TIBA 2019 Annual Small Business Climate Survey Summary Results

Participants were asked about their actual business results during 2018 as well as their expectations for 2019. A wide range of topics were covered in the survey including: revenues, profit, employee headcount, employment costs, benefit costs and taxes. A broad spectrum of business sectors were represented by the respondents including: service, retail, financial services and construction. 64 local small businesses participated in the survey, 58% were TIBA members and 42% were non-TIBA members. Over half (62%) of the responding businesses reported annual sales of less than $1 million.

The survey found that almost 62% of the Topeka-area small businesses are optimistic about overall business for 2019 with 29% being neutral and 9% pessimistic. 70% are predicting growth in revenue/sales in 2019, one of the higher forecasts in the survey’s history.

A large portion of respondents said they had experienced cost and tax increases in 2018, and they anticipate continued cost increases in 2019 in such areas as, wages, employment, benefits and taxes. Taxes, benefits and employment costs increases impacted the most survey participants.

According to this survey, employment numbers will grow at almost 32% of the participating businesses for 2019. 28% of the businesses reported growth in number of employees in 2018, while 48% reported no change in headcount.

When polled about the biggest concern they had for their business going forward, the top responses listed were: overall sales/business; finding/retaining employees, overall costs, taxes and competition.

TIBA conducts this survey annually to help guide TIBA’s activities and public policies, and to keep the 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.

For more information contact David Lippe, Survey Chair, at dlippe@cox.net

For more information about TIBA and its events visit www.topekatiba.org.