- Details
- Category: Industry News
Several surveys are finding that most small business owners (SBOs) across the country are feeling more hopeful about the economy and their long-term health in the coming year, despite inflation remaining a top issue.
The Small Business Index (SBI), which is conducted quarterly by MetLife and the US Chamber of Commerce, found that SBOs were more confident than they were last quarter about the future (Q1 SBI score of 60.0 verses SBI score of 63.1 in Q2). The SBI score has yet to return to pre-pandemic levels; the SBI score in Q4 2019 was 71.7 with subsequent quarters clocking in a low of 39.5 in Q1 2020 to a high of 66.8 in Q2 2022. Nearly two-thirds report that they are comfortable with their current cash flow, which has remained steady since Q3 2022. Further, 71 percent expect that their revenue will increase in 2024, which is the highest recorded of the SBI since its inception in 2017.
Of the challenges cited, inflation remains the biggest impediment for the sixth straight quarter. Access to capital and rising interest rates are also on the list, with as much as 50 percent of SBOs saying that rising rates have put a damper on their plans to grow. Lending institutions have also become stricter with terms, and 91 percent agree that small businesses are the most vulnerable to rising interest rates.
Similarly, TD Bank’s most recent Small Business Survey found that SBOs cited inflation as their primary concern followed by employee retention and management (24 percent), product shortages (21 percent), and keeping up with the competition (20 percent). But positively, eight in 10 said that they feel optimistic about their business’ performance in the coming year, with 20 percent feeling concern about their survival—primarily driven by interest rates.
According to the survey’s summary, SBOs are taking several actions to ensure their health in the coming months including “setting their sights on reinforcing the financial strength of their business, beating out the competition, and tackling talent retention … which will be key to achieving long-term business goals amid challenging economic conditions.”
The full survey results can be found here and here.
[07.11.23]
- Details
- Category: Industry News
The Transportation Alliance (TTA) has announced that Mobilize 2023—their 105th annual convention and expo—will be held September 19-23 at Sheraton Myrtle Beach in Myrtle Beach, S.C. With CEO Al LaGasse retiring after 46 years of working tirelessly to bring TTA’s vision and mission to realization, the association plans on sending him into his well-earned retirement with a bang.
The Transportation Alliance CEO Al LaGasse
Join the TTA as they commemorate the CEO’s retirement with a Roast of Al LaGasse on Thursday, September 21. The longtime CEO has been instrumental in advocating for the industry during many of its pivotal moments, including several recessions and boom periods, 9/11, and the rise of competition like rideshares. This promises to be an unforgettable (and hilarious) way to say good-bye to one of the industry’s longest serving champions.
Also on the agenda for the event are two new interactive Captains of Industry sessions where industry leaders will review how they approach company valuations, acquisitions, and mergers, and how they implemented up-front fares and other service innovations. The TTA also has announced 15 vital session topics for transportation company owners and managers. Sessions are divided into three tracks: operations, government/regulations, and technology/equipment. Furthermore, attendees can expect an expanded social program and the essential expo of our industry’s leading vendors.
For a full agenda for Mobilize 2023, click here for the full lineup.
Visit thetransportationalliance.org for more information.
[07.11.23]
- Details
- Category: Industry News
Keep yourself informed and connected to other members of the industry by attending these important meetings.
July
Strategy Leaders Webinar
Valuations & Understanding SMB Business Value
7/12 at 1:00 p.m. ET via LinkedIn (registration required)
FMCSA Webinar
Applicability of the Registration, Financial Responsibility, and Safety Regulations to Motor Carriers of Passengers
7/12 at 2:00 p.m. ET (registration required)
Maryland Limousine Association Member Meeting
7/18 at 12:00 p.m. at Jimmy’s Famous Seafood in Baltimore (RSVP to marylandlimoassoc@gmail.com)
BISC and BusMARC Summer Meeting
7/25-7/27 Embassy Suites in Orlando, Fla.
August
Midwest Bus & Motorcoach Association Annual Convention
8/1-8/3 Branson, Mo.
New England Livery Association Annual Golf Event
8/8 Marlborough Country Club in Marlborough, Mass.
Global Business Travel Association Convention 2023
8/13-8/15 Kay Bailey Hutchinson Convention Center in Dallas, Texas
Would you like to add your event to our annual calendar? Let us know! Email susan@chauffeurdriven.com or rob@chauffeurdriven.com to be included in our calendar.
[07.11.23]