Survey Includes New Private Company Sentiment Index™
HORSHAM, PA, November 27, 2017 —Kreischer Miller, a leading independent accounting, tax, and business advisory firm serving the Greater Philadelphia and Lehigh Valley areas, today announced the results from its inaugural Kreischer Miller Private Company Pulse Survey™, conducted via the firm’s Center for Private Company Excellence.
The survey found that privately-held and family-owned companies feel their business prospects are good and have improved in the last year. Participants were asked to describe the current outlook for their businesses as compared to six months and 12 months ago, which formed the basis for the survey’s Private Company Sentiment Index™. The Index currently stands at 7.22, versus 7.06 six months ago and 6.23 a year ago, amounting to a 15 percent improvement in the outlook over that time.
However, finding qualified employees is a significant concern. When asked to cite their top business challenge, 35.8 percent of respondents indicated access to talent. The next closest challenge – declining demand – was cited by just 13.6 percent. The war for top talent is a common theme in today’s labor market and one that stretches across industries and geographies. Companies are taking this challenge seriously. When participants were asked which investments they plan to make in the next 12 months to support their businesses, the vast majority (81.5%) indicated an investment in new employees.
And while participants were optimistic about their business prospects, they were more tepid about the economy. When asked to describe their overall feeling toward the U.S. economy over the next 12 months, 50.6 percent said they are somewhat optimistic and 30.9 percent are neutral. Just 14.8 percent said they are very optimistic.
“We created the Kreischer Miller Private Company Pulse survey because we recognize just how critical private and family-owned companies are to the economy, job creation, and growth in our region,” said Mario O. Vicari, Director and Center for Private Company Excellence specialist. “These companies truly represent the pulse of what is going on in our markets and we felt it was important to capture what is going on in the minds of their owners and executives. We plan to conduct and publish the results of this survey on a semiannual basis to present a clearer picture of how private company sentiment changes over time.”
The Kreischer Miller Private Company Pulse survey was conducted online in August 2017. Survey questionnaires were distributed electronically to private company executives in the Greater Philadelphia and Lehigh Valley regions. There were 81 total participants representing privately-held companies of various sizes and in an array of industries. When asked their role in their business, 37.2 percent indicated they are a CFO/COO/Vice President, 33.3 percent are an owner, 16.7 percent are the President or equivalent, and 12.8 percent responded with other. See page 10 of the report for a more detailed breakdown of participant demographics.
Download a copy of the full survey results here.
About Kreischer Miller’s Center for Private Company Excellence
Established in 2012, Kreischer Miller’s Center for Private Company Excellence is a community – live and virtual – created exclusively for privately-held companies. The first of its kind, the Center for Private Company Excellence provides content, resources, tools, and information geared specifically toward the unique needs and issues of private companies, across the lifecycle of their organizations. It is also a forum for business owners and executives to interact and network with peers as they address the challenges they face in improving their businesses. To learn more, visit www.kmco.com/cpce.
About Kreischer Miller
Kreischer Miller is a leading independent accounting, tax, and advisory firm, serving the Greater Philadelphia and Lehigh Valley areas. Founded in 1975, the firm is built to respond to the unique needs of growth-oriented private companies, helping them smoothly transition through growth phases, business cycles, and ownership changes. Kreischer Miller offers a wide range of services, including Audit & Accounting, Tax Strategies, Business Advisory, Human Capital Resources, and Technology Solutions across an array of industries, including manufacturing, distribution, construction, real estate, not-for-profits, media, government contracting, professional services, family-owned businesses, and investment firms. The firm provides insight and creative services to organizations that need to be able to quickly adapt and respond to changing market opportunities and challenges. To learn more, call us at 215.441.4600 or visit www.kmco.com.