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THURSDAY, FEBRUARY 12, 2015

Understanding Chicagoland's Small Business Profile

Theresa E. Mintle discussing the survey results during an event at the Loyola University Chicago Quinlan School of Business on February 11.

Small business is the key to job growth and our region’s economic regeneration. We know small business is important to you – our members – and the Chicagoland business community.

Now, thanks to the 2015 Chicagoland Small Business Outlook Survey, we know a lot more about who makes up the region’s small business community, how they feel about the future, what they think about the economy, and where they have concerns and need the most support.

We will also be considering the implications of these results as we monitor Governor Rauner’s budget address next week, specifically noting how small businesses in the area are likely to be affected.

We received 743 responses to the survey, which we developed in collaboration with Loyola University Chicago’s Quinlan School of Business. Below is a snapshot of the results:

Who makes up our small business community?

47 percent have five employees or fewer
46 percent generate less than $500,000 in annual revenue
They represent a wide range of industries, led by 24 percent in professional services

How do they feel about the future and the economy?

71 percent plan to grow their business over the next year
60 percent expect higher sales/revenue over the next year
42 percent expect Chicagoland’s economy to strengthen over the next year

What are their main concerns?

87 percent are concerned with revenue/sales growth
84 percent are concerned with uncertain economic conditions
81 percent are concerned with tax issues

Where do they need support?

53 percent need support conducting market research and creating marketing plans
45 percent need support using technology
43 percent need support in business planning

There are public policy implications from the results, mostly in regards to the high taxes and economic uncertainty. We look for Governor Rauner to put forth a detailed economic plan during his budget address next week so small businesses can be prepared as they move forward over the coming year.

The health of small business is the health of our region. If we are serious about restoring our economy, we must take the time to listen to Chicagoland’s business owners and respond with a robust network of assistance.

Click here to learn more about the 2015 Chicagoland Small Business Outlook Survey.

Sincerely,

Theresa E. Mintle
President & CEO
Chicagoland Chamber of Commerce

2015 Small Business Outlook Survey - In the News

What do Chicago's small businesses really want? They told us

Above is a link to a Crain's Chicago Business Op-Ed by Chicagoland Chamber Director of Small Business Katie Hamilton focusing on the results of the 2015 Small Business Economic Outlook Survey.

Chamber and Chamber PAC Endorse Rahm Emanuel for Chicago Mayor, Support Five Aldermanic Candidates

The Chicagoland Chamber of Commerce and the Chicagoland Chamber of Commerce PAC announced Wednesday their endorsement of Rahm Emanuel for Mayor of Chicago.

“During his first term, Mayor Emanuel displayed a strong pro-business agenda, creating a thriving environment for new and existing businesses, bringing corporate headquarters to the city, and investing in the growth and development of Chicago’s blossoming technology sector,” said Paul La Schiazza, chairman of the Chicagoland Chamber of Commerce Board of Directors and president of AT&T Illinois. “While there are some areas where we have differences, specifically the minimum wage increase, there is no doubt Rahm Emanuel has a vision for Chicago that business supports.”

In addition to endorsing Mayor Emanuel in the upcoming municipal elections on February 24, the Chicagoland Chamber of Commerce PAC announced the support of five candidates in the city’s aldermanic races. In recognition of their consistent pro-business agenda and votes in Chicago’s City Council, The Chamber PAC is supporting: Mary O’Connor (41), Matt O’Shea (19), Brendan Reilly (42), Michele Smith (43), and Tom Tunney (44).

Chamber Foundation Receives $150,000 Grant from The Searle Funds at The Chicago Community Trust

The Chicagoland Chamber of Commerce Foundation today announced that it has received a $150,000 grant from the Searle Funds at The Chicago Community Trust, which will be used to energize the Chicagoland Business Leadership Network (CBLN).

“This grant will be instrumental in allowing the CBLN to serve as the collective voice for Chicagoland businesses working to facilitate employment for individuals with disabilities,” said Ann Kisting, Executive Director of the Chicagoland Chamber of Commerce Foundation. “We look forward to building a network of businesses and organizations focused on providing resources and information on workplace inclusion and diversity.”