50 businesses were surveyed from September 2022 – December 2022 as part of a business retention and expansion initiative through the Northern Colorado Regional Economic Development Initiative.
The manufacturing sector is the most positive about company head count and sales growth. The real estate sector is most concerned about sales growth, likely attributed to a softening of the market due to interest rate increases. Businesses with 51-100 employees were the most likely to report growth in head count and sales. Companies with over 100 employees were the most likely to report a decrease in head count, and companies with 11-20 employees were the most likely to report a decrease in sales.
Is your company currently considering any of the following?
50% or more of all businesses
surveyed are considering expansion.
Three businesses surveyed expressed
that they were considering employee
ownership. Businesses with 50 or less
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. Two businesses mentioned partnerships or acquisions. Innovation, or new and enhanced service offerings was a commonly cited opportunity amongst businesses of all sizes.
What is the greatest threat facing your business?
When surveyed on the greatest threat facing their company, the majority of businesses cited the economy. Businesses of all sizes also cited staffing concerns as a threat. Businesses with less than 20 employees were more likely to feel that increased costs may threaten their business.
What unmet needs does your company have?
Hiring Qualified Staff was the sole concern identified by businesses with 1,000 or more employees, and was a key concern for businesses of all sizes. In general, larger businesses identified fewer unmet needs as compared to smaller businesses. This may be due to the scope of responsibilities of respondents representing small vs. large organizations.