2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions...
Transcript of 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions...
![Page 1: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/1.jpg)
Presented by
Stephen Reed, CPA, PSA, CGMAShareholder, Core Services GroupCg Tax, Audit & Advisory
Don Cowan, CPA, PFS, PSA, CFP®Shareholder | Managing DirectorCg Tax, Audit & Advisory
732.676.4100cgteam.com
2021 MODC BUSINESS OUTLOOK SURVEY
![Page 2: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/2.jpg)
Objectives
• Determine the effects of the COVID-19 pandemic on businesses in Monmouth and Ocean counties.
• See how we compare to other regions in New Jersey.
• Determine what business issues affect companies in Monmouth and Ocean counties.
• Assess projections for business and economic conditions in 2021.
• Utilize this information to determine ways for MODC to advocate for local organizations throughout the year.
![Page 3: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/3.jpg)
![Page 4: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/4.jpg)
The primary location of your business is in:
Monmouth County, 55%
Ocean County, 32%
Other, 13%
![Page 5: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/5.jpg)
In what industry segment is your business?
Healthcare, 4% Manufacturing, 0%
Nonprofit, 25%
Professional Services, 38%
Education, 4%
Service Industries, 12%
Technology Services, 3%
Tourism/Hospitality/Retail, 3%
Other, 11%
![Page 6: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/6.jpg)
How many people did you employ prior to the COVID-19 pandemic in 2020?
57%
7%
20%
8% 8%
0%
20%
40%
60%
80%
100%
1-25 26-49 50-250 251-1,000 1,000+
![Page 7: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/7.jpg)
How many people do you currently employ?
57%
7%
20%
9% 7%
0%
20%
40%
60%
80%
100%
1-25 26-49 50-250 251-1,000 1,000+
![Page 8: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/8.jpg)
Has your business been negatively financially impacted by the COVID-19 pandemic?
Yes, 75%
No, 25%
![Page 9: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/9.jpg)
How have you dealt with the financial impact of the COVID-19 pandemic?
41%
32%
89%
75%
0% 20% 40% 60% 80% 100%
Reduction in business/work hours
Staff furlough/lay off
Cut back on spending
Event/Services cancellations
![Page 10: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/10.jpg)
Are you concerned about the negative financial impact of the COVID-19 pandemic on your business in 2021?
Yes, 81%
No, 19%
![Page 11: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/11.jpg)
During the pandemic, what percentage of your workforce was reassigned to work from home or work remotely?
12% 14% 11%
27%
36%
0%
20%
40%
60%
80%
100%
0 1-50% 51-75% 76-99% 100%
![Page 12: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/12.jpg)
What percentage of your workforce has returned to in-office work?
23%
36%
15%11%
15%
0%
20%
40%
60%
80%
100%
0 1-50% 51-75% 76-99% 100%
![Page 13: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/13.jpg)
Did you furlough or lay off any of your workforce due to the coronavirus pandemic?
Yes, 33%
No, 67%
![Page 14: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/14.jpg)
How many employees did you furlough or lay off due to the coronavirus pandemic?
72%
8%4%
16%
0%
20%
40%
60%
80%
100%
0-10 11-25 26-50 50+
![Page 15: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/15.jpg)
Do you plan to furlough or lay off any of your workforce due to the coronavirus pandemic?
Yes, 4%
No, 96%
![Page 16: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/16.jpg)
How many employees do you plan to furlough or lay off due to the coronavirus pandemic?
67%
33%
0% 0%0%
20%
40%
60%
80%
100%
0-10 11-25 26-50 50+
![Page 17: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/17.jpg)
Have you recently brought back any furloughed or laid off employees?
Yes, 72%
No, 28%
![Page 18: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/18.jpg)
How many recently furloughed/laid off employees did you attempt to bring back?
78%
0% 0%
22%
0%
20%
40%
60%
80%
100%
0-10 11-25 26-50 50+
![Page 19: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/19.jpg)
Did your business participate in the Paycheck Protection Program (PPP)?
Yes, 54%
No, 46%
![Page 20: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/20.jpg)
Have you received your PPP loan?
95%
5%
0% 20% 40% 60% 80% 100%
Yes
No
![Page 21: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/21.jpg)
If you’ve received your PPP loan, have you begun using the funds?
97%
3%
0% 20% 40% 60% 80% 100%
Yes
No
![Page 22: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/22.jpg)
Have you rehired part of your workforce or maintained workforce levels specifically to maximize PPP loan forgiveness?
Yes, 79%
No, 21%
![Page 23: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/23.jpg)
A few reasons why some did not participate in the PPP Not eligible Sole proprietor Did not qualify Too many unknowns All volunteer Still had income Not applicable Business started in 2020 Gave funds back due to Medicaid funding and concern for
“double dipping” Not needed Didn’t want to deal with loan forgiveness
![Page 24: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/24.jpg)
Did you apply for the Economic Injury Disaster Loan (EIDL)?
Yes, 31%
No, 69%
![Page 25: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/25.jpg)
Have you received your EIDL loan?
Yes, 65%
No, 35%
![Page 26: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/26.jpg)
Do you anticipate needing additional financial support in 2021?
60%
40%
0% 20% 40% 60% 80% 100%
Yes
No
![Page 27: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/27.jpg)
With remote work, do you plan to reduce the amount of space needed for your business in 2021?
23%
0%
49%
28%
0% 20% 40% 60% 80% 100%
Unsure
Yes, outside of NJ
No
Yes
![Page 28: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/28.jpg)
Are you a for profit business?
Yes, 66%
No, 34%
![Page 29: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/29.jpg)
How did the coronavirus pandemic affect your revenue/sales in 2020?
54%
23%
23%
0% 20% 40% 60% 80% 100%
Decrease
Remain the Same
Increase
![Page 30: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/30.jpg)
How do you expect your revenue/sales will be affected by the coronavirus pandemic in 2021?
28%
44%
28%
0% 20% 40% 60% 80% 100%
Decrease
Remain the Same
Increase
![Page 31: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/31.jpg)
Compared to 2019, did the services or programs you provided in 2020:
Increase, 28%
Remained the Same,
28%
Decrease, 44%
![Page 32: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/32.jpg)
Did you decrease services in 2020 because of the coronavirus pandemic?
52%
48%
0% 20% 40% 60% 80% 100%
Yes
No
![Page 33: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/33.jpg)
What benefits do you currently provide your employees?
75%
38%
66%
0%
59%
0%
47%
0%
17%72%
30%
64%
0%
43%
0%
36%
0%22%
0%
20%
40%
60%
80%
100%
2020 2019
![Page 34: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/34.jpg)
Benefits: 2020 vs. 2021Did you reduce the amount of benefits offered to your employees due to the financial impact of COVID-19?
Do you anticipate that in 2021 your overall benefit package will:
Yes, 13%
No, 87%
Increase, 11%
Stay the Same, 71%
Decrease, 18%
![Page 35: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/35.jpg)
Did you make investments in technology infrastructure or IT as a result of the COVID-19 pandemic?
Yes, 67%
No, 33%
![Page 36: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/36.jpg)
In which areas of technology infrastructure or IT did you invest?
47%
93%
78%
62%
0% 20% 40% 60% 80% 100%
Cybersecurity
Video conferencing
Software/Equipment
Cloud-Based Services
![Page 37: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/37.jpg)
Has the COVID-19 pandemic made it difficult to locate employment applicants for your business?
Yes, 42%
No, 58%
![Page 38: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/38.jpg)
How did you deal with the labor shortage due to the difficulty in finding applicants?
15%
33%
44%
78%
0% 20% 40% 60% 80% 100%
Temporary Help
Outsourced Work
Increased Pay
Cross-Trained Staff
![Page 39: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/39.jpg)
Significant Concerns to Executives in Monmouth & Ocean Counties
24%
34%
39%
48%
60%
85%
0% 20% 40% 60% 80% 100%
Unemployment Rate
Reduction in workforce
Tax impact
Decrease in consumer spending
Health and safety
Economic Recession
![Page 40: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/40.jpg)
Do you plan to expand your business in 2021?
17%
30%
9%
9%
11%
24%
0% 20% 40% 60% 80% 100%
Unsure
No
Yes, virtually
Yes, outside NJ
Yes, in NJ
Yes, in Monmouth/Ocean
![Page 41: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/41.jpg)
What is the reason(s) you plan to expand or move outside of New Jersey?
75%
25%
38%
25% 25%
13% 13%
25%
0%
20%
40%
60%
80%
![Page 42: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/42.jpg)
Please share your thoughts about the business climate in Monmouth & Ocean counties.
Climate seems stable, but worried about longer term impact of COVID on state and local budgets, and therefore taxes.
Forced facility closures and capacity limits, coupled with a vast reduction in sales due to consumer health and safety concerns, are making it tough for businesses to survive.
The senior population is fearful to come out and we do not think they will until 6/2021. Also, the digital divide became so real for seniors during the pandemic. Internet service should be an affordable utility in the future.
Stable, but precarious due to the pandemic. Impact to key retail, hospitality, and tourism sectors is devastating and looks to worsen over the winter. Very concerned regarding the impact on restaurants and commercial real estate. The election is going to play a big role in the economy and with the numbers increasing - local businesses
need even more support in ensuring that consumers see the value in supporting local businesses and discovering new niches for growth and investment.
Horrible. Real estate market and construction industry are busy. Very concerned about the number of businesses that are closing permanently.
![Page 43: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/43.jpg)
What Did the Survey Tell Us?
Both the MODC and NJBIA survey results illustrated the financial impact of the COVID-19 pandemic on businesses.
The coronavirus pandemic has caused a bleak outlook for the NJ economy in 2021.
Quite a few companies in our area and statewide sought federal and state funding.
Many business executives in Monmouth & Ocean county are concerned about the lasting effects of the COVID-19 pandemic.
Our respondents are also concerned about the pandemic’s effects on the retail, hospitality, restaurant, and tourism sectors in our area.
There was a significant decrease in plans to expand in Monmouth and Ocean counties and New Jersey this year.
An economic recession, health and safety, and a decrease in consumer spending are major concerns for businesses in Monmouth and Ocean counties.
![Page 44: 2021 MODC OUTLOOK SURVEY Business Outlook Survey Presentation.pdfSee how we compare to other regions in New Jersey. • Determine what business issues affect companies in Monmouth](https://reader035.fdocuments.us/reader035/viewer/2022081601/6122058a8318723d80092116/html5/thumbnails/44.jpg)
Questions?
Stephen Reed, CPA, PSA, CGMAShareholder, Core Services GroupCg Tax, Audit & [email protected]
Don Cowan, CPA, PFS, PSA, CFP®Shareholder | Managing DirectorCg Tax, Audit & [email protected]