MNP Business Leaders Survey Comox Valley 2020 Presented in partnership with: Presented by: Date:
Background & Purpose • Modelled after similar surveys conducted by MNP across Canada. • Short pulse survey designed to provide an economic snapshot of the local business community and opinions on key local issues. • Presented in partnership with: Comox Valley Chamber of Commerce o Comox Valley Economic Development Society o Cumberland Economic Development o Page 2
Background & Purpose • 2020 results were publically released at an economic outlook breakfast hosted by the Comox Valley Chamber of Commerce on January 16, 2020. • Past survey results released in January 2015 and January 2017. Page 3
Methodology Page 4
Methodology • The survey was conducted by a third-party market research firm, PRA Inc. under the guidance of MNP LLP. • In total, 1,007 businesses were contacted, 449 were reached and 200 completed the survey. • Respondents included: business owners, CEOs, presidents, executive directors and designated senior corporate officers from businesses across all industry sectors in the Comox Valley. • Telephone interviews were conducted between Nov 13-28, 2019. Page 5
Methodology • Of the 200 respondents, 132 were Chamber members. • Respondents 52.5% Male o 47.5% Female o • Overall, the response rate was 24%, which is considered a good response for this type of survey. Page 6
Profile of Survey Participants Page 7
Profile of Survey Participants Where is your business located? Town of Comox City of 19.0% Courtenay 62.0% Village of Cumberland 11.0% CVRD Area A 4.0% CVRD Area B Other CVRD Area C 1.0% 1.5% 1.5% Page 8
Profile of Survey Participants How many years has your company been in business? 3-10 yrs 11-25 yrs 24.5% 30.0% Less than 3 yrs 12.0% Don’t know 26-50 yrs 2.5% More than 23.5% 50 yrs 7.5% Page 9
Respondents by Number of Employees 5-9 23.5% 10-19 16.0% 1-4 34.0% 20-49 13.0% 50-99 None / Self- 3.5% Employed Don't know / 100 or more no response 6.0% 3.0% 1.0% Page 10
Respondents by Industry Retail Trade 18.0% Accommodation and Food Services 12.5% Health Care and Social Assistance 10.5% Professional, Scientific, and Technical Services 10.5% Construction 10.0% Other Services (expect Public Administration) 7.0% Arts, Entertainment, and Recreation 6.0% Finance and Insurance 5.5% Information and Cultural Industries 5.5% Real Estate Rental and Leasing 4.5% Transportation and Warehousing 3.5% Manufacturing 3.5% Agriculture, Forestry, Fishing and Hunting 3.5% Tourism / Travel 3.5% Educational Services 2.5% Administrative and Support, Waste Management… 1.5% Management of Companies and Enterprises 1.5% Wholesale Trade 1.0% Utilities 1.0% Public Administration 0.5% Mining 0.5% 0.0% 5.0% 10.0% 15.0% 20.0% Page 11
Results Page 12
Business Performance - Employment In the past 12 months, has the number of people you employ increased, decreased or remained the same? Remained the same 57.5% Increased 30.0% Don't know Decreased 2.0% 10.5% Page 13
Business Performance - Employment In the past 12 months, has the number of people you employ increased, decreased or remained the same? 2020 30.0% 57.5% 10.5% 2017 39.0% 53.0% 7.0% 2015 27.0% 60.5% 11.5% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% Increased Remained the same Decreased Don't know Page 14
Business Performance - Financial Compared to 12 months ago, how would you describe the financial performance of your company today? Better 48.0% Same 36.0% Don't know Worse 1.5% 14.5% Page 15
Business Performance - Financial Compared to 12 months ago, how would you describe the financial performance of your company today? 2020 48.0% 36.0% 14.5% 2017 56.5% 33.0% 8.5% 2015 52.5% 36.5% 8.5% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% Better Same Worse Don't know Page 16
Business Performance - Capital In the past 12 months, would you say capital investments into your business have increased, decreased or remained the same? Increased 36.5% Remained the same 51.0% Don't know 7.0% Decreased 5.5% Page 17
Business Performance - Capital In the past 12 months, would you say capital investments into your business have increased, decreased or remained the same? 2020 36.5% 51.0% 5.5% 2017 35.0% 57.0% 4.0% 2015 57.0% 33.5% 2.5% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% Increased Remained the same Decreased Don't know Page 18
Business Challenges - Greatest What is the greatest challenge facing your company in the next 12 months? (no prompts; top of mind responses) Skills shortage / staffing / training 25.0% The economy 9.5% Managing growth / expansion / change 8.5% Government policies / regulations (all levels) 7.0% Attracting more business / clients / donors 7.0% Competition 7.0% Marketing / advertising (visibility) 6.5% 0.0% 10.0% 20.0% 30.0% Page 19
Business Challenges - Greatest What is the greatest challenge facing your company in the next 12 months? (Top three responses by year) Jan 2020 % Jan 2017 % Jan 2015 % Skills shortage / 25.0% Skills shortage 13.5% Managing growth 13.0% staffing / training / expansion / change The economy 9.5% Managing growth 12.5% Skills shortage / 13.0% / expansion finding the right people Managing growth 8.5% Economy (lack of 8.5% Government 12.5% / expansion / stability / policies / change fluctuating prices / regulations CDN $) Page 20
Business Challenges – Most Common Is your business limited by (Yes/No): Lack of skilled labour 47.0% Uncertaintly about local economic conditions 42.5% Affordability of labour 37.5% Provincial government regulation / approvals 36.5% Local government regulation / approvals 31.5% Transportation / shipping costs 28.5% Affordability of available land / real estate 28.0% Access to financial resources 27.0% Zoning regulations for your land, buildings,… 25.5% Property taxes 25.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Page 21
Business Challenges – Employment Has it been challenging for your organization to attract and retain employees due to: (Yes/No) Housing Affordability 56.5% Housing Availability 55.5% Childcare Availability 30.0% Childcare Affordability 29.5% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Page 22
Succession Plan Does your company have a succession plan? Yes No 47.0% 47.5% Don't know / no response 5.5% Page 23
Business Plan Which of the following best describes your plan for your business over the next five years? Close the business 4.5% Grow / expand Relocate to another 52.5% community 1.0% Business as usual / no change Don't know / 28.0% no response Sell or transition the 0.5% business to a new owner 13.5% Page 24
Transition Plan Which of the following options best describes your plans to sell or transition the business in the next five years? ( 27 respondents) Sell to a third Sell to employees party 11.1% 63.0% Transition the business to family 14.8% Other Don't know / 7.4% no response 3.7% Page 25
Sales and Marketing Does your organization currently supply products or services to: (Respondents could provide more than one answer) Comox Valley 81.5% Vancouver Island 52.5% Within British Columbia 33.5% Elsewhere in Canada 24.5% United States 16.0% Other international markets 12.0% Don't know / no response 2.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% Page 26
Technology Does your company create or distribute technology goods or services, use advanced technology in the production of your goods or services, or generally consider itself a technology company? No Yes 70.0% 29.5% Don't know / no response 0.5% Page 27
Technology Do you currently use cloud-based bookkeeping technology? No Yes 43.5% 55.5% Don't know / no response 1.0% Page 28
Attitude on Government Performance Would you say the Local Government responsible for the areas where your business is located has been doing an excellent job, a good job, only a fair job, or a poor job in terms of creating a good climate for business? 60% 43% 43% 45% 37% 36% 34% 32% 28% 30% 14% 15% 10% 7% 5% 5% 4% 4% 1% 0% Poor Fair Good Excellent Don't know / no response 2015 2017 2020 Page 29
Local Government Feedback What one thing could the local government do to improve the business climate here in the Comox Valley? (151 respondents) Cut bureaucracy / road blocks to 16.0% development / speed up approvals More housing, affordable housing 9.5% Lower taxes (property / business) 9.5% Infrastructure improvements 5.0% Attract new business / jobs 3.0% Listen to / engage with local business 3.0% 0.0% 5.0% 10.0% 15.0% 20.0% Page 30
Local Government Feedback What one thing could the local government do to improve the business climate here in the Comox Valley? (Top three responses by year) Jan 2020 % Jan 2017 % Jan 2015 % 16.0% Cut bureaucracy / Cut bureaucracy / 20.0% Cut bureaucracy / 18.5% road blocks to road blocks to road blocks to development... development... development... More housing, 9.5% Lower taxes 10.5% Lower taxes 10.0% affordable (property / (property / housing business) business) Lower taxes 9.5% Amalgamate local 6.5% Infrastructure 9.0% (property / governments improvements business) Page 31
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