IB partnered with Chamberlain Research Consultants (CRC) to poll a pre-selected group of 100 companies. CRC structured the questionnaire, summarized the data, and created a website so that participating company presidents can receive “live” data.
This month, IB took a look back at the results from July through this polling for November to answer the question of how area businesses feel about: (1) the national economy; (2) the Dane County economy; and (3) their own ability to hire employees.
First, we open with their comments, and then we close with ours. Also, follow the IB100 online, where financial planner Michael Dubis will be presenting his fall analysis of our data!
IB Asks
Commentary from Our Participants
“I am currently looking to open up another business to help diversify. With all of the political unknowns, I am trying to stay ahead but it’s very difficult to stay ahead and have a positive outlook.”
“The governor needs to realize that what they think businesses need, is not necessarily what we need. We need to get federal regulators, bankers, and small business people in the same room and not let anyone out until they reach some common-sense decisions.”
“It appears that as long as the government thinks it is their role for job creation, then we will continue to have a slow economy. Economic policy must change to incent employers to invest and grow, thus improving the overall economic climate.”
“New clients. New Media. New opportunities. Keep looking for the next great thing but don’t forget to get rid of the old stuff that isn’t working, like the Yellow Pages.”
IB Commentary
Looking back all the way to July, there was a blip in August, when 2% of our respondents labled the U.S. economy as “excellent” — the only numbers reported in that line item slot since we began our poll; by September, the ‘excellent” category was again zero. The average rating for the “poor” rating for the U.S. economy has been 42%, which slipped this month to a significant 53% share. Here, the higher the number, the less confidence we have in our national economy, so business is not reporting an optimism that the recession is actually “over,” as reported.
Dane County didn’t fare much better in the ratings. It slipped from a respectable 4% “poor” rating in August (and October) to an 8% “poor” rating in November.
Despite the slipping confidence in both local and national economies, businesses are doing what they have to do to survive. Thankfully, we see the highest level yet reported for plans to hire within the next 90 days, with 30% of our companies reporting that they expect to add staff. Also, only 3% report plans to cut staff, an all-time low, compared to 14% who reported planned cuts in October.
Either we’ve cut as far to the bone as we can without destroying critical infrastructure, or we believe in our own ability to generate more sales. But IB celebrates the creation of area jobs for whatever reason!
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