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.

Florida’s Small Businesses Point to Workforce Quality as Top Concern Keeping Them Up at Night

Despite Concern, Job Creators Anticipate Higher Sales

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 Fourth Quarter Small Business Index Survey. This is the 10th quarter out of 11 that small businesses have ranked this issue among their top concern. Despite this concern, job creators expect higher sales than last year.

While the probability of a recession is improving, according to the latest data on TheFloridaScorecard.org, economic uncertainty remains a top small business owner concern, survey results reveal. Despite this concern, Florida’s overall economy is robust and expanding, and in fact, it has become the 16th most diversified economy in the country, and unemployment numbers continue to decline.

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

-Workforce Quality – 28%
-Economic Uncertainty – 14%
-Growth Management Process – 12%
-Healthcare Costs – 9%
-Government Regulation – 8%

Of Florida’s small businesses:

-49 percent of respondents expect the economy to improve over the next three years,
-41 percent of responders believe their business is better off now than it was just six months ago, and
41 percent of businesses have plans to make investments in plants or equipment, down from 43 percent one year ago.

“Workforce quality continues to be the number one concern of Florida’s small businesses, with economic uncertainty coming in second,” said Glenda Hood, Chair of the Florida Chamber’s Small Business Council, and Founding Partner, Hood Partners. “Small businesses are the foundation 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 September 10 through October 14, 2019. Thirty-four percent of respondents employ less than five employees, while 49 percent employ five to 49 employees. Click HERE to view the full report.

Florida Small Business Index Survey: Past Results