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What We Learned from the 2016 CBIA Small Business Survey

CBIA small business survey

A few weeks ago the CT Business & Industry Association (CBIA) released the results of their first-ever small business survey. The survey was conducted in March and April of this year, with about three-quarters of those participating from family owned/operated businesses. More on the survey demographics – company sizes ranged from 2 to 320 employees, and businesses included veteran, woman and minority owned organizations. A variety of industries were represented in the CBIA small business survey, including professional services, utilities, software/tech, tourism, finance, transportation, and more.

Survey Says…

  • Top 3 challenges for CT small business are profitability and growth (31%), government regulations, mandates and other policy decisions (21%) and the cost of doing business/taxes (20%)
  • 60% say they are hiring in 2016.
  • 38% of those surveyed plan to expand this year. About half said they plan to remain the same, with 13% saying they will reduce in size.
  • When it comes to technology, those surveyed said their biggest tech assets included their software and database systems, web presence, and machinery and equipment. They also noted the ability to adapt to change as another asset, although their biggest hurdle is the lack of workers who are adequately trained in the right technologies.
  • More on the tech front – cyber security is of concern to over 75% of those surveyed, and close to 80% increased their cyber security efforts in the past 12 months.
  • 57% of respondents said they have a disaster recovery plan in place for natural and man-made disasters. This is up from 2010, when another survey reported that half of companies didn’t have an emergency/disaster response plan in place, with no plans of establishing one.

As a small/minority business enterprise, A.R. Mazzotta can relate to many of the CBIA small business survey findings. The challenge of not having adequately trained staff to manage technology is one we see often. That’s why more companies, both large and small, are turning to employment staffing firms like ours to help them recruit skilled, qualified workers who can manage their technology needs. If you’re in the same boat as many of the CT businesses we work with, contact A.R. Mazzotta. We can definitely help you find the right candidates for the job!

To read more about the 2016 CBIA small business survey, visit the CBIA website.