Survey: Rochester Small Businesses Expecting a Strong Finish to 2018
Rochester, NY — In its 2018 Rochester Small Business Climate Half-Year Report, ESL Federal Credit Union found that 93 percent of Rochester small businesses are expecting to finish 2018 either meeting or surpassing expectations for the year.
The 2018 Rochester Small Business Climate Half-Year Report survey consisted of participation from 216 small businesses in the Greater Rochester community. The number of employees from these businesses ranged from sole-proprietorship to 10+ employees. Years in operation from respondents ranged from 0-6 months to 20+ years, and sector categories included professional services, real estate, retail, manufacturing, construction, business services, and restaurant/bar.
“We have always known that Rochester is a great place to do business,” said Keith Cleary, senior vice president, business banking, ESL Federal Credit Union. “The results from this Small Business Climate Half-Year Report are a testament to this local economy’s ability to foster and sustain growth for small businesses. When asked what their favorite part of doing business in Rochester was, the number-one answer was because it is a great community. We believe that too, and the survey results support that sentiment.”
When asked what made 2018 a better year for their business, 79 percent of respondents said more customers/sales/revenue, 15 percent cited new capacity/more locations, and 14 percent said an improving economy.
The survey also asked participants what their biggest business challenges were in 2018. The top three answers included work-life balance (30 percent), dealing with taxes (20 percent), and access to capital (18 percent). Additionally, respondents cited tax code changes, regulatory changes, tariffs, rising interest rates, and the fall elections as upcoming factors that could have the biggest impact on the local business climate.
