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.”
- 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.
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.