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Photo Dead Summer downtown Benington photos taken by Southwest Vermont Chamber and Lorraine weather.
Vermont Business Magazine The Southwest Vermont Chamber of Commerce has distributed an annual business situation survey to non-profit and non-profit members. The purpose of the Business State Survey was to hear how regional businesses and non-profit organizations are operating in the current economy, what their current perspectives are on economic benefits, and what new small business trends are emerging.
The survey was distributed by 320 representatives of the Regional Chamber of Commerce and 84 participants completed or 26 percent.
The industries represented in the study include retail and marketing, real estate, accommodation, nonprofits, catering, entertainment, marketing, healthcare, manufacturing, finance, agriculture, education, construction, automotive, energy, law, trust, and government. .
36% of respondents identified as female entrepreneurs, and 8% indicated that they were LGBTQI +. Disabled people and patriotic ownership are also represented. Respondents indicated that none of them were BIPOC or refugee-owned businesses.
Photo Dead Summer downtown Benington photos taken by Southwest Vermont Chamber and Lorraine weather.
“Overall, the number seems good when we ask members about their business and non-profit health,” said Matt Harrington, executive director of the Chamber. “More respondents have shown positive growth and sustainability than ever before in this survey. However, challenges remain, including concerns over inflation, labor force, recovery, supply chain issues, and more. Perhaps more urgent for our region, I wanted to know how many businesses were planning to retire in the next five years. I think that is a test of silence that has not received enough attention. ”
When asked if they plan to retire in the next five years, 18% of business owners said they plan to retire.
Inflation, skilled labor, epidemic recovery, supply chain issues, housing represent five major factors that negatively affect businesses and nonprofits. Fifty per cent were affected by inflation, and 37 per cent by qualified labor. Other areas of influence include narrow margins, regional demographic problems, health care costs, financial constraints, a declining economy and access to customers.
When asked what would be the biggest negative impact on their organization in the next 12-18 months, respondents re-selected inflation issues, 68 percent, qualified labor, 24 percent, 23 percent economic downturn, and supply chain issues. 17%, child care support 13% and staff housing 9%.
Sixty percent of respondents indicated that they were still feeling “somewhat” of the CVD epidemic, 26 percent said “no” and 14% “significantly.”
Since 2019, participants have been answering questions about the census.
Participants were asked how they felt about current financial health using the grades A (Good Financial Health) to F (Poor Financial Health).
A.D. By 2020, during the CVD, survey respondents reported 43% of As and Bs, 35% indicated Cs, and 22% Ds and Fs for current financial health.
In 2019, 70% of respondents were in category A and B, 27% in category C and 3% in category D and F.
“These numbers have changed dramatically over the last 4 years. Even promising, our 2019 numbers indicate that by 2022 many businesses will feel healthy in categories B and A, fewer in C and D categories, and only one respondent has expressed fears of closure or closure (D- And f) ”said Harrington.
In 2019, when they felt that their business or organization was better or worse than it was three years ago, 45 percent said they were doing better, 21 percent said they were doing worse, and 26 percent were doing the same. And 9% indicated they were not there three years ago.
When asked if 93 percent of the participants felt that Southwest Vermont was a good place to do business, they said yes. This is 87% “yes” in 2020, 84% “yes” in 2019, and 81% “2018” in 2018.
“For me, this is a question we need to stop and respect,” Harrington added. “” Over the past 4 years, the business and non-profit business or organization has chosen more than 10 percent of its optimism for services and products. This is incredible! And, it doesn’t happen by accident. I believe that chambers, city center programs, RDCs, city administration, educational institutions and other leaders around the table have worked hard to change attitudes in this region. You can’t drive in Shrewsbury at Poinal, Arlington, Dorset, Rupert, Bennington and Manchester and you don’t see growth, new businesses, new people and optimism. We still have work to do, but this number is good to see compared to when we started this survey.
In the next three years, Southwest Vermont would be 87% better off if it had a business or organization. This is 80% better in 2020 and 2019 compared to 74%.
He took the lead by stating that the improved Internet service was 41% of the respondents’ desire to grow their business or organization. Improved cell service is second to 37% of respondents’ needs, with better access to marketing at 31% and improved transportation and improved communication with other business owners at 29%.
74% of respondents identified social media as the number one marketing tool, 63% of respondents said they were doing some online business, and 24% of respondents indicated that their target customers were the number one online consumer. This is a change from the chamber design.
I think the CVD epidemic, while serious, has caused many of our businesses and organizations to unravel some of the harsh realities around money, online presence, adopting technology or adapting to a mixed work model. As these companies become more and more online, it’s no surprise that their growth demand is high-speed Internet, ”Harrington said.
“Encouragingly, we know we are moving in the right direction to address the challenges of Vermont’s funding, housing, high-speed internet services, childcare and manpower. It may not be tomorrow, but there is awareness and financial support.
Photo die in Dorset winter. Photographs provided by Southwest Vermont Chamber and Lorraine weather.
The Southwest Vermont Chamber of Commerce encourages, directs, and supports a concerted effort by all members of the Southwest Vermont Region to maintain and improve a healthy business climate.
The vision of the Southwest Vermont Chamber of Commerce is to grow businesses and grow the Southwest Vermont economy, influence the region’s creative ecosystem and promote sustainable development, help build safe and healthy communities, and help Southwest Vermont for all living standards. People are marketing. At the Southwest Vermont Brand Regional Shires effort.
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