Dear Michigan Small Business Leader,
At the Michigan Business Network, we understand how busy you are, so I won't take up much of your time. However, I'd appreciate if you can find just a few minutes today to provide your opinions in the Q2 2023 Michigan Future Business Index. We again thank Cinnaire for their continued support of the Michigan Future Business Index
Click Here to Take the Survey Now
For nearly 20 years, the MFBI has given Michigan's small business community an amplified voice to deliver its message to lawmakers and business advocates across the state. The MFBI survey covers a variety of topics including the challenges to doing business in Michigan, expectations for future business, and how well our leaders are meeting the needs of businesses. While opinions will be reported on aggregate, your individual responses and contact information will be kept entirely confidential.
In return for the short time, it takes to participate in this survey, you'll receive:
Follow this link to the Survey:
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Or copy and paste the URL below into your internet browser:
https://roiinsight.co1.qualtrics.com/jfe/form/SV_0q75sAmefdnkiW2?Distributor=MBN
Thank you for your participation and have a prosperous day.
Chris Holman
Founder & CEO
Michigan Business Network
chris@michiganbusinessnetwork.com
www.michiganbusinessnetwork.com
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:
While the full report is shared above, here is an executive summary presentation.
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:
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.
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:
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.
Subscribe to our MFBI Survey to receive latest results!