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Cinnaire Joins Michigan Business Network to Present Results for Q4 2024 Michigan Future Business Index Survey

cinnaire-logo_R According to the latest Michigan Future Business Index (MFBI) survey, which included responses from 406 small to medium-sized businesses across the state, concerns regarding inflation, interest rates, and a weak economy are easing as businesses evaluate their challenges in Michigan. Acquiring and retaining talent continues to be the most significant challenge for these businesses. Notably, the recent election results have become the main source of optimism for future gains, with 60% of the surveyed businesses expressing belief that it will benefit them.
The semi-annual MFBI was commissioned by the Michigan Business Network. The survey is sponsored by Cinnaire and conducted by the Michigan-based market research firm ROI Insight. The survey results were presented by Mike Witt, Cinnaire Senior Vice President of Asset Management, and Chris Holman, CEO of the Michigan Business Network, during the Mid-Michigan Economic Forecast Breakfast. “The latest Michigan Future Business Index survey results highlight a shift in sentiment among small businesses in Michigan,” said Mike Witt. “Concerns over inflation, interest rates, and a weak economy are easing, as businesses focus on the pressing challenge of acquiring and retaining talent. Moreover, the recent election results have injected a sense of optimism, with a majority of businesses believing it will bring beneficial outcomes. These findings reflect the resilience and adaptability of Michigan’s small business community in navigating the ever-evolving economic landscape.” Chris Holman, who started the survey in 2003 and took it statewide in 2006, shared this about the latest findings. “Though small businesses are still having trouble getting talent, the fuel that drives the engine, they are always optimistic and continue their positive attitude toward the outlook of business for the next six months. They are also feeling that Michigan is still a very good place to have their business.” Additional findings from the survey reveal that reports of profit increases among small businesses in Michigan have been steadily rising since June of the previous year. However, other indicators such as sales, wages, and hiring have experienced a decline over the past six months. Despite these fluctuations, satisfaction with the business economy has reached a post-pandemic high point. Furthermore, optimism for future business prospects is gaining momentum, with projections for sales and profits showing an upward trajectory. These findings indicate a growing confidence and positive outlook among Michigan’s small businesses for the future. For more details, data and graphs covering the results of the latest MFBI, click here.

About Michigan Business Network As the leading voice for small businesses in Michigan, the Michigan Business Network (MBN) believes the people making the decisions need to hear how your business is doing. MBN is an information provider seeking to help grow and develop Michigan’s economic community.

https://michiganbusinessnetwork.com/

Michigan Business Network: MMEF January 2025 V1 11-8-24
Michigan Business Network: Cinnaire thank you

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