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| Michigan’s Small–Business
Owners Optimistic |
| June 2008 |
Despite some dissatisfaction with the state’s current economy,
Michigan’s small- to mid-sized business owners see a light on the horizon. Many
are even making plans for moderate hiring, small wage increases and product
additions through the next quarter.
According to the semi-annual Future Business Index, a study funded by
Lansing-based Accident Fund Insurance Company, economic optimism is gaining
strength for Michigan’s small- and mid-sized businesses for the first time since
the study commenced in 2006.
“Small businesses are an important core for Accident Fund’s business model, but
they also are the backbone of job creation across the state and the nation,”
said Keith Adkins, Vice President of Marketing at Accident Fund. “As a
Michigan-based, national carrier of business insurance, we are pleased to see
that small-business owners are optimistic and forging ahead.”
While 78 percent of business owners and managers expressed some concerns
regarding the economy as it affects their businesses, some bright spots can be
found. This is especially true in the outlook for pay increases, employee
hiring, and introduction of new products and services.
Highlights of the study show that of those surveyed:
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Twenty-four percent plan to increase employee wages in the next quarter, while
none say they will seek wage concessions.
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Nineteen percent will hire more employees in the next quarter, and another 69
percent say they’ll maintain their workforce at the current level; only 3
percent say they will definitely lay employees off.
-
Twenty-five percent plan to introduce a new product or service in the next
quarter.
“The entrepreneurial spirit we have in Michigan is fantastic,” says Chris
Holman, small business advocate for the state of Michigan. “Each year, more and
more people make the choice to work for themselves or join a start-up company,
and that helps our state thrive. I’ve been working with small businesses for
many years and continue to see this group expand. It’s very exciting, and good
for the state and the mid-Michigan area.”
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