Cinnaire Joins Michigan Business Network to Present Results for Q2 2023 Michigan Future Business Index Survey

In a recent statewide survey of 615 small to medium-sized businesses, respondents to the latest Michigan Future Business Index (MFBI) survey indicated even though the impacts of the weakening economy have emerged on the list of top challenges to doing business in Michigan in the past six months, overall concerns for a deepening recession or continued inflation appears to be softening. While the impacts of wage inflation remain high, they appear to have crested.

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. Josh Ghena (left), Cinnaire Senior Vice President, of Equity Business Funding, recently joined Chris Holman, 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 Josh Ghena. “The survey provides an opportunity for small business owners to 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.”

The survey found sales and profits both saw a decline over the past six months, with profit increases hitting a record low for the MFBI. That said, overall satisfaction with the business economy has improved significantly 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-end questions indicate that small business owners are becoming bullish on Michigan’s future economy.

Chris Holman, who started the survey in 2003 and took it statewide in 2006, shared this about the latest findings. “The latest MFBI reproves something that we see every time. The resilience, the tenacity, and the positive attitude of Michigan businesses about tomorrow. It’s one of the major reasons we should all be proud to be doing business in Michigan. Though they have some complaints, Michigan businesses are bullish on just that… being Michigan businesses."

Additional findings:

· As job creators are pulling back on hiring, they are focusing on finding success within their existing teams.

· Many respondents say supply chain challenges are becoming less significant.

· Michigan is a great place to have a small business – 66% of respondents believe Michigan remains a pretty good to excellent market for their business

For more details, data, and graphs covering the results of the latest MFBI, please click here.

About the 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://www.michiganbusinessnetwork.com/ 

About Cinnaire
Cinnaire is a non-profit financial partner that supports affordable housing developments along with community and economic revitalization initiatives through creative investments, loans and real estate development services. Since 1993, Cinnaire has invested $4.7 billion to support the development of 811 housing communities in 10 states, providing 49,700 affordable apartment homes for more than 100,000 individuals and families and has provided community development loans to support the creation/retention of more than 187,000 square feet of commercial, mixed-use, and community space. In its mission to change lives and transform neighborhoods into thriving communities, Cinnaire has helped to create or retain over 76,000 jobs and spur $8.8 billion in economic impact. https://cinnaire.com

Cinnaire Joins Michigan Business Network to Present Results for Q4 2022 Michigan Future Business Index Survey

In a recent study of 750 small to medium-sized businesses, respondents to the latest Michigan Future Business Index (MFBI) indicated inflation remains the number one challenge to doing business, but wage inflation is climbing the list, impacting profits and hiring.

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. Mark McDaniel, Cinnaire President, and CEO joined Chris Holman, Michigan Business Network CEO, to share the survey results in a forum Wednesday.

“Small businesses play a vital role in supporting healthy communities, creating jobs, and spurring economic development while contributing to social and cultural value,” said Mark McDaniel, Cinnaire President, and CEO. “The MFBI survey provides an opportunity for small business owners to share their insights and provide perspective on Michigan’s economic outlook. We are pleased to join the Michigan Business Network to share the results of the most recent survey.”

The survey found that the wage inflation stressor is growing, as overall inflation continues to impact profits. However, supply chain challenges are subsiding. Sales and profits over the last six months beat Q2 MFBI projections, but uncertainty over business costs and the economy is restraining optimism for the next six months. Additionally, more than one in four respondents say they’ve fully recovered from the COVID-19 pandemic and comments to open-end questions indicate fears of long-term inflation and a recession are easing.

“Although talent acquisition and retention remains a major issue for all employers in the state of Michigan, inflation, and in particular wage inflation, has edged out talent as the major stumbling block for business in Michigan,” said Chris Holman, Michigan Business Network CEO. “In spite of these challenges, however, the majority of Michigan businesses still find Michigan a great place to be in business. And are cautiously optimistic about the next six months.”

Additional findings include:

• Satisfaction with the economy continues to slump.
• Hiring slows as wage inflation eats into profits. Job creators indicate that they’re again focused on ROI when hiring.
• While the intensity has cooled slightly, most still believe Michigan is a great place to do business with a fair tax system.

While the full report is shared above, here is an executive summary presentation.

Cinnaire Joins Michigan Business Network to Present Results for Q2 2022 Michigan Future Business Index Survey

Q4 2021 Michigan Future Business Index Survey "Hot off the press"!

As a leading voice for small businesses in Michigan, the Michigan Business Network (MBN) believes the people making decisions need to hear how your business is doing. The MFBI Survey allows us to forecast potential changes in the market. Thanks to business leaders’ participation, we are able to amplify the voice of small businesses in Michigan and provide data to guide decisions of business advocacy organizations and policymakers, setting an agenda to help Michigan businesses prosper. 

The Michigan Future Business Index (MFBI) is proud to announce that this time around it is now underwritten by the Michigan Economic Development Corporation and continues to be commissioned by Cinnaire and the Michigan Business Network and conducted by Paul King founder of ROI Insight. It surveys owners of small to mid-sized businesses in Michigan and provides business leaders a forum to offer their perspectives and opinions on doing business in Michigan, the overall business climate in the state, and various issues in the news. 

July 22nd MBN, Cinnaire, and ROI Insight release the Spring MFBI results for 2021

As a leading voice for small businesses in Michigan, the Michigan Business Network (MBN) believes the people making decisions need to hear how your business is doing. The MFBI Survey allows us to forecast potential changes in the market. Thanks to business leaders’ participation, we are able to amplify the voice of small businesses in Michigan and provide data to guide decisions of business advocacy organizations and policymakers, setting an agenda to help Michigan businesses prosper. 

The Michigan Future Business Index (MFBI) is commissioned by Cinnaire and the Michigan Business Network and conducted by Paul King founder of ROI Insight. It surveys owners of small to mid-sized businesses in Michigan and provides business leaders a forum to offer their perspectives and opinions on doing business in Michigan, the overall business climate in the state, and various issues in the news. 

DECEMBER 2020 Key Takeaways:

• Satisfaction With the Economy in Michigan was at a near-record high (82%) one year ago and collapsed to a record low of 11% in May. It has now rebounded to 28%.
• Business Performance: The percentage of businesses describing their performance as pretty good or excellent plummeted from 81% before the pandemic to only 8% in May. It has now ticked back up to 27%. More than three in four (76%) said they were in not so good or poor shape in May, but that number has dropped to 50% now.
• Ninety-four percent (94%) say their business is open now, which was at only 65% in May.

COVID-19 IMPACT SURVEY: Download Results

The special COVID-19 Impact Survey covered topics such as how businesses are coping, what are business owner's expectations are for the future, and how well they think our leaders are meeting their needs. It allowed businesses in Michigan to speak in one voice to those making critical decisions in Lansing and Washington DC.