TOPEKA INDEPENDENT BUSINESS ASSOCIATION 2017 Annual Small Business Climate Survey Summary
Participants were asked about their actual business results during 2016 as well as their expectations for 2017. 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. 66 local small businesses participated in the survey, 52% were TIBA members and 48% were non-TIBA members. Over half of the responding businesses reported annual sales of less than $1 million. The survey found that almost 61% of the Topeka-area small businesses are optimistic about overall business for 2017 with 32% being neutral. 68% are predicting growth in revenue/sales in 2017.
A large portion of respondents said they had experienced cost and tax increases in 2016, and they anticipate continued cost increases in 2017 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 32% of the participating businesses for 2017. 29% of the businesses reported growth in number of employees in 2016, 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, healthcare costs, overall costs and government regulations.
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 785-272-5280 or firstname.lastname@example.org
For more information about TIBA and its events visit www.topekatiba.org.