January 10, 2023
Finding Qualified Workers Remains a Top Challenge for Small Business Owners According to Michigan Future Business Index
The latest Michigan Future Business Index (MFBI) data show finding qualified workers remains the top challenge for Michigan’s small- to mid-sized business leaders. Retraining employees, networking and hiring temporary workers are short-term fixes employed by many businesses.
Overall, business owners enjoy continued strength in sales and profits, while many employers continue to point to an improving economy, excellent employees, in-demand products/services and a renewed hope for regulatory reform.
More than three-quarters (76 percent) of respondents believe that Michigan is a good or excellent market for their business and they are generally satisfied that taxes are fair and feel the overall economic climate is improving.
“Despite the challenges, the reasons for optimism are clear: business is growing and jobs are relatively abundant,” said Al Gileczek, president of Accident Fund Insurance Company of America. “At Accident Fund, we have seen the same positive business climate with our customers around the state.”
“In my travels around Michigan, I have been able to witness optimism first-hand,” said Chris Holman, CEO of the Michigan Business Network. “And the MFBI helps us amplify the voice of small business in Michigan and provide data to guide decisions of business advocacy organizations and policymakers, setting an agenda to help Michigan business prosper.”
About the Survey
The semi-annual Michigan Future Business Index has been commissioned by Accident Fund Insurance Company of America and the Michigan Business Network since 2006 and is conducted by the Michigan-based market research firm, ROI Insight. A total of 400 Michigan business executives from companies with 500 or fewer employees were interviewed throughout November 2017 via phone and web for the Winter 2017 survey.
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