Michigan Business Beat | Paul King, ROI Insight - Reviewing 2Q '24 Michigan Future Business Index!

Michigan Business Network

Originally uploaded July 23rd, re-edited Nov. 22nd. Chris Holman welcomes Paul King, President ROI Insight, Grosse Pointe, MI, to the MBN studio, and back to the Michigan Business Beat. In their conversation Chris looked to cover: Remind the Michigan business community about ROI Insight, and the Michigan Future Business Index What were the highlights? What are the top concerns? What are the takeaways? Summary Chris Holman hosts the Michigan Business Beat, interviewing Paul King from ROI Insight about the recent Michigan Future Business Index survey for the Spring Quarter of 2024. Paul King discusses the key findings of the survey, which measures small business performance and predictions for the next six months. The survey revealed that businesses are continuing to improve post-pandemic, with a majority feeling fully recovered. Inflation has become the top challenge for businesses, surpassing talent issues. Despite this, sales, profits, and hiring have increased in the past six months. The survey also shows a positive outlook on Michigan's economy and business environment. However, there's uncertainty due to the upcoming (at the time of this July recording) presidential election. The discussion touches on the impact of inflation on profits, wage inflation, and the importance of reunifying the country for business stability. Paul King emphasizes the value of the survey in understanding business trends and challenges in Michigan. Paul King highlights that a majority of businesses now view the economy positively. He also notes that businesses see Michigan as a good market for their goods and view the tax structure for small businesses favorably. 00:00:05 Introduction and Overview of Michigan Future Business Index Chris Holman introduces Paul King from ROI Insight and mentions the Michigan Future Business Index survey. Paul King explains that the survey measures small business performance over the last six months and predicts attitudes for the next six months. 00:01:22 Post-Pandemic Business Recovery Paul King reports that the survey shows continued improvement for businesses after the pandemic. He notes that a majority of businesses feel they've fully recovered, and the number of businesses that don't think they'll ever recover is decreasing. 00:01:47 Top Business Challenges: Inflation and Talent Paul King identifies inflation as the top challenge for businesses, with 15% of respondents citing it as their biggest issue. He mentions that talent issues have slipped to second or third place, though the difference is not significant. 00:02:14 Business Performance and Future Outlook Paul King reports that in the past six months, businesses saw increases in sales, profits, and hiring. However, he notes a 'wait and see' attitude for the next six months due to political uncertainty, particularly with the upcoming presidential election. 00:03:03 Positive Perceptions of Michigan's Economy Paul King highlights that a majority of businesses now view the economy positively. He also notes that businesses see Michigan as a good market for their goods and view the tax structure for small businesses favorably. 00:05:15 Inflation's Impact on Profits and Wages Paul King notes that while businesses feel good about sales and revenue, they're less optimistic about profits due to inflation. Chris Holman adds that wage inflation is also eating into profits as businesses pay more to recruit and retain employees. » Visit MBN website: www.michiganbusinessnetwork.com/ » Watch MBN’s YouTube: www.youtube.com/@MichiganbusinessnetworkMBN » Like MBN: www.facebook.com/mibiznetwork » Follow MBN: twitter.com/MIBizNetwork/ » MBN Instagram: www.instagram.com/mibiznetwork/