2014 SURVEY OF CONNECTICUT BUSINESSES

Transcription

1 2014 SURVEY OF CONNECTICUT BUSINESSES 1

2 About the Survey Respondents Finance Real Estate Software & Technology Insurance 2% 2% Nonprofit Medical Hospitality and Tourism Retail 4% 5% 5% Wholesale 5% 7% Construction 3% 3% 8% 10% Professional Services Utilities 1% 32% Manufacturing 12% Other Privately held (44%) Family owned (40%) S corporation (26%) Incorporated (24%) Company types include: Limited liability corporation (19%) Woman owned (10%) Minority owned (3%) Publicly held (2%) Foreign owned (2%) 2

3 Current status Contracting 11% 54% Holding Steady 35% Growing 3

4 Top business investments New Technology Employee Training Property/Facilities R&D Other Capital Assets 27% 30% 23% 28% 23% 20% 9% 8% 18% 15% Currently Next Two Years 4

5 Businesses introducing a new product or service Yes 46% No 54% Yes 47% No 53% Past 12 Months Next 12 Months 5

6 Will state tax incentives play a factor in your decision to invest in R&D? Yes 15% Not applicable 50% No 35% 6

7 How important is Connecticut s Small Business Express Program or Step Up Program to your company? 8% 5% 10% 66% Unaware Not applicable Not important Somewhat important 11% Very important 7

8 Dependency on larger companies 42% Not Dependent 24% Highly Dependent 34% Somewhat Dependent 8

9 Does your company export goods or services? No 25% Yes 75% 9

10 Where is your business exporting? North America (Canada/Mexico) Western Europe North Asia/Pacific Rim South Asia South America Eastern Europe Australia/New Zealand Central America 3% 9% 8% 9% 18% 15% 20% 28% 32% 26% 25% 30% 39% 56% 53% Currently Conducting Business Greatest Potential 94% 10

11 What are your company s greatest barriers to exporting? (choose all that apply) No barriers to exporting Costs/risk of expanding into new Lack of knowledge concerning Copyright/patent concerns Licensing concerns No product/service conducive to Other 20% 16% 11% 9% 7% 16% 48% 11

12 Where do you see the greatest demand for new hires in your business in 2015? 29% 28% 33% 8% 2% Entry level Line workers Mid-level Management Executive 12

13 How does your company attract/retain younger workers? 11% Offer Good Benefits 11% 27% 14% 18% 19% Recruit at Schools Flexible Hours Tuition Reimbursement Competitive Pay Internship Programs 13

14 How should the state address the shortage of skilled workers? 20% 20% 28% 32% Reduce Cost of Living Support Trade Schools Support Education Overall Incentives for Training Programs 14

15 Percentage of workforce 55 years or older 23% 18% 28% 20% 6% 5% 0% 1-9% 10-19% 20-39% 40-59% 60% or more 15

16 What is your business doing to anticipate retirements? Hiring New Employees Training Workers Internal Succession Plan Selling Business Hiring Interns/Temps No Changes 12% 8% 4% 12% 34% 30% 16

17 Do you anticipate a sale or transfer of your company? 17% 11% 13% 4% No 55% No Yes, within next 12 months Yes, within five years Yes, within six to ten years Unsure 17

18 If you do expect a sale or transfer, what is your plan? Sell/transfer to another business Privately sell to an individual Sell/transfer to a family member within the Merge with an existing business Sell/transfer to existing management Privately sell to a venture capital firm Sell/transfer to a family member outside the Sell/transfer to employees Other Unsure 6% 6% 5% 2% 1% 2% 27% 18% 16% 19% 18

19 Single greatest concern for business 34% 18% 16% 11% 10% Connecticut's economic condition National economic conditions Healthcare costs Tax burden Cost of compliance with state or federal regulations 19

20 How can policymakers enhance business competitiveness by 2017? 7% 6% Lower Taxes 11% 24% 52% Reduce Regulations Cut Government Spending Increase Tax Incentives Improve Infrastructure 20

21 Summary Connecticut has many core strengths Connecticut companies are growing stronger We have more to do 21