The Power Of Numbers In Spinning A Story
Saia
Quantification makes the world go around — at least in the business world. As one who has mined, sifted through, molded and massaged business data for about 15 years, I know there's nothing that strikes a reader quite as effectively as a set of data points that, together, help weave an accompanying narrative that answers the question: “What's it all mean?”
In this special issue of MetroWest495 Biz, it means a lot.
Nearly six years after the onset of the biggest national economic calamity since the Great Depression, business owners in MetroWest and along the Interstate 495 belt are smiling about their prospects in the year ahead. The results in this year's inaugural survey of about 325 business leaders in the region — a joint project of MetroWest495 Biz, the 495/MetroWest Partnership and Framingham State University — yield much optimism about the year ahead.
For instance, more than three-quarters of respondents to the survey said the region's economy will improve over the coming year. And close to 60 percent — three out of every five — believe economic conditions have improved over the last year. So clearly, most business leaders in the region have seen momentum and expect that to continue.
Revenue And Hiring Expectations
That momentum carries over into revenue expectations. About 70 percent of respondents said they expect their businesses to generate more in sales in the coming year, with only 10 percent expecting less, and 20 percent foreseeing no change. But most of the 70 percent expect only modest growth, in the range of 1 to 10 percent.
Those results may explain why most companies don't believe they will expand in the year ahead. Only 8 percent of survey respondents answered “yes” to that question; 70 percent said “no” while 21 percent said they're either not sure or it's too early to tell.
So, not surprisingly, most firms are either not sure they'll hire more people, or they're not planning to add to their staffs. Only 29 percent have plans to hire more people, while 33 percent said they won't and 37 percent said they're not sure. Yet of those businesses that plan to hire, most won't exactly be reviewing a lot of resumes, as 69 percent will add only 1 to 5 percent to their current staffing levels.
What's It All Mean?
The bottom line that comes out of this data is: Slow and steady as it goes. This issue, which you can view digitally here, details results to 15 survey questions, along with insight into the data from Emily Micucci, as well as Paul Matthews, the executive director of the 495/MetroWest Partnership.
Next month, on Sept. 11, we will also hold our first MetroWest495 Economic Forum, which features a panel discussion on issues facing the region, keynoted by Barry Bluestone, director of the Kitty and Michael Dukakis Center for Urban and Regional Policy at Northeastern University.
Thanks for reading!
Rick Saia, Executive Editor
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