The underwriter, conductor, and presenter of the MFBI survey gather to reflect findings.
Chris Holman gathers with Bob Lapinski, Media & Public Relations Advisor, AF Group, Chicago, IL and Paul King, President, ROI Insight, Grosse Pointe, MI, to discuss findings from the Spring 2020 Michigan Future Business Index COVID-19 Impact Survey.
Bob Lapinski shares about why Accident Fund has maintained its connection to the survey twice annually since 2006. They've been with the survey through the Great Recession, the steady recovery since, and now in the time of the COVID-19 crisis. This Spring survey pivots to address the facts, questions, and concerns of the Michigan business community in light of COVID-19. Paul King speaks to the impact, methods, and reaction from the business community.
Click below to listen to full discussion!
All three noted how the stats flipped from positive to cautious about the economy. At the same time, there remained some optimism in the small business community that we will come out okay on the other side. They also review the circumstances around the labor force and what had been the talent gap. All in all, the three look forward to return to the traditional future business index to extend the trending of these long term questions.
Key Takeaways:
• Only eleven percent (11%) are satisfied with the economy in Michigan, which is a new all-time record low for the MFBI survey.
• Nearly eight in ten (79%) said they were in pretty good or excellent shape before the pandemic, but nearly the same percentage (76%) say they are now in poor or not so good shape.
• Given those results, it is not surprising that small business leaders are uncertain about their future, yet they remain hopeful. While forty-four (44%) say they are pessimistic about getting back to normal, nearly the same percentage (39%) are optimistic.
