MNP Business Leaders Survey Comox Valley 2017 Presented in partnership by: Presented by: Date:
Background and Purpose • Conducted in partnership with the Comox Valley Chamber of Commerce and Comox Valley Economic Development Society. • Modelled after similar surveys conducted by MNP across Canada, the MNP Business Leaders Survey is a short pulse survey designed to provide an economic snapshot of the local business community and opinions on key local issues. Page 2
Background and Purpose • This is the second time the survey has been done in the Comox Valley. First survey was released two years ago in January 2015. • Survey results were publically released at an economic outlook breakfast hosted by the Comox Valley Chamber and sponsored by CVEDS on January 19, 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, the Comox Valley Chamber of Commerce and Comox Valley Economic Development. • Telephone interviews were conducted between Nov 14-25, 2016. • In total, 854 businesses were contacted, 321 were reached and 200 completed the survey. Page 5
Methodology • Of the 200 respondents, 175 were Chamber members and 25 were from a random sample of other businesses in the Comox Valley. • Respondents included: business owners, CEOs, presidents, executive directors and designated senior corporate officers from businesses across all industry sectors in the Comox Valley. • The overall response rate was 30%, which is high for this type of survey. Page 6
Comox Valley Business Profile Businesses with employees 2,399 (33.3%) No employees / Self-employed 4,807 (66.7%) Source: Statistics Canada, Business Register Location Counts, June 2016 (includes Comox, Cumberland, Courtenay and CVRD Areas A, B and C) Page 7
Profile of Survey Participants Where is your business located? City of Courtenay Village of 62.5% Cumberland 4.0% CVRD Area A 4.5% CVRD Area B 3.0% CVRD Area C 4.0% Other 1.5% Town of Comox 20.5% Page 8
Respondents by Industry Retail trade 24.0% Other services (except public administration) 11.0% Professional, scientific and technical services 10.5% Health care and social assistance 8.5% Finance and insurance 8.0% Accommodation and food services 7.0% Tourism / Travel 5.5% Educational services 5.0% Real estate and rental and leasing 4.0% Information and cultural industries 4.0% Construction 4.0% Arts, entertainment and recreation 3.5% Transportation and warehousing 3.5% Manufacturing 3.5% Agriculture, forestry, fishing and hunting 3.5% Unclassified 1.5% Wholesale trade 1.0% Administrative and support, waste management… 0.5% Management of companies and enterprises 0.5% Utilities 0.5% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Page 9
Respondents by Industry OVER-REPRESENTED SURVEY COMOX VALLEY Retail Trade 24.0% 13.8% Information and cultural industries 4.0% 0.5% Finance and insurance 8.0% 3.2% UNDER-REPRESENTED SURVEY COMOX VALLEY Construction 4.0% 13.9% Administrative and support, waste management… 0.5% 4.9% Agriculture, forestry, fishing and hunting 3.5% 7.4% Source: Statistics Canada, Business Register Location Counts, Comox Valley, June 2016 Page 10
Profile of Survey Participants How many years has your company been in business? Don’t know Less than 3 yrs More than 50 yrs 2.0% 11.5% 11.0% 3-10 yrs 17.5% 26-50 yrs 25.5% 11-25 yrs 32.5% Page 11
Respondents by Number of Employees 10-19 5-9 16.5% 24.0% 20-49 10.0% 50-99 5.0% 100 or more 4.1% 1-4 Don't know / 36.5% None / Self- no… Employed… Page 12
Technology Sector 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 59.5% Yes 38.0% Don't know / no response Page 13 2.5%
International Exports Does your company currently export products or services outside of Canada? No 81.0% Yes 17.0% Don't know / no response 2.0% Page 14
Results Page 15
Business Performance - Employment In the past 12 months, has the number of people you employ increased, decreased or remained the same? Don't know / no response 1.0% Increased 39.0% Remained the same 53.0% Decreased 7.0% Page 16
Business Performance - Employment In the past 12 months, has the number of people you employ increased, decreased or remained the same? 70.0% 60.5% 60.0% 53.0% 50.0% 39.0% 40.0% 27.0% 30.0% 20.0% 11.5% 7.0% 10.0% 1.0% 0.0% Increased Remained the same Decreased Don't know / no response 2015 2017 Page 17
Business Performance - Financial Compared to 12 months ago, how would you describe the financial performance of your company today? Better Same 56.5% 33.0% Worse Don't know / 8.5% no response 2.0% Page 18
Business Performance - Financial Compared to 12 months ago, how would you describe the financial performance of your company today? 60.0% 56.5% 52.5% 50.0% 40.0% 36.5% 33.0% 30.0% 20.0% 8.5% 8.5% 10.0% 2.5% 2.0% 0.0% Better Same Worse Don't know / no response 2015 2017 Page 19
Business Performance - Capital In the past 12 months, would you say capital investments into your business have increased, decreased or remained the same? Don't know / no response 4.0% Stayed the same 57.0% Increased 35.0% Decreased 4.0% Page 20
Business Performance - Capital In the past 12 months, would you say capital investments into your business have increased, decreased or remained the same? 57.0% 57.0% 60.0% 50.0% 40.0% 35.0% 33.5% 30.0% 20.0% 7.0% 10.0% 4.0% 4.0% 2.5% 0.0% Increased Stayed the same Decreased Don't know / no response 2015 2017 Page 21
Business Challenges - Limitations Is your business limited by: Uncertainty about local economic conditions 55.0% Lack of skilled labour 41.5% Local government regulation / approvals 41.5% Transporation / shipping costs 40.0% Provincial government regulation / approvals 38.0% Affordability of available land / real estate 37.5% Access to capital 35.5% Image of the community 34.0% Property taxes 34.0% Zoning regulations for land, buildings, etc. 29.5% Federal government regulation / approvals 26.5% 0.0% 20.0% 40.0% 60.0% Page 22
Business Challenges - Greatest What is the greatest challenge facing your company in the next 12 months? (top responses by number of mentions) Attracting customers / new business / marketing 32 Government regulation and bureaucracy (all levels) 18 Staffing issues / finding the right people 11 Managing costs (fuel, lease rates, labour, etc.) 9 Funding (non-profits) 8 Ability to service existing customers / too busy 6 Taxes 6 Financing (access / interest rates) 5 Competition 5 Page 23
Business Challenges - Succession Does your company have a succession plan? Yes No 47.0% 47.5% Don't know / no response… Page 24
Attitude on Government Performance Would you say the Local Government has been doing a poor job, only a fair job, a good job or an excellent job in terms of creating a good climate for business? 50.0% 43.0% 40.0% 36.0% 34.0% 32.0% 28.0% 30.0% 20.0% 9.5% 10.0% 7.0% 5.0% 4.5% 1.0% 0.0% Poor Fair Good Excellent Don't know / no response 2015 2017 Page 25
Attitude on Government Performance Would you say the Provincial Government has been doing a poor job, only a fair job, a good job or an excellent job in terms of creating a good climate for business? 50.0% 38.5% 40.0% 36.5% 33.5% 33.0% 30.0% 21.0% 20.0% 14.0% 12.0% 10.0% 5.5% 4.0% 2.0% 0.0% Poor Fair Good Excellent Don't know / no response 2015 2017 Page 26
Attitude on Government Performance Would you say the Federal Government has been doing a poor job, only a fair job, a good job or an excellent job in terms of creating a good climate for business? 50.0% 39.0% 40.0% 36.0% 30.5% 29.5% 30.0% 20.5% 18.0% 20.0% 13.5% 9.0% 10.0% 2.0% 2.0% 0.0% Poor Fair Good Excellent Don't know / no response 2015 2017 Page 27
Local Government Feedback What one thing could the local government do to improve the business climate here in the Comox Valley? (top responses by number of mentions) Cut bureaucracy / road blocks to development 25 Support local businesses (grants, promotion) 13 Improve transportation (roads, bridges, transit) 12 Improve downtown / parking 9 Attract new businesses / jobs 9 Co-operate / amalgamate / work together as one 7 Promote tourism 6 Be more open minded / progressive 5 Page 28
Chamber of Commerce What type of job do you think the Comox Valley Chamber of Commerce is doing advocating to government on behalf of the local business community? 60.0% 48.5% 50.0% 40.0% 30.0% 18.5% 18.0% 20.0% 12.5% 10.0% 2.5% 0.0% Poor job Fair job Good job Excellent job Don't know / no response Page 29
Chamber of Commerce What one thing could the Comox Valley Chamber of Commerce do to more effectively advocate to government on behalf of local businesses? (top mentions) Consult members / businesses more for their views 13 Tell people what the Chamber is doing for advocacy 10 Focus on support for local / small businesses 7 Doing a good job / keep doing what you are doing 6 Collaborate / advocate with all levels of gov't 6 Advocate for lower taxes 4 Page 30
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