January 10, 2023
Optimism Remains High for Small Business Owners According to Michigan Future Business Index
The latest Michigan Future Business Index (MFBI) data show that optimism among Michigan’s small- to mid-sized businesses is holding strong and keeping businesses’ perceptions of the economy positive. That optimism is fueling projections for sales and profit increases, as well as boosting investments in human capital.
Confidence in future growth is the top reason for the optimism. Four in ten businesses say they are expanding by either adding a new business location or a new product or service to their offerings. Many also point to an improving economy, excellent employees, in-demand products/services and a renewed hope for regulatory reform.
The survey identified the primary challenge to be finding qualified talent and new customers and the steadily increasing weight of healthcare costs.
“Small businesses are quite optimistic about the future and we should all feel good about the business climate in Michigan and the opportunities for success,” said Mike Britt, president of Accident Fund Insurance Company of America. “While the future looks bright, we can’t lose sight of the challenges we face including attracting and retaining top employees.”
“The latest survey shows that Michigan small business owners remain bullish about the future,” said Chris Holman, CEO of the Michigan Business Network. “We continue to see great optimism for future growth into 2017 and beyond.”
Review a detailed summary of the December 2016 Michigan Future Business Index at MichiganBusinessNetwork.com.
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 415 Michigan business owners and C-suite executives were interviewed between November 1 and December 9 via phone and web for the December 2016 survey.
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