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ERA 2010 Business Climate Survey Results Final 102010


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A summary of responses to the 2010 Business climate survey conducted by Expense Reduction Analysts in partnership with Elite Financial Communications Group.

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ERA 2010 Business Climate Survey Results Final 102010

  1. 1. 2010 Florida Business Survey2010 Florida Business Survey Business Leaders Share Perspective on Job Growth, Business Expansion and Florida’s Future Outlook
  2. 2. October 2010 Foreward After two years of recession, U.S. economists are beginning to report that the economy's recovery is finally in sight. Nonetheless, the recession — one of the worst ever experienced in our nation's history — is expected to have lasting impact on how business leaders around the country respond to the recovery and how they are planning to define (or redefine) their fundamental business practices and growth strategies on a moving forward basis. Expense Reduction Analysts (ERA)-Florida Region, in collaboration with Elite Financial Communications Group, sought to better understand the opportunities and challenges confronting Florida business owners and executive leaders, as well as the strategies they are employing to position their companies for long term sustainability and profitability in 2011 and beyond. The data for the 2010 Florida Business Survey was collected via email from a total polling audience of more than 500 business leaders operating Florida- based companies of all sizes and industry focus. ERA-Florida Region and Elite Financial Communications extends its sincere appreciation to our Survey respondents for their time and insight into the prevailing Florida business environment, and greatly appreciate the valuable input they so graciously provided. We are hopeful that the trends and perspective identified in this report will help to guide the Florida business community towards greater future success. 2010 ERA/EFCG Florida Business Survey ● Page 2
  3. 3. Less than 5 years, 22.60% 5-10 years, 13.20% 10-20 years, 22.60% 20+ years, 32% No Response, 9.40% Professional Business Services (Accounting, Advertising, Legal, etc.) 20.7% Other 11.3% Construction 9.4% No Response 9.4% Hospitality and Leisure 7.5% Healthcare 5.6% Other Services (Civic/Social Oranizations, Personal Services, etc.) 5.6% Finance, Insurance, Real Estate 5.3% Auto-related (Wholesale, Retail, Service, etc.) 3.7% Communications 3.7% Human Resources 3.7% Information Technology 3.7% Manufacturing 3.7% Wholesale and Retail Trade 3.7% Transportation and Warehousing 2.0% Technology 1.0% 100.0% Which industry is your business in? Page 3 ● 2010 ERA/EFCG Florida Business Survey How long have you been operating your business in Florida?
  4. 4. How many employees does your business currently employ? Yes, added employees, 11.30% Yes, employee layoffs, 18.80% Yes, reduced employee hours, 7.50% Yes, employee layoffs and reduced hours, 11.30% No significant changes, 39.60% No Responses, 11.30% 1-4 Employees 27% 5-9 Employees 13% 10-20 Employees 19% 21-50 Employees 11% 51-100 Employees 9% 100-500 Employees 8% 500+ Employees 4% No Response 9% Did your business make any changes to its workforce during the past 12 months? 2010 ERA/EFCG Florida Business Survey ● Page 4
  5. 5. Do you intend to increase your employee headcount in the year ahead? Yes, 1-5 Employees 41.5% Yes, 6-10 Employees 1.8% Yes, 11-20 Employees 0.0% Yes, 21-50 Employees 3.7% Yes. 51-100 Employees 0.0% Yes, 100+ Employees 0.0% No Significant Changes 43.3% No Response 9.4% 100.0% Page 5 ● 2010 ERA/EFCG Florida Business Survey 41.5% of survey respondents reported that they plan to hire 1-5 new employees in 2011. Comprising this group are companies operating within the following industry sectors: • Professional Business Services (accounting, advertising, legal, etc.) - 24% • Other Services (civic/social organizations, personal services, etc.) - 19% • Information Technology - 14% • Human Resources - 14% • Transportation and Warehousing - 14% • Construction - 5% • Healthcare - 5% • Manufacturing - 5% Companies within the Hospitality & Leisure and Wholesale & Retail Trade are among those who reported that they intend to hire between 21-50 employees in the coming year.
  6. 6. Increased Revenue/Revenue Channels, 35.8% Cut Overhead Costs, 41.5% Divested Business Units, 1.8% Raised Capital - Debt and/or Equity, 1.8% Other, 9.4% No Responses, 9.4% 2010 ERA/EFCG Florida Business Survey ● Page 6 What strategies did you employ to help overcome challenges to your business during the recession?
  7. 7. What strategies do you intend to engage to grow your business in 2011 and beyond? (Listed in order by most frequently mentioned) 1 Increase advertising and marketing spend 2 Integrate SEO, social networking and email marketing into marketing plan 3 Expand geographic service areas/expand internationally 4 Introduce new products and services 5 Outsource more non-core functions 6 Increase sales through incentive-based commission programs 7 Actively grow through acquisitions 8 Improve project management processes 9 Adopt advanced/next generation technology 10 Increase community involvement and networking 11 Continue to cut overhead expenses 12 Vertically integrate new complementary business lines 13 Expand sales force 14 Reconnect with old clients/reintroduce product and service offerings 15 Engage strategic partners for collaborative offerings 16 Increase public relations activities/write and publish articles 17 Increase trade show participation 18 Attract independent funding sources (debt and equity) 19 Vote business-friendly politicians into office 20 Eliminate/divest non-performing assets and business interests Page 7 ● 2010 ERA/EFCG Florida Business Survey
  8. 8. Yes 57% No 43% Are you optimistic about the future of Florida’s business climate as it relates to the growth of your business in the coming year? Select Comments from Survey Respondents “If there was an easy way to access minimal (up to $1 million) short term business growth capital, the economy would boom for small businesses all over the State.” “People still love to live here. We’re diversifying from a tourism/agricultural-based economy by expanding our high tech and medical business base. There is no state income tax, the cost of living is comparably low and the quality of life is high.” “We are cautiously optimistic about the near term future; however our optimism is tempered by the current state of the economy and the high unemployment rate.” “No, the overbuilding must be absorbed before growth will occur, and the absorption won’t start until the population starts to increase again. This may take years.” “Things are what we make them. I can choose to see the negative side of business, but that, alone, will get me no where. It is all about continuously reinventing yourself and your business.” “Long term, I see Central Florida continuing to grow, particularly with UCF’s new medical school and the growth opportunities it presents for ancillary businesses.” “Our unemployment rate is not being addressed aggressively enough to make a difference in a turnaround; and if the nation likewise falters, we will see the continued deterioration of tourist dollars that fuel this state.” “Some days I am, some days I’m not.” 2010 ERA/EFCG Florida Business Survey ● Page 8
  9. 9. Page 9 ● 2010 ERA/EFCG Florida Business Survey Expense Reduction Analysts, Inc. - Florida Region Don Harris, Managing Director, 407-804-9888, Jim Agnew, Director, 407-299-8845, Mary Crawford, Director, 904-254-3110, Renee Klein, Director, 407-344-8470, Debbie Michala, Director, 904-217-7211, Tina Phillips, Director, 407-215-4823, Dr. Alex Sacharoff, Director, 407-542-4277, Tom Stefanos, Director, 407-215-4823, Richard Ungaro, Director, 407-276-5312, Hidden non-core costs represent significant opportunities to improve bottom-line margins, but identifying the gaps and the roadmap to improve profitability through cost reduction is at best challenging and at worst, impossible. Since 1992, Expense Reduction Analysts’ global network of 700+ professional consultants have performed more than 14,000 successful cost reduction projects, helping organizations – large and small, private and public, for profit and non-profit – find average savings of 20% in their overhead spend. Elite Financial Communications Group, LLC 581 Technology Park, Suite 1009 Lake Mary, Florida 32746 407-585-1080 or via email at Elite works closely with its clients’ executive leadership teams to develop and implement customized, fully integrated marketing and communications strategies and programs designed to achieve transparency and proactive communications with shareholders, as well as foster and enhance broad investor and media interest. Through Elite Media Group, the Company collaborates with its public and private clientele to optimize business and performance objectives through highly customized initiatives that leverage public and media relations, social networking, brand and reputation management, event planning, crisis management and government relations. Elite Media Group also provides copywriting, collateral development and production, formal media training and market trend analysis, among other traditional and new media services.
  10. 10. Responses to the 2010 ERA/EFCG Florida Business Survey are considered confidential and therefore responses will not be released, shared or published. Rather, survey results have been reported in aggregate data sets, with the exception of selected comments from respondents reflected on page 8, who shall remain anonymous. In participating in this survey, our respondents recognize that the information provided is being used in an aggregate report and therefore grants ERA-Florida Region and Elite Financial Communications Group unrestricted use of the information. The survey was conducted between July 1, 2010 and September 1, 2010. The percentages in some categories may not equal 100 due to rounding.