A summary of responses to the 2010 Business climate survey conducted by Expense Reduction Analysts in partnership with Elite Financial Communications Group.
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ERA 2010 Business Climate Survey Results Final 102010
1. 2010 Florida Business Survey2010 Florida Business Survey
Business Leaders Share Perspective on Job Growth, Business
Expansion and Florida’s Future Outlook
2. October 2010
Foreward
After two years of recession, U.S. economists are beginning to report that the
economy's recovery is finally in sight. Nonetheless, the recession — one of
the worst ever experienced in our nation's history — is expected to have
lasting impact on how business leaders around the country respond to the
recovery and how they are planning to define (or redefine) their fundamental
business practices and growth strategies on a moving forward basis.
Expense Reduction Analysts (ERA)-Florida Region, in collaboration with
Elite Financial Communications Group, sought to better understand the
opportunities and challenges confronting Florida business owners
and executive leaders, as well as the strategies they are employing to
position their companies for long term sustainability and profitability in 2011
and beyond.
The data for the 2010 Florida Business Survey was collected via email from a
total polling audience of more than 500 business leaders operating Florida-
based companies of all sizes and industry focus.
ERA-Florida Region and Elite Financial Communications extends its
sincere appreciation to our Survey respondents for their time and insight into
the prevailing Florida business environment, and greatly appreciate the
valuable input they so graciously provided. We are hopeful that the trends
and perspective identified in this report will help to guide the Florida business
community towards greater future success.
2010 ERA/EFCG Florida Business Survey ● Page 2
3. Less than 5 years,
22.60%
5-10 years, 13.20%
10-20 years, 22.60%
20+ years, 32%
No Response, 9.40%
Professional Business Services (Accounting, Advertising, Legal, etc.) 20.7%
Other 11.3%
Construction 9.4%
No Response 9.4%
Hospitality and Leisure 7.5%
Healthcare 5.6%
Other Services (Civic/Social Oranizations, Personal Services, etc.) 5.6%
Finance, Insurance, Real Estate 5.3%
Auto-related (Wholesale, Retail, Service, etc.) 3.7%
Communications 3.7%
Human Resources 3.7%
Information Technology 3.7%
Manufacturing 3.7%
Wholesale and Retail Trade 3.7%
Transportation and Warehousing 2.0%
Technology 1.0%
100.0%
Which industry is your business in?
Page 3 ● 2010 ERA/EFCG Florida Business Survey
How long have you been operating your business in Florida?
4. How many employees does your business currently employ?
Yes, added employees,
11.30%
Yes, employee layoffs,
18.80%
Yes, reduced
employee hours,
7.50%
Yes, employee layoffs
and reduced hours,
11.30%
No significant changes,
39.60%
No Responses,
11.30%
1-4 Employees
27%
5-9 Employees
13%
10-20 Employees
19%
21-50 Employees
11%
51-100 Employees
9%
100-500 Employees
8%
500+ Employees
4%
No Response
9%
Did your business make any changes to its workforce during the
past 12 months?
2010 ERA/EFCG Florida Business Survey ● Page 4
5. Do you intend to increase your employee headcount in the year ahead?
Yes, 1-5 Employees 41.5%
Yes, 6-10 Employees 1.8%
Yes, 11-20 Employees 0.0%
Yes, 21-50 Employees 3.7%
Yes. 51-100 Employees 0.0%
Yes, 100+ Employees 0.0%
No Significant Changes 43.3%
No Response 9.4%
100.0%
Page 5 ● 2010 ERA/EFCG Florida Business Survey
41.5% of survey respondents reported that they plan to hire 1-5 new employees in 2011. Comprising this group are
companies operating within the following industry sectors:
• Professional Business Services (accounting, advertising, legal, etc.) - 24%
• Other Services (civic/social organizations, personal services, etc.) - 19%
• Information Technology - 14%
• Human Resources - 14%
• Transportation and Warehousing - 14%
• Construction - 5%
• Healthcare - 5%
• Manufacturing - 5%
Companies within the Hospitality & Leisure and Wholesale & Retail Trade are among those who reported that they
intend to hire between 21-50 employees in the coming year.
6. Increased
Revenue/Revenue
Channels, 35.8%
Cut Overhead Costs,
41.5%
Divested Business
Units, 1.8%
Raised Capital - Debt
and/or Equity, 1.8%
Other, 9.4%
No Responses, 9.4%
2010 ERA/EFCG Florida Business Survey ● Page 6
What strategies did you employ to help overcome challenges to your business
during the recession?
7. What strategies do you intend to engage to grow your business in 2011
and beyond?
(Listed in order by most frequently mentioned)
1 Increase advertising and marketing spend
2 Integrate SEO, social networking and email marketing into marketing plan
3 Expand geographic service areas/expand internationally
4 Introduce new products and services
5 Outsource more non-core functions
6 Increase sales through incentive-based commission programs
7 Actively grow through acquisitions
8 Improve project management processes
9 Adopt advanced/next generation technology
10 Increase community involvement and networking
11 Continue to cut overhead expenses
12 Vertically integrate new complementary business lines
13 Expand sales force
14 Reconnect with old clients/reintroduce product and service offerings
15 Engage strategic partners for collaborative offerings
16 Increase public relations activities/write and publish articles
17 Increase trade show participation
18 Attract independent funding sources (debt and equity)
19 Vote business-friendly politicians into office
20 Eliminate/divest non-performing assets and business interests
Page 7 ● 2010 ERA/EFCG Florida Business Survey
8. Yes
57%
No
43%
Are you optimistic about the future of Florida’s business climate as it relates to
the growth of your business in the coming year?
Select Comments from Survey Respondents
“If there was an easy way to access minimal (up to $1 million) short term business growth
capital, the economy would boom for small businesses all over the State.”
“People still love to live here. We’re diversifying from a tourism/agricultural-based
economy by expanding our high tech and medical business base. There is no state income
tax, the cost of living is comparably low and the quality of life is high.”
“We are cautiously optimistic about the near term future; however our optimism is
tempered by the current state of the economy and the high unemployment rate.”
“No, the overbuilding must be absorbed before growth will occur, and the absorption
won’t start until the population starts to increase again. This may take years.”
“Things are what we make them. I can choose to see the negative side of business, but
that, alone, will get me no where. It is all about continuously reinventing yourself and
your business.”
“Long term, I see Central Florida continuing to grow, particularly with UCF’s new
medical school and the growth opportunities it presents for ancillary businesses.”
“Our unemployment rate is not being addressed aggressively enough to make a difference
in a turnaround; and if the nation likewise falters, we will see the continued deterioration
of tourist dollars that fuel this state.”
“Some days I am, some days I’m not.”
2010 ERA/EFCG Florida Business Survey ● Page 8
9. Page 9 ● 2010 ERA/EFCG Florida Business Survey
Expense Reduction Analysts, Inc. - Florida Region
www.expensereduction.com
Don Harris, Managing Director, 407-804-9888, dharris@expensereduction.com
Jim Agnew, Director, 407-299-8845, jagnew@expensereduction.com
Mary Crawford, Director, 904-254-3110, mcrawford@expensereduction.com
Renee Klein, Director, 407-344-8470, rklein@expensereduction.com
Debbie Michala, Director, 904-217-7211, dmichala@expensereduction.com
Tina Phillips, Director, 407-215-4823, tphillips@expensereduction.com
Dr. Alex Sacharoff, Director, 407-542-4277, asacharoff@expensereduction.com
Tom Stefanos, Director, 407-215-4823, tphillips@expensereduction.com
Richard Ungaro, Director, 407-276-5312, rungaro@expensereduction.com
Hidden non-core costs represent significant opportunities to improve bottom-line margins, but identifying the
gaps and the roadmap to improve profitability through cost reduction is at best challenging and at worst,
impossible. Since 1992, Expense Reduction Analysts’ global network of 700+ professional consultants have
performed more than 14,000 successful cost reduction projects, helping organizations – large and small,
private and public, for profit and non-profit – find average savings of 20% in their overhead spend.
Elite Financial Communications Group, LLC
www.efcg.net
581 Technology Park, Suite 1009
Lake Mary, Florida 32746
407-585-1080 or via email at ERA@efcg.net
Elite works closely with its clients’ executive leadership teams to develop and implement customized, fully
integrated marketing and communications strategies and programs designed to achieve transparency and
proactive communications with shareholders, as well as foster and enhance broad investor and media
interest. Through Elite Media Group, the Company collaborates with its public and private clientele to
optimize business and performance objectives through highly customized initiatives that leverage public and
media relations, social networking, brand and reputation management, event planning, crisis management and
government relations. Elite Media Group also provides copywriting, collateral development and production,
formal media training and market trend analysis, among other traditional and new media services.
10. Responses to the 2010 ERA/EFCG Florida Business Survey are considered confidential and therefore responses
will not be released, shared or published. Rather, survey results have been reported in aggregate data sets, with
the exception of selected comments from respondents reflected on page 8, who shall remain anonymous. In
participating in this survey, our respondents recognize that the information provided is being used in an aggregate
report and therefore grants ERA-Florida Region and Elite Financial Communications Group unrestricted use of
the information. The survey was conducted between July 1, 2010 and September 1, 2010. The percentages in
some categories may not equal 100 due to rounding.