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Freshly Launched The Q2 2024 Michigan Future Business Index Survey!

Michigan small businesses, let your voices be heard!

https://www.research.net/r/MFBIQ22024MBN 

Can I get a few minutes of your time today?

Hello!

If you can find just a few minutes today to provide your opinions in the Q2 2024 Michigan Future Business Index survey, I'd be in your debt. This survey is commissioned by the Michigan Business Network and Cinnaire, and conducted by ROI Insight. 

As a thank you for your time and participation, we can enter your name into a drawing for golf and getaway packages. However, we hold your responses and identity in strict confidence, reporting aggregated results only. And we do not share your contact information with anyone else.

Please click to start the survey.

Thank you for helping us monitor the Michigan small business market for nearly 20 years. 

Have a prosperous day!

Chris Holman
Founder & CEO
Michigan Business Network
chris@michiganbusinessnetwork.com 
www.michiganbusinessnetwork.com 

Results for Q4 2023 Michigan Business Future Index Survey

In a recent statewide survey of 609 small to medium-sized businesses, respondents to the latest Michigan Future Business Index (MFBI) indicated concerns over wage inflation, supply chain issues, and overall inflation continue to shrink. While sales and profits hit record lows over the past year, data indicates there are brighter days ahead, based on small business expectations.

The semi-annual MFBI was commissioned by the Michigan Business Network. The survey is sponsored by Cinnaire and conducted by the Michigan-based market research firm ROI Insight. Mike Witt, Cinnaire SVP Asset Management, joined Chris Holman, Michigan Business Network CEO, to share the results in a forum.

“The Michigan Future Business Index offers valuable insights for community leaders, policymakers, and advocates, shedding light on the challenges faced by business owners in today’s economy,” said Mike Witt. “The survey provides a platform for small business owners to articulate their distinct perspectives, enabling decision-makers to better comprehend and address business operations in Michigan. Small businesses fill a crucial role in fostering healthy communities. We are pleased to join our partners from the Michigan Business Network to share the results of the survey.”

Overall satisfaction with the business economy remains in positive territory after recovering from the negative in Q2. A plurality of business owners say they are satisfied with the business economy in Michigan. Nearly half of all respondents are optimistic about demand, growth, or opportunity in the next six months.

“With the release of the Q4 2024 Michigan Future Business Index, we found that the last six months were very difficult on revenue and profit,” Holman said. “It should be noted that the enthusiasm for improvement did go up and business is expecting a better six months ahead. The index for satisfaction with Michigan as a good place to do business also climbed.”

Additional Findings

  • Nearly half of businesses say they have fully recovered from the pandemic, projects for sales, profits, and hiring are trending upward
  • Satisfaction with the business economy holds positive at 50%
  • Michigan continues to be a great place for small businesses – 62% believe Michigan remains a pretty good (46%) to excellent (16%) market for their business; 59% say our state business taxes are mostly (53%) to very (6%) fair

For more details, data and graphs covering the results, 
click here.

MFBI Thank You Cinnaire-1

About Cinnaire
Cinnaire is a non-profit financial partner that supports affordable housing developments along with community and economic revitalization initiatives through creative investments, loans and real estate development services. Since 1993, Cinnaire has invested $4.7 billion to support the development of 811 housing communities in 10 states, providing 49,700 affordable apartment homes for more than 100,000 individuals and families and has provided community development loans to support the creation/retention of more than 187,000 square feet of commercial, mixed-use, and community space. In its mission to change lives and transform neighborhoods into thriving communities, Cinnaire has helped to create or retain over 76,000 jobs and spur $8.8 billion in economic impact. https://cinnaire.com

About the Michigan Business Network
As the leading voice for small businesses in Michigan, the Michigan Business Network (MBN) believes the people making the decisions need to hear how your business is doing. MBN is an information provider seeking to help grow and develop Michigan’s economic community.

https://www.michiganbusinessnetwork.com/ 

» Visit MBN website: www.michiganbusinessnetwork.com/ 
» Subscribe to MBN’s YouTube: www.youtube.com/channel/UCqNX…
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» Follow MBN: twitter.com/MIBizNetwork/
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Q2 2023 Michigan Future Business Index: Michigan’s Small Businesses Report Inflation Eating Into Their Profits but They Are Optimistic about an Improving Economy and Future Opportunities

Cinnaire Joins Michigan Business Network to Present Results for Q2 2023 Michigan Future Business Index Survey

In a recent statewide survey of 615 small to medium-sized businesses, respondents to the latest Michigan Future Business Index (MFBI) survey indicated even though the impacts of the weakening economy have emerged on the list of top challenges to doing business in Michigan in the past six months, overall concerns for a deepening recession or continued inflation appears to be softening. While the impacts of wage inflation remain high, they appear to have crested.

Josh-Ghena-webThe semi-annual MFBI was commissioned by the Michigan Business Network. The survey is sponsored by Cinnaire and conducted by the Michigan-based market research firm ROI Insight. Josh Ghena (left), Cinnaire Senior Vice President, of Equity Business Funding, recently joined Chris Holman, Michigan Business Network CEO, to share the survey results in a forum.

“The results of the Michigan Future Business Index provide data for community leaders, policymakers, and advocates to understand the challenges business owners face in today’s economy,” said Josh Ghena. “The survey provides an opportunity for small business owners to share their unique perspective on Michigan’s economy to help decision-makers address the challenges to doing business in Michigan. Small businesses are a cornerstone of healthy communities and Cinnaire is proud to support the vital role they play by sponsoring the MFBI survey.”

The survey found sales and profits both saw a decline over the past six months, with profit increases hitting a record low for the MFBI. That said, overall satisfaction with the business economy has improved significantly since last year, with half now saying they are satisfied with the economy. A majority of respondents now say they’ve fully recovered from the COVID-19 pandemic and comments to open-end questions indicate that small business owners are becoming bullish on Michigan’s future economy.

Chris Holman, who started the survey in 2003 and took it statewide in 2006, shared this about the latest findings. “The latest MFBI reproves something that we see every time. The resilience, the tenacity, and the positive attitude of Michigan businesses about tomorrow. It’s one of the major reasons we should all be proud to be doing business in Michigan. Though they have some complaints, Michigan businesses are bullish on just that… being Michigan businesses."

Additional findings:

· As job creators are pulling back on hiring, they are focusing on finding success within their existing teams.

· Many respondents say supply chain challenges are becoming less significant.

· Michigan is a great place to have a small business – 66% of respondents believe Michigan remains a pretty good to excellent market for their business

For more details, data, and graphs covering the results of the latest MFBI, please click here.

About the Michigan Business Network
As the leading voice for small businesses in Michigan, the Michigan Business Network (MBN) believes the people making the decisions need to hear how your business is doing. MBN is an information provider seeking to help grow and develop Michigan’s economic community.

https://www.michiganbusinessnetwork.com/ 

About Cinnaire
Cinnaire is a non-profit financial partner that supports affordable housing developments along with community and economic revitalization initiatives through creative investments, loans and real estate development services. Since 1993, Cinnaire has invested $4.7 billion to support the development of 811 housing communities in 10 states, providing 49,700 affordable apartment homes for more than 100,000 individuals and families and has provided community development loans to support the creation/retention of more than 187,000 square feet of commercial, mixed-use, and community space. In its mission to change lives and transform neighborhoods into thriving communities, Cinnaire has helped to create or retain over 76,000 jobs and spur $8.8 billion in economic impact. https://cinnaire.com


 

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Cinnaire Joins Michigan Business Network to Present Results for Q4 2022 Michigan Future Business Index Survey

In a recent study of 750 small to medium-sized businesses, respondents to the latest Michigan Future Business Index (MFBI) indicated inflation remains the number one challenge to doing business, but wage inflation is climbing the list, impacting profits and hiring.

The semi-annual MFBI was commissioned by the Michigan Business Network. The survey is sponsored by Cinnaire and conducted by the Michigan-based market research firm ROI insight. Mark McDaniel, Cinnaire President, and CEO joined Chris Holman, Michigan Business Network CEO, to share the survey results in a forum Wednesday.

“Small businesses play a vital role in supporting healthy communities, creating jobs, and spurring economic development while contributing to social and cultural value,” said Mark McDaniel, Cinnaire President, and CEO. “The MFBI survey provides an opportunity for small business owners to share their insights and provide perspective on Michigan’s economic outlook. We are pleased to join the Michigan Business Network to share the results of the most recent survey.”

The survey found that the wage inflation stressor is growing, as overall inflation continues to impact profits. However, supply chain challenges are subsiding. Sales and profits over the last six months beat Q2 MFBI projections, but uncertainty over business costs and the economy is restraining optimism for the next six months. Additionally, more than one in four respondents say they’ve fully recovered from the COVID-19 pandemic and comments to open-end questions indicate fears of long-term inflation and a recession are easing.

“Although talent acquisition and retention remains a major issue for all employers in the state of Michigan, inflation, and in particular wage inflation, has edged out talent as the major stumbling block for business in Michigan,” said Chris Holman, Michigan Business Network CEO. “In spite of these challenges, however, the majority of Michigan businesses still find Michigan a great place to be in business. And are cautiously optimistic about the next six months.”

Additional findings include:

  • Satisfaction with the economy continues to slump.
  • Hiring slows as wage inflation eats into profits. Job creators indicate that they’re again focused on ROI when hiring.
  • While the intensity has cooled slightly, most still believe Michigan is a great place to do business with a fair tax system.

While the full report is shared above, here is an executive summary presentation.

Cinnaire Joins Michigan Business Network to Present Results for Q2 2022 Michigan Future Business Index Survey

In a recent statewide survey of 536 small to medium-sized businesses, respondents to the latest Michigan Future Business Index (MFBI) survey indicated inflation is the number one challenge to doing business in Michigan, knocking acquiring talent out of the top spot for the first time in nearly a decade.

The semi-annual MFBI was commissioned by the Michigan Business Network. The survey is sponsored by Cinnaire and conducted by the Michigan-based market research firm ROI Insight. Brett Oumedian, Cinnaire Chief Financial Officer, joined Chris Holman, Michigan Business Network CEO, to share the survey results in a forum today. 

“The results of the Michigan Future Business Index survey serves as a powerful tool, providing data for policymakers, community leaders, and advocates to understand challenges businesses are facing,” said Brett Oumedian. “Small businesses play a vital role in healthy communities, bringing an important economic, social, and cultural value. We are pleased to join the Michigan Business Network to show our support for small businesses and share the results of the survey.” 

The survey found that nearly three-quarters of small business owners consider inflation a significant concern right now. Talent acquisition and retention challenges again stem from simply getting bodies in the door, as opposed to the challenge of finding qualified talent in previous years. Additionally, while many businesses say they’ve recovered from the COVID-19 pandemic, more say the recovery will take longer than expected given the most recent stressors on small businesses. 

Chris Holman, who started the survey in 2003 and took it statewide in 2006, shared this about the latest findings. “Among the many challenges businesses are facing, inflation is at the top of the list, with 52% of businesses surveyed identifying inflation as their top challenge. While many businesses are struggling to find reasons for optimism in the current environment, the survey shows seven in ten still believe Michigan is a great place to do business.” 

Additional findings: 

  • Satisfaction with the economy continues to slump since its rebound one year ago. 
  • Even as employers continue to increase wages at record levels, they remain perplexed as to how to attract talent. 
  • The rebound of sales and profits in Q4 2021 has been quelled, while optimism for future sales and profits continues to significantly diminish, as those expecting decreased future profits nearly equal those expecting increases. 
  • Silver Lining: seven in ten still believe Michigan is a great place to do business and believe the tax system is fair. 
 

Q4 2021 Michigan Future Business Index Survey "Hot off the press"!

As a leading voice for small businesses in Michigan, the Michigan Business Network (MBN) believes the people making decisions need to hear how your business is doing. The
MFBI Survey allows us to forecast potential changes in the market. Thanks to business leaders’ participation, we are able to amplify the voice of small businesses in Michigan and provide data to guide decisions of business advocacy organizations and policymakers, setting an agenda to help Michigan businesses prosper. 

The Michigan Future Business Index (MFBI) is proud to announce that this time around it is now underwritten by the Michigan Economic Development Corporation and continues to be commissioned by Cinnaire 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. 

MFBI Survey Header

July 22nd MBN, Cinnaire, and ROI Insight release the Spring MFBI results for 2021

As a leading voice for small businesses in Michigan, the Michigan Business Network (MBN) believes the people making decisions need to hear how your business is doing. The 
MFBI Survey allows us to forecast potential changes in the market. Thanks to business leaders’ participation, we are able to amplify the voice of small businesses in Michigan and provide data to guide decisions of business advocacy organizations and policymakers, setting an agenda to help Michigan businesses prosper. 

The Michigan Future Business Index (MFBI) is commissioned by Cinnaire 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. 


DECEMBER 2020 Key Takeaways:

  • Satisfaction With the Economy in Michigan was at a near-record high (82%) one year ago and collapsed to a record low of 11% in May. It has now rebounded to 28%.
  • Business Performance: The percentage of businesses describing their performance as pretty good or excellent plummeted from 81% before the pandemic to only 8% in May. It has now ticked back up to 27%. More than three in four (76%) said they were in not so good or poor shape in May, but that number has dropped to 50% now.
  • Ninety-four percent (94%) say their business is open now, which was at only 65% in May.

COVID-19 IMPACT SURVEY: Download Results

The special COVID-19 Impact Survey covered topics such as how businesses are coping, what are business owner's expectations are for the future, and how well they think our leaders are meeting their needs. It allowed businesses in Michigan to speak in one voice to those making critical decisions in Lansing and Washington DC. 

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