Florida Small Business Index Survey

Many in Florida’s small business community are experiencing both challenges and successes as our economy grows. As we work to secure Florida’s future, it is crucial that the Florida Chamber of Commerce understands what issues are most important to small businesses. The Small Business Index Survey tracks trends and issues affecting small businesses in Florida. Small business owners are surveyed in order to monitor small business trends and identify emerging issues that may be addressed by the Florida Chamber’s Small Business Council.

Workforce Quality Still Keeping Job Creators Up at Night

Despite Concern, Job Creators Anticipate Higher Sales, Economic Expansion

Even though Florida is outpacing the national average in jobs created, workforce quality continues to be the top concern among Florida small businesses, according to the Florida Chamber of Commerce’s First Quarter Small Business Index Survey. This is the 11th quarter out of 12 that small businesses have ranked this issue among their top concern. Despite this concern, job creators expect higher sales than last year.

“While Florida’s job creators should expect a strong 2020, continuing to outpace the nation in job creation, they continue to be highly concerned about finding qualified workers,” said Dr. Jerry Parrish, Florida Chamber Foundation Chief Economist. “Florida’s businesses are already seeking to fill the 284,800 open jobs in Florida.”

While the probability of a recession is declining, Florida’s job creators are now much more concerned about government regulations and mandates for Florida businesses, which entered the top three.

The Florida Chamber’s First Quarter Small Business Index Survey shows small businesses are most concerned about:

-Workforce Quality – 28%
-Healthcare Costs – 13%
-Government Regulations – 12%
-Economic Uncertainty – 10%
-Lawsuit Abuse – 4%

Of Florida’s small businesses:

-49 percent of respondents expect to hire in the next six months,
-56 percent of respondents expect the economy to improve, and
-69 percent of respondents expect to have higher sales than the previous year.

“For the fourth quarter in a row, Florida’s small businesses top concern is workforce quality, with healthcare costs coming in second,” said Glenda Hood, Chair of the Florida Chamber’s Small Business Council, and Founding Partner, Hood Partners. “Entrepreneurs and small businesses are the backbone of Florida’s economy, and the Florida Chamber’s Small Business Council remains committed to advocating on their behalf.”

About the Survey:

The Florida Chamber’s Small Business Index Survey was conducted electronically November 25, 2019 through January 3, 2020. Twenty-four percent of respondents employ less than five employees, while 50 percent employ five to 49 employees. Click HERE to view the full report.

Florida Small Business Index Survey: Past Results