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DUNCAN – Over 60 per cent of Cowichan region business leaders are optimistic about the financial performance of their business in 2016.
That was among the key findings of the first-ever MNP Business Leaders Survey for the Cowichan region presented March 3 to a sold out crowd at the Cowichan Economic Outlook Breakfast in Duncan.
Both the survey and the economic outlook event were conducted jointly by the Duncan Cowichan Chamber of Commerce, Community Futures Cowichan and the accounting and consulting firm MNP. The survey itself was modelled after similar surveys conducted by MNP in other communities across Canada.
While generally positive, business leaders noted concerns about the region’s overall profile and image. Among the key findings:
- 54% of respondents reported the financial performance of their business improved in the past 12 months and nearly 30% hired new employees.
- Looking ahead, 62% of respondents expect their financial performance to improve in 2016 and 48% expect to increase their capital investment in the next three years.
- The greatest challenge facing local businesses in the next 12 months is a skills shortage. Other notable challenges limiting business growth included transportation and shipping costs and the image of the community.
- Four in 10 business leaders said the Cowichan region’s business climate is competitive with other regions on the Island; however, they say there is still room for improvement. The clear message to local government: cut the red tape.
- Nearly six in 10 businesses do not have a succession plan.
- 72% of respondents generally support the idea of amalgamating the City of Duncan and the Municipality of North Cowichan.
The survey reflects the opinions of 202 local business leaders from telephone interviews conducted by a third-party market research firm, PRA Inc., between January 13-26, 2016. 40 percent of the businesses reached by PRA participated in the survey, which is considered a very high response rate.
“We are very happy with the participation we received for the first year of the survey, which gives us a valuable benchmark with which to compare the results of future surveys,” says Marsha Stanley, Partner and Business Advisor, MNP Duncan. “I’m hopeful that the results will spark some meaningful discussion in our community about how to help our local businesses grow and succeed, and improve the overall economic climate in the Cowichan region.”
Julie Scurr, President of the Duncan-Cowichan Chamber, noted “It’s clear that business understands how important livability is to the economy.
This data will give us a wealth of insights to program professional development and events for the business community.”
A summary presentation of the survey results is available online at www.MNP.ca/leaders.