109 businesses were surveyed from February 2023 – June 2023 as part of a business retention and expansion initiative through the Northern Colorado Regional Economic Development Initiative.
The majority of businesses surveyed report neutral growth in terms of head count, but report positive sales growth. As compared to the survey published in March 2023, fewer businesses reported positive employment growth with many expressing challenges hiring qualified staff. Despite these challenges, the majority of businesses surveyed expressed confidence in the Northern Colorado economy and are considering expansion. The marketing industry reported decreased sales and a lack of confidence in the NoCo economy. In general, mid-sized businesses (those with 11-1000 employees) have experienced growth in sales and head count, while businesses with 10 or fewer employees largely did not report growth in these categories.
Is your company currently considering any of the following?
The majority of all businesses surveyed are considering expansion. Businesses with 50 or fewer employees were more likely to consider downsizing, selling, or closing.
What is the greatest opportunity facing your business?
When surveyed on the greatest opportunity for their company, the majority of businesses cited growth within Northern Colorado. Businesses commonly cited an increased need for their services, or enhanced service or product offerings as an opportunity. Staffing and training was another commonly cited opportunity, likely in response to the potential for business growth in the region.
What is the greatest threat facing your business?
When surveyed on the greatest threat facing their company, the majority of businesses cited the economy. This is consistent with survey results published in March, 2023. Staffing also remains a key concern for businesses of all sizes, with many citing difficulties hiring qualified workers. Businesses also expressed challenges keeping up with increased operating costs including increased rent, wages, taxes, and materials.
What unmet needs does your company have?
Hiring and training qualified staff remains the most commonly cited unmet need. Business development support as also identified as an unmet need among many businesses, with businesses expressing the need for assistance in identifying real estate, researching employee benefit options, reaching potential customer markets, attending networking opportunities, and education regarding changing regulations and laws.