Page 33 - midJersey Business - March 2015

Checking the

Business Barometer

SURVEY: NJ PERFORMANCE, OPTIMISM,

AND PROJECTED GROWTH INCREASED IN 2014

ew Jersey businesses performed better in 2014 than in 2013

and are more optimistic about the next 12 months, with signiicant

growth expected in 2015, according to year-over-year survey data

Nreleased by The Provident Bank.

Speciically, Provident Bank’s 2014 Business Barometer, which surveyed more

than 300 business owners of New Jersey-based businesses for the second con-

secutive year, found 43 percent of companies feel their business performed “great”

or “good” in 2014, compared to only 37 percent in 2013. Additionally, 82 percent

said they’re either somewhat or very optimistic about 2015, compared to 78 percent in

2013. Fifteen percent of respondents said they expect growth of 10 percent or more this

year, compared to 12 percent in 2013.

THE SURVEY’S OTHER KEY FINDINGS INCLUDE:
(62 percent)
●
Nearly two-thirds of business owners said their workforce numbers remained the same in 2014. (63 percent)
About the same number indicated they’re not planning any workforce changes in 2015.
● (57 percent)
Of the 37 percent of companies planning to make workforce changes in 2015, a majority will be looking

to add part-time workers, compared to 40 percent in 2013.
● (46 percent in 2014 vs. 20 percent in 2013)
More than twice as many added full-time employees to their rosters .
26 percent vs.
●
Fewer companies reported struggling or poor business performance in 2014 compared to 2013 (31 percent
), while about the same number of respondents said they “held their own”
(31 percent in 2014 and 33 percent in 2013)
.
●
Among those who said business was good or great in 2014, owners most (33 percent)
often attributed increased sales and new customers
(13 percent)
for their success.
● (51 percent)
More than half of owners indicated they worked

more hours in 2014 than in 2013.
●

When asked what was the most important lesson learned in
the past year, 16 percent of respondents said, “Keep up with

changes in technology and marketing.” Other responses
included: “Retaining customers and the importance of good
(11 percent)
customer service” and “Work harder and smarter/ (10 percent)
keep pushing forward” .
●
The state of the economy continues to be the most important
(rated 4.34 on a scale of
concern among business owners 1 to 5)(3.91)

, followed closely by consumer conidence and the (3.64)
national political climate . Topics that increased in impor- (up from 3.53

tance from 2013 included state property taxes to 3.96) (up from 2.36 to 2.82)
and cyber threats .

march 2015
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