Broward Businesses Predict Continued Growth in Survey from Greater Fort Lauderdale Alliance and Kaufman Rossin
Three in four Broward CEOs say their business is better today than it was a year ago, and they expect this trend to continue into 2016, according to a survey released from Greater Fort Lauderdale Alliance and Kaufman Rossin, one of the largest independent accounting firms in Florida.
Broward businesses have seen a steady rise since 2012, when 57% of businesses reported positive growth. They expect this to ride this wave of growth into next year with a stunning 90% of business owners reporting optimism for 2016.
The survey data showed that hiring is also trending up with nearly 60% saying they would be adding staff this year. This is a significant finding considering 61% of survey respondents were small businesses with 25 or fewer employees. In contrast, more than 10% of companies with 250 employees and above said they expect to decrease staff over the next year.
Aside from business growth, survey respondents were asked about the top issues that are a priority for their company. For the third year in a row, the three top priorities were developing new products or markets, finding qualified professionals and staying current on technology.
Additionally, respondents are largely looking beyond Broward for growth and opportunity, with 61% considering international markets vital to their business growth, while only 11% of respondents said that all their business was conducted in Broward County. They expect growth to continue in all markets, particularly outside of South Florida in 2016.
Other key findings
- Marketing and technology remain the two areas where businesses are investing the most, a trend that has stayed consistent since 2012. Training, which has also been one of the top three areas for investment over the last three years, slipped to the fifth spot, overtaken by salaries/bonuses and recruitment.
- While many respondents credited Broward as a great place to live and do business, other survey respondents cited the city’s bureaucracy and lack of vision from local government as challenges to doing business. Still others noted that the congestion and traffic make it difficult for employees to commute to and from work.
- Business owners said they don’t see fraud or environmental sustainability as priority issues, with just 11% and 8% of respondents identifying these as important issues.
Surveys were distributed to more than 5,000 individuals sourced from the database of Hoovers, a D&B Company, and both The Alliance and Kaufman Rossin’s proprietary databases. Recipients were identified as Broward business owners, CEOs, or the decision maker for Broward operations. A majority are headquartered in Broward County and 83% have been doing business in Broward for more than 10 years.
