Page 11 - LRCC August FOCUS 2023

lansingchamber.org MEMBER NEWS

A NEW GENERATION OF EYDE Q2 2023 Michigan Future Business Index: Michigan’s Small

Businesses Report Inflation Eating Into Their Profits

n a recent statewide small business owners
survey of 615 are becoming bullish
Ismall to medium- on Michigan’s future
sized businesses, economy.
respondents to the
latest Michigan Future Chris Holman, who
Business Index (MFBI) started the survey
survey indicated even in 2003 and took it
though the impacts statewide in 2006,
of the weakening shared this about the
economy have latest findings. “The
emerged on the list of top challenges to doing business latest MFBI, reproves something that we see every
in Michigan in the past six months, overall concerns for time. The resilience, the tenacity, and the positive
a deepening recession or continued inflation appears attitude of Michigan businesses about tomorrow. It’s
to be softening. While the impacts of wage inflation one of the major reasons we should all be proud to be
remain high, they appear to have crested. doing business in Michigan. Though they have some
complaints, Michigan businesses are bullish on just
The semi-annual MFBI was that… being Michigan businesses." l
commissioned by the Michigan
Business Network. The survey
is sponsored by Cinnaire and
conducted by the Michigan-based
market research firm ROI Insight.
Josh Ghena, Cinnaire senior vice
president of equity business funding,
recently joined Chris Holman, Ghena
Michigan Business Network CEO, to
share the survey results in a forum.

“The results of the Michigan Future
Business Index provide data for
community leaders, policymakers,
and advocates to understand the
challenges business owners face in
today’s economy,” said Ghena. “The
survey provides an opportunity
for small business owners to Holman
share their unique perspective on
Michigan’s economy to help decision-makers address
the challenges to doing business in Michigan. Small
businesses are a cornerstone of healthy communities
and Cinnaire is proud to support the vital role they play
by sponsoring the MFBI survey.”
Relax. Enjoy your event, live or virtual.
The survey found sales and profits both saw a decline We’ve got this.
over the past six months, with profit increases hitting
a record low for the MFBI. That said, overall satisfaction Grand Rapids s Lansing s Detroit
517-903-EYDE 300 S. Washington Square, Suite 400 | Lansing, MI 48933 EYDE.COM with the business economy has improved significantly www.chasecreative.com
since last year, with half now saying they are satisfied
with the economy. A majority of respondents now say
they’ve fully recovered from the COVID-19 pandemic
and comments to open-ended questions indicate that

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