Latest Study from Phoenix Innovate: MFBI June 2014August 11, 2014
June’s Michigan Future Business Index (MFBI) revealed a great deal of optimism among small- and mid-sized business owners in the state. The MFBI, underwritten by the Accident Fund and Michigan Business Network, has been conducted twice annually since 2006. Phoenix Innovate plays a key role in not only designing the research, but also analyzing and tracking data over the many years of the MFBI’s existence.
This summer, many business owners told us they expect sales, profits, and new hires to increase over the next six months. This is a positive change from previous years’ surveys, especially during times of economic downturn.
Business owners reported their biggest challenge is finding qualified employees to fill open positions. They are dealing with this in an interesting way: by hiring less qualified talent and then training the new employees to meet their needs. This is a smart investment in Michigan’s workforce that mirrors business owners’ increased optimism for the near future.
Findings from this ongoing study bring the voice of Michigan’s small businesses into the spotlight. Because the study is conducted and publicized every six months, news outlets and lawmakers can consistently assess small business owners’ concerns, accomplishments, and outlook for the near future. And the longevity of the study allows us to track long-term trends in Michigan’s economic health.
For more details about the latest installment of the MFBI, read the full report.You may also listen to this Michigan Business Network radio segment in which the Accident Fund’s Michael Britt discusses the findings and their implications for business in Michigan.