performance indicators. As two thirds (67%) of small businesses anticipate higher profits this year, financial planning is especially crucial. I would encourage businesses to start by tracking inflows and outflows. Tools like Chase’s Cash Flow Calculator can help you visualize your financial health and identify areas of improvement. 

Surrounding Yourself with Experts

Running a business in Delaware requires a multidisciplinary approach. Bookkeepers, accountants, and legal advisors are not just consultants but critical partners in your growth. Each of these professionals bring a unique perspective to areas of your operations, from financial clarity to legal compliance. 

Programs like Chase for Business Coaching for Impact provides entrepreneurs with access to expert guidance, helping you streamline operations, strategize your growth and navigate complex challenges such as inflation or labor shortages. According to the survey, 43% of midsize businesses plan to engage in strategic partnerships in 2025. Building a support network of trusted experts ensures you’re not leaving any stone unturned, helping to set you up for long-term success. 

By reconnecting with your purpose, understanding your numbers, and building a strong professional network, you’ll be well-positioned to navigate challenges and embrace opportunity. Success in Delaware’s dynamic business environment requires both a strong foundation and the agility to adapt. Chase for Business is committed to helping you achieve both. 

Visit chase.com/coachingforimpact for more information and resources for personalized guidance on your business journey.

The above information is for discussion purposes only. Participation in the Coaching for Impact Program is subject to availability. You should carefully consider your needs and objectives before making any decisions and consult the appropriate professional(s).

For informational/educational purposes only: Views and strategies described on this article or provided via links may not be appropriate for everyone and are not intended as specific advice/recommendation for any business. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. The material is not intended to provide legal, tax, or financial advice or to indicate the availability or suitability of any JPMorgan Chase Bank, N.A. product or service. You should carefully consider your needs and objectives before making any decisions and consult the appropriate professional(s). Outlooks and past performance are not guarantees of future results. JPMorgan Chase & Co. and its affiliates are not responsible for, and do not provide or endorse third party products, services, or other content.

Deposit products provided JPMorgan Chase Bank, N.A. Member FDIC. Equal Opportunity Lender. 

 © 2025 JPMorgan Chase & Co. This feature is part of an ongoing sponsored content series with JPMorganChase through a collaboration with the American Journalism Project and Spotlight Delaware. The editorial staff of Spotlight Delaware had no role in its production.

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