LBMC, a Top 50 accounting firm and the largest professional services organization in Tennessee, presents the second annual Business Outlook Report, which is full of information to help with planning for the coming year. The report was based on results from the national Business Outlook Survey where more than 300 business leaders, 74% in 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.
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LBMC's 2019 business outlook report finds the availability of "top personnel" is among the biggest business challenges for 38% of leaders. (Photo: Business Wire)
While political tensions continue to be a challenge, most agree that 2018 was a good year for business.
“As companies plan for 2019 and look ahead to 2020, are they paying attention to key economic trends, industry data and regional information? Are they in tune with the goals, priorities and challenges of their peers and competitors, as well as those of their clients? LBMC helps answer these questions - and more - in the second annual Business Outlook Report,” noted Suzanne Reed, LBMC’s Director of Marketing.
Download your copy of the Business Outlook Survey report here.
2019 Business Outlook Report - Key Takeaway
The majority of respondents reported revenue growth in 2018 and were cautiously optimistic about 2019. These results line up with a recent report by the Conference board — an independent business membership and research association — which projected the U.S. economy will grow 3.2 percent in 2019.
Report highlights
Top priorities:
- Growing sales
- Improving operational efficiency and productivity
- Managing, retaining, and developing key talent
- Business transition and succession planning
- Leveraging technology
- Enhancing existing products, services, resources and markets
Top concerns:
- Operational costs
- Capacity to meet unexpected demand
- Talent shortages
- Labor costs
- Retention challenges
Who participated in the survey?
- More than 300 business leaders, mostly in the C-Suite
- Eight major industries, including healthcare, construction, financial services/banking, manufacturing, professional services, real estate, retail trade and technology
- Companies across the U.S., all sizes
"We believe our report highlights top of mind insight into business leaders’ thoughts across multiple industries as they strategize and plan for their operations. It gives them confidence to make informed decisions as they continue to expand blueprints for success," said Reed.
About LBMC
LBMC is a Top 50 firm in the country and the largest professional service provider based in Tennessee, serving more than 10,000 clients with diverse needs across a spectrum of industries. We've become industry leaders in financial, human resources, technology, information security, and wealth advisory services through our focus on the client and solutions. For more information visit www.lbmc.com.
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