THE NAPERVILLE AREA CHAMBER OF COMMERCE RELEASES RESULTS OF THEIR FUTURECAST BUSINESS COMMUNITY RECOVERY SURVEY

THE NAPERVILLE AREA CHAMBER OF COMMERCE RELEASES RESULTS OF THEIR FUTURECAST BUSINESS COMMUNITY RECOVERY SURVEY

Naperville, IL - The Naperville Area Chamber of Commerce (NACC) has announced the results of their recently conducted Futurecast Survey to find out how the local business community is doing as they emerge from the devastating impact of the pandemic. 

NACC President & CEO, Kaylin Risvold said of the survey results, “We don’t know what we don’t know.  We can speculate based on current business trends and research this information on a national level, but we need to hear the voices of our local businesses - in order to fully understand how our community is faring so we, as a Chamber, can best support their recovery.”

 

WORKFORCE SURVEY FINDINGS:  

Close to half of businesses surveyed are struggling with a lack of an available workforce. When asked what specific resources are needed to meet workforce needs, 77% asked to identify “non-traditional talent pools”. Given our current open dialogue on this issue, The NACC was not surprised to find several respondents who note unemployment bonuses as being a factor in not finding enough workers to fill available positions. 

 

WORK ENVIRONMENTS SURVEY FINDINGS:  

A total of 70% reported shifting their workforce to remote at some point during the pandemic. Of those, 54% plan to continue remote operations post-pandemic, and 10% of respondents are still reviewing this issue.

Interestingly, 75% of businesses reported childcare/remote learning had little or no impact on their business operations. Several survey comments mentioned that caring for older adults provided more challenges than childcare issues.

 

SUPPLY CHAIN INTERRUPTION SURVEY FINDINGS:  

Our survey found over half of our respondent businesses reported supply chain issues during the pandemic - with 49% expecting these interruptions to continue.  One respondent noted how this issue doesn't solely impact a business directly, as they experienced a significant blow to their revenue from a client’s supply chain problems.  Specific interruptions identified were refrigerated transportation, freight on imports, driver shortages, furniture being 4-6 months back-ordered, metals, PVC, computer components, and overall vehicle shortages.

 

FINANCIAL SURVEY FINDINGS:

Financial recovery varies greatly among local businesses. When asked about their revenues of YTD 2021 compared to YTD 2019, 34% of businesses report increases between 25% and 50%.  This is in line with the University of Illinois’ Flash Index that tracks the performance of the Illinois economy (https://igpa.uillinois.edu/page/flash-index-archive).  However, 24% of area businesses report decreases between 25% and 50%, while 19% report no change in the revenues compared to YTD 2019.


FINANCIAL ASSISTANCE NEEDED SURVEY FINDINGS:

When asked how additional financial resources would be used to support their recovery, 48% of those surveyed said it would be used to secure additional workforce, 38% identified it would be used towards marketing and advertising, 26% find its best use on capital expenses such as major equipment purchases and technology upgrades, and 22% believe these funds will be applied to lease/mortgage expenses as well as on retraining/cross-training resources, respectively.

 

POLITICAL LANDSCAPE CONCERNS SURVEY FINDINGS: 

A total of 60% of the respondents view the business climate in Illinois as unfavorable or very unfavorable. Property and corporate taxes continue to be high concerns for our businesses as well as rising healthcare costs. Close to 60% of the businesses surveyed expect our economy to return to normal by mid or end of 2022 with 14% looking beyond the end of 2023 for a return to normal.

 

A full analysis and results of the Futurecast Business Community Recovery Survey can be found at:  https://www.surveymonkey.com/results/SM-HF8Y5XYD9/

 

For questions and more information, please contact the Director of Government Affairs, Reba Osborne at (630) 544-3387 or rosborne@naperville.net.

 

As one of the largest Chambers in Illinois, the NACC prides itself on bold-thinking and pushing past outdated agendas to uncover the tools and know-how needed for business growth and development. The Naperville Area Chamber of Commerce has one goal: to move Business Forward towards an engaged, thriving community by being Your Advocate and Your Resource for Our Community. The NACC is 5-star Accredited from the U.S. Chamber of Commerce, an honor bestowed on only 1% of Chambers nationwide. Learn more at:  www.naperville.net   

Additional Info

Media Contact : Kelli Keyzers, Director of Marketing & Communications, kkeyzers@naperville.net

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