BUFFALO GROVE, IL -- 05/20/08 --
More owners and managers of small food
and beverage businesses indicated, during the first quarter of 2008, that
they are planning to increase hiring during the next 12 months and expect
an increase in employees versus their 2007 statistics, according to the
latest Small Business Research Board (SBRB) study released here today.
Of the owners and managers responding to the nationwide quarterly SBRB poll
co-sponsored by International Profit Associates, 44% said they plan to
increase hiring over the next 12 months. This was an increase of 28 points
from the 16% who said, during the fourth quarter of 2007, that they were
planning to increase hiring. Concerning the total number of employees, 41%
of the respondents expect their statistics in 2008 to increase from 2007.
Only 8% thought they would have fewer employees in the coming year.
Meanwhile, the quarterly report said 46% of the businesses have raised
prices in response to increased fuel costs. For those businesses adjusting
to an increase in fuel prices, 25% have reduced business travel, 22% have
reduced other costs and 19% are experiencing a higher level of just-in-time
ordering. Eliminating routes, or reducing the length of delivery routes,
and committing to new vehicles with better miles per gallon efficiency was
the fifth-mentioned possibility for offsetting costs.
The Small Business Research Board (SBRB) previously reported that its Food
&
Beverage Industry Small Business Confidence Index (SBCI) decreased by more
than 18 points to 30 during the fourth quarter of 2007. The responses of
owners and managers of small food and beverage producers participating in
the quarterly poll indicated a weakened confidence in the economy,
predictions for lower revenue and less hiring. The outlook for the general
economy, revenue growth and hiring expectations are three key indicators
used to determine the SBCI.
The first quarter of 2008 food and beverage SBCI (set at 43) was sharply
higher than the 30 registered during the fourth quarter of 2007.
The SBCI, during the first quarter of 2008, for all U.S. small businesses
was 43.67, a decline of nearly 10 points from the prior period. The
historical SBRB SBCI high occurred during the first quarter of 2005 when
the SBCI hit 52 points. The historical low was during the third quarter of
2005 when the SBCI fell to 39.3 points.
More than 1,000 small business owners participated in the nationwide
poll.
The universe of participants is developed from among small businesses
across the United States. The SBRB study is a voluntary survey conducted
quarterly.
The Small Business Research Board ascertains and reports the opinions of
small business owners and managers on a wide variety of topics related to
their own businesses as well as national and international issues that may
impact their operations. The SBRB conducts these studies for the benefit
of small business owners and managers. The SBRB also provides
opportunities for third parties to gain real time insight into the
attitudes of small businesses nationwide through the independently
conducted research.
More information can be found at www.ipasbrb.com.
International Profit Associates, Inc. (IPA) is the largest privately held
provider of management consulting services to small and medium-size
businesses in North America. IPA, and its more than 1,800 professionals,
offers a wide range of proven and innovative methodologies to help
businesses grow and prosper regardless of the economic cycle. IPA either
provides directly, or through its affiliated companies, a comprehensive
array of business advisory services, tax and estate planning services or
merger, acquisition and other financial advisory services in the United
States and Canada. More information about IPA can be found at
www.ipa-iba.com.
© 2008 Small Business Research Board
For more information about this poll, results of previous studies or other
matters related to the Small Business Research Board, please contact
Jennifer Cumbee, (847) 495-6786.
Contact:
Jennifer Cumbee
Small Business Research Board
847-495-6786
Email Contact
