MNP Business Leaders Survey Comox Valley 2020 Presented in - - PowerPoint PPT Presentation

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MNP Business Leaders Survey Comox Valley 2020 Presented in - - PowerPoint PPT Presentation

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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

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Presented by: Date:

MNP Business Leaders Survey

Comox Valley 2020

Presented in partnership with:

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  • 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
  • Comox Valley Economic Development Society
  • Cumberland Economic Development

Background & Purpose

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  • 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.

Background & Purpose

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Methodology

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  • 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.

Methodology

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  • Of the 200 respondents, 132 were Chamber members.
  • Respondents
  • 52.5% Male
  • 47.5% Female
  • Overall, the response rate was 24%, which is considered a good

response for this type of survey.

Methodology

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Profile of Survey Participants

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Profile of Survey Participants

Where is your business located?

City of Courtenay 62.0% Town of Comox 19.0% Village of Cumberland 11.0% CVRD Area A 4.0% CVRD Area C 1.5% Other 1.5% CVRD Area B 1.0%

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Profile of Survey Participants

How many years has your company been in business?

Less than 3 yrs 12.0% 3-10 yrs 24.5% 11-25 yrs 30.0% 26-50 yrs 23.5% More than 50 yrs 7.5% Don’t know 2.5%

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Respondents by Number of Employees

None / Self- Employed 6.0% 1-4 34.0% 5-9 23.5% 10-19 16.0% 20-49 13.0% 50-99 3.5% 100 or more 3.0%

Don't know / no response 1.0%

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Respondents by Industry

0.5% 0.5% 1.0% 1.0% 1.5% 1.5% 2.5% 3.5% 3.5% 3.5% 3.5% 4.5% 5.5% 5.5% 6.0% 7.0% 10.0% 10.5% 10.5% 12.5% 18.0% 0.0% 5.0% 10.0% 15.0% 20.0% Mining Public Administration Utilities Wholesale Trade Management of Companies and Enterprises Administrative and Support, Waste Management… Educational Services Tourism / Travel Agriculture, Forestry, Fishing and Hunting Manufacturing Transportation and Warehousing Real Estate Rental and Leasing Information and Cultural Industries Finance and Insurance Arts, Entertainment, and Recreation Other Services (expect Public Administration) Construction Professional, Scientific, and Technical Services Health Care and Social Assistance Accommodation and Food Services Retail Trade

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Results

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Business Performance - Employment

In the past 12 months, has the number of people you employ increased, decreased or remained the same?

Increased 30.0% Remained the same 57.5% Decreased 10.5% Don't know 2.0%

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Business Performance - Employment

In the past 12 months, has the number of people you employ increased, decreased or remained the same?

27.0% 39.0% 30.0%

60.5% 53.0% 57.5% 11.5% 7.0% 10.5% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

2015 2017 2020 Increased Remained the same Decreased Don't know

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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% Worse 14.5% Don't know 1.5%

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Business Performance - Financial

Compared to 12 months ago, how would you describe the financial performance of your company today?

52.5% 56.5% 48.0% 36.5% 33.0% 36.0% 8.5% 8.5% 14.5%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

2015 2017 2020 Better Same Worse Don't know

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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% Decreased 5.5% Don't know 7.0%

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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% 35.0% 36.5% 33.5% 57.0% 51.0% 2.5% 4.0% 5.5%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

2015 2017 2020 Increased Remained the same Decreased Don't know

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Business Challenges - Greatest

What is the greatest challenge facing your company in the next 12 months? (no prompts; top of mind responses)

6.5% 7.0% 7.0% 7.0% 8.5% 9.5% 25.0%

0.0% 10.0% 20.0% 30.0%

Marketing / advertising (visibility) Competition Attracting more business / clients / donors Government policies / regulations (all levels) Managing growth / expansion / change The economy Skills shortage / staffing / training

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Business Challenges - Greatest

What is the greatest challenge facing your company in the next 12 months? (Top three responses by year)

Jan 2020 %

Skills shortage / staffing / training 25.0% The economy 9.5% Managing growth / expansion / change 8.5%

Jan 2017 %

Managing growth / expansion / change 13.0% Skills shortage / finding the right people 13.0% Government policies / regulations 12.5%

Jan 2015 %

Skills shortage 13.5% Managing growth / expansion 12.5% Economy (lack of stability / fluctuating prices / CDN $) 8.5%

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Business Challenges – Most Common

Is your business limited by (Yes/No):

25.0% 25.5% 27.0% 28.0% 28.5% 31.5% 36.5% 37.5% 42.5% 47.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Property taxes Zoning regulations for your land, buildings,… Access to financial resources Affordability of available land / real estate Transportation / shipping costs Local government regulation / approvals Provincial government regulation / approvals Affordability of labour Uncertaintly about local economic conditions Lack of skilled labour

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Business Challenges – Employment

Has it been challenging for your organization to attract and retain employees due to: (Yes/No)

29.5% 30.0% 55.5% 56.5% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Childcare Affordability Childcare Availability Housing Availability Housing Affordability

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Succession Plan

Does your company have a succession plan?

No 47.5% Yes 47.0% Don't know / no response 5.5%

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Business Plan

Which of the following best describes your plan for your business over the next five years?

Grow / expand 52.5% Close the business 4.5% Relocate to another community 1.0% Business as usual / no change 28.0% Sell or transition the business to a new owner 13.5% Don't know / no response 0.5%

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Transition Plan

Which of the following options best describes your plans to sell

  • r transition the business in the next five years? (27 respondents)

Sell to a third party 63.0% Sell to employees 11.1% Transition the business to family 14.8% Other 7.4% Don't know / no response 3.7%

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Sales and Marketing

Does your organization currently supply products or services to: (Respondents could provide more than one answer)

2.0% 12.0% 16.0% 24.5% 33.5% 52.5% 81.5%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Don't know / no response Other international markets United States Elsewhere in Canada Within British Columbia Vancouver Island Comox Valley

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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? Yes 29.5% No 70.0% Don't know / no response 0.5%

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Technology

Do you currently use cloud-based bookkeeping technology?

Yes 43.5% No 55.5% Don't know / no response 1.0%

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32% 34% 28% 1% 5% 7% 43% 36% 5% 10% 14% 37% 43% 4% 4% 0% 15% 30% 45% 60%

Poor Fair Good Excellent Don't know / no response 2015 2017 2020

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?

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Local Government Feedback

What one thing could the local government do to improve the business climate here in the Comox Valley? (151 respondents)

3.0% 3.0% 5.0% 9.5% 9.5% 16.0%

0.0% 5.0% 10.0% 15.0% 20.0%

Listen to / engage with local business Attract new business / jobs Infrastructure improvements Lower taxes (property / business) More housing, affordable housing Cut bureaucracy / road blocks to development / speed up approvals

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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 %

Cut bureaucracy / road blocks to development...

16.0%

More housing, affordable housing

9.5%

Lower taxes (property / business)

9.5% Jan 2017 %

Cut bureaucracy / road blocks to development... 18.5% Lower taxes (property / business) 10.0% Infrastructure improvements 9.0%

Jan 2015 %

Cut bureaucracy / road blocks to development... 20.0% Lower taxes (property / business) 10.5% Amalgamate local governments 6.5%

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Chamber of Commerce

Are you aware the Comox Valley Chamber of Commerce advocates to government on behalf of the local business community?

Yes 89.5% No 9.5% Don't know / no response 1.0%

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Chamber of Commerce

What one thing would you like the Comox Valley Chamber of Commerce to advocate for to government on behalf of local businesses? (161 respondents)

4.0% 4.0% 4.5% 6.5% 8.5% 12.5% 22.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Promote Comox Valley more (includes tourism) Transportation infrastructure Funding / financial help / start-up money Affordable housing Lower taxes / business rates Regulations to attract / offer business

  • pportunities

Nothing / doing a great job / continue direction

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3.5% 3.5% 3.5% 4.0% 4.0% 4.0% 4.5% 4.5% 5.0% 9.0% 15.0%

0.0% 5.0% 10.0% 15.0% 20.0%

Downtown renewal / infrastructure Military base Water treatment plant New hospital

  • Mt. Washington

Transportation - Highway 19 Breweries / distilleries New business development Upgrading recreational amenities Housing starts / population growth Airport (including WestJet flights)

Economic Successes

What are three of the best economic successes or initiatives that have

  • ccurred in the Comox Valley? (No prompts; 102 respondents)
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Business Outlook - Employment

Thinking about 12 months from now, do you expect the number of people employed by your business to increase, decrease or remain the same?

Increase 35.5% Remain the same 60.0% Decrease 3.0% Don't know 1.5%

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Business Outlook - Employment

Thinking about 12 months from now, do you expect the number of people employed by your business to increase, decrease or remain the same?

37.0% 44.5% 35.5% 57.0% 53.0% 60.0% 5.0% 1.5% 3.0%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

2015 2017 2020 Increase Remain the same Decrease Don't know

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Business Outlook - Financial

Thinking about 12 months from now, financially do you expect your company to be performing better, about the same, or worse?

Better 61.0% Same 30.0% Worse 6.5% Don't know 2.5%

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Business Outlook - Financial

Thinking about 12 months from now, financially do you expect your company to be performing better, about the same, or worse?

60.5% 61.0% 61.0% 33.5% 31.5% 30.0% 3.5% 3.0% 6.5%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

2015 2017 2020 Better Same Worse Don't know

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Business Outlook - Capital

In the next 3 years, would you expect your capital investment into your business to increase, decrease or remain the same?

Increase 41.0% Remain the same 43.5% Decrease 9.0% Don't know 6.5%

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Business Outlook - Capital

In the next 3 years, would you expect your capital investment into your business to increase, decrease or remain the same?

37.5% 54.5% 41.0% 55.5% 34.5% 43.5% 3.0% 5.0% 9.0%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

2015 2017 2020 Increase Remain the same Decrease Don't know

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Summary

Comox Valley business outlook is cautious.

  • 2019 deliver mixed results for local businesses:

– 48% doing better financially compared to 12 months ago; 15% worse. – Three in 10 businesses hired additional employees last year; 1 in 10 reduced their staff count.

  • Businesses are struggling to recruit and retain employees:

– Nearly 50% of businesses are reporting a lack of skilled labour. – Housing and childcare affordability / availability is a challenge.

  • Despite uncertainty about local economic conditions:

– 6 in 10 expect their business to improve financially in 2020. – Three in 10 plan to hire additional employees. – More than 50% plan to grow in the next five years.

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For More Information

Wendy Lewis, CPA, CA Partner, Private Enterprise MNP LLP P: 250.338.5464 E: wendy.lewis@mnp.ca Alana Adamschek, CPA, CA Senior Manager, Private Enterprise MNP LLP P: 250.338.5464 E: alana.Adamschek@mnp.ca