118 businesses were surveyed from September 2024 – November 2024 as part of a business retention and expansion initiative through the Northern Colorado Regional Economic Development Initiative.
Half of all businesses surveyed report neutral growth in terms of head count, but report positive sales growth. As compared to the survey published in August 2023, more businesses are reporting that both sales and head count have decreased. While confidence in the Northern Colorado economy has also decreased, the majority of businesses surveyed are still considering expansion.
Is your company currently considering any of the following?
The majority of all businesses surveyed are considering expansion. Small businesses (those with fewer than 20 employees) are more likely to consider modernizing, including upgrading equipment, increasing efficiency, and leveraging technology.
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. “Other” opportunities include economic improvement and focusing on authenticity and connection to appeal to new customers.
What is the greatest threat facing your business?
When surveyed on the greatest threat facing their company, the majority of businesses cited the economy, followed by higher costs, particularly inflation and interest rates. While still a concern, staffing was reported as a threat less often as compared to the survey results published in August, 2023. “Other” threats include traffic and road closures, the perception of anti-business sentiment, and lack of foot traffic in downtown areas.
What unmet needs does your company have?
Hiring and training qualified staff remains the most commonly cited unmet need. Grants and capital funding was also identified as an unmet need among many businesses, with businesses citing the need for funding to expand their business, train employees, and increase employee compensation. A trend among “other” unmet needs was the desire for a localized communication source for business news, events, and information. Additional “other” unmet needs include housing and insurance support for employees, and better municipal communication to businesses.