Annual Small Business Climate Survey Summary
The Topeka Independent Business Association (TIBA) recently completed its first annual Small Business Climate Survey. A wide range of topics were covered in the survey including: revenues, profit, employee headcount, employment costs, benefit costs and taxes. Participants were asked about their actual business results during 2010 as well as their expectations for 2011.
Seventy-six companies participated; 57% of the respondents were TIBA members. A broad spectrum of business sectors were represented including: service, retail, construction and manufacturing.
The survey found that Topeka-area small businesses are expecting good things in the near future, with 60% reporting they are optimistic about their overall business outlook for 2011, and 64% predicting growth in revenue/sales in 2011.
The majority of respondents said they had experienced cost increases in 2010, and they anticipate continued cost increases in 2011 in such areas as wages, materials, employment, benefits, taxes, and marketing.
According to this survey, the decline in jobs will be slowing for the survey participants. Only 16% of the businesses reported growth in number of employees in 2010, with almost 31% anticipating a growth in 2011. Almost 30% reported lower employee headcount in 2010, while less than 15% predicted hiring fewer employees 2011.
The TIBA survey is in line with a recent survey conducted by the National Small Business Association, which shows 54% of their respondents expecting an increase in sales/revenues for 2011.
TIBA plans to conduct this survey annually to help guide TIBA's activities and public policies, and to keep the Topeka public aware of the small business climate in the area.
TIBA would like to thank the Washburn University School of Business for their help in creating the survey and evaluating the results.
The Topeka Independent Business Association is organized to promote the formation, growth and viability of small and independently owned businesses in the Topeka area. The group provides its members with: regular lunch meetings with speakers on topics of interest for independent business owners; networking and social events; and seminars on business-related topics. Through regular member surveys, TIBA also takes positions and advocates for its members at the local and state level.
