As a leading voice for small businesses in Michigan, the Michigan Business Network (MBN) believes the people making decisions need to hear how COVID-19 and the Stay Home, Stay Safe order are impacting your business.
Thank you for your participation! This special edition of the Michigan Future Business Index (MFBI) survey is available in link below!
MFBI COVID-19 IMPACT SURVEY RESULTS
Key Takeaways:Michigan small business has enthusiasm about recovery and growth opportunities during one of the roughest economic periods in history shows the resiliency of Michigan’s small businesses. They have taken a significant hit, with sales, profits and cash flow hitting record lows; but surprisingly, more than six in ten (65%) believe their business will fully recover within the next year. However, they do have concerns about potential political games being played in our nation’s and state’s capitals and feel their voices are largely going unheard by policymakers. These are some conclusions from our data analysis. Following are some of the key takeaways from the survey:
- 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.
Founder and CEO of Michigan Business Network, Chris Holman gathers with Bob Lapinski, Media & Public Relations Advisor of AF Group and Paul King, President of ROI Insight 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.
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.
About the survey:
The Michigan Future Business Index (MFBI) is commissioned semi-annually by the Accident Fund Insurance Company of America and the Michigan Business Network, and conducted by Paul King founder of ROI Insight. It surveys owners of small to mid-sized businesses in Michigan and provides business leaders a forum to offer their perspectives and opinions on doing business in Michigan, the overall business climate in the state and various issues in the news.
It also allows us to forecast potential changes in the market. Thanks to business leaders’ participation, we are able to 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 businesses prosper.
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