During Economic Summit in January, our Business Outlook Survey results were presented in parternship with the University of Minnesota Extension . Thank you to all those who participated in the 2023 Business Outlook Survey. Your contribution provides valuable insights to understand better both the positive aspects and challenges in our local business community. Knowing the specific concerns across different sectors is crucial for targeted support and identifying solutions.
KEY TAKEAWAYS FROM THE 2023 BUSINESS OUTLOOK SURVEY:
2023 BUSINESS OUTLOOK RESULTS • More than half of the surveyed businesses plan to increase sales/ revenue, with slightly over one-third intending to hire new employees. • The most cited plan for businesses in 2024 is to focus on sales and marketing, followed closely by plans to increase online sales. • Hiring paid employees and the cost of employees, along with customer sales and taxes remain top concerns across the local business community. • Tourism-related businesses (accommodations and entertainment) are more optimistic for growth this year. While retail, healthcare, and construction indicated the highest levels of concern. As we navigate 2024, identifying challenges in hiring, employee costs, and customer sales is pivotal. This awareness equips the Rochester Area Chamber of Commerce and business community with the information to adapt and sustain success.
12 | ROCHESTER AREA CHAMBER OF COMMERCE ADVANTAGE MAGAZINE — APRIL 2024
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