LBMC, an accounting firm and professional services organization in Tennessee, has released its first annual Business Outlook Survey Report, which is full of information to help you plan for the coming year.
The report was based on results from the Business Outlook Survey where more than 260 business leaders, mostly in the C-suite, reviewed business activity over the past year and provided insight into how these leaders see the business landscape over the next 12 months. Responses were featured from companies across the country and various industries, including: healthcare, construction, financial services/banking, manufacturing, professional services, real estate, retail trade, and technology.
Most agree that 2017 was a good year for business. But as you plan for 2018 and look ahead to 2019, are you paying attention to key economic trends, industry data, and regional information? Are you in tune with the goals, priorities, and challenges of your peers and competitors, as well as those of your clients? LBMC helps answer these questions—and more—in the full report.
Key Takeaways
The majority of respondents reported revenue growth in 2017 and were cautiously optimistic about 2018. These results line up with a recent report by the Conference board—an independent business membership and research association—which revealed a strong showing for business in 2017 and projected the U.S. economy will grow 2.5% in 2018. Further findings are highlighted below:
How do your plans for 2018 compare to those of other business leaders?
Top priorities:
- Improve operational efficiency and productivity
- Manage, retain, and develop key talent
- Increase automation
- Harness, use, and maximize company data
- Leverage technology
- Enhance existing products, services, resources ,and markets
Do you face challenges similar to those of your peers as well as outside your industry?
Top concerns:
- Tax rates
- Regulatory requirements and reporting
- Cybersecurity
- Labor costs
- National and world economy
“We believe the report offers critical information for business leaders across multiple industries as they shape their operations and will allow them to make informed decisions as they continue to develop blueprints for success,” said Suzanne Reed, LBMC’s Director of Marketing—in a press release announcing the findings.
For more information, or to view the report, click here.