Overall Survey Results:


Annual Vermont Business Economic Survey


1Please select the top three issues facing your business in 2021:
 
Answer
0%100%
Number of
Responses
Response
Ratio
Pandemic-related issues
   
131 86.7%
Overtime compensation changes
   
2 1.3%
Minimum wage changes
   
11 7.2%
Federal taxes
   
23 15.2%
Vermont taxes
   
32 21.1%
Health insurance costs
   
34 22.5%
Finding qualified employees
   
55 36.4%
Sources of financing
   
21 13.9%
Property tax (education funding)
   
21 13.9%
Internet security
   
9 5.9%
Succession planning
   
17 11.2%
Housing
   
8 5.2%
Remote office challenges
   
15 9.9%
Other
   
22 14.5%
 Totals151100%

2Please rate each item in relation to how the pandemic has directly affected your business.
 
 1 = Strongly agree , 2 = Agree , 3 = Neutral , 4 = Disagree , 5 = Strongly disagree
Answer
12345
Number of
  Responses
Rating
Score*
a. COVID-19 has permanently changed how I do business (interacting with customers)
   
149 2.0
b. I anticipate significant challenges for my business in 2021 as a result of COVID-19
   
151 1.8
c. My business has transitioned into a partial/full remote work
   
145 3.3
d. I plan to (or have already) downsized office space while retaining the same number of staff
   
144 3.7
e. I plan to (or have already) downsized office space and number of staff
   
143 3.4
*The Rating Score is the weighted average calculated by dividing the sum of all weighted ratings by the number of total responses.


3If your revenue
has been negatively impacted by COVID, please indicate below the extent of that impact.
 
Answer
0%100%
Number of
Responses
Response
Ratio
My revenue has not been negatively impacted
   
20 13.1%
Decrease by less than 20%
   
30 19.7%
Decrease between 20-50%
   
54 35.5%
Decrease by 50+%
   
46 30.2%
No Responses
   
21.3%
 Totals152100%
4How developed is your business plan for ownership succession?
 
Answer
0%100%
Number of
Responses
Response
Ratio
I have no exit plan in place at this time
   
74 48.6%
I have thought about putting an exit plan in place but it is not a concern at this time
   
23 15.1%
I have plans to put an exit plan in place within the next five years
   
39 25.6%
I have developed a written plan and identified a desired exit path
   
13 8.5%
No Responses
   
31.9%
 Totals152100%
5Ownership Succession Planning:Please rate each of the following items in regards to how you will handle your business exit plan.
 
 1 = Not likely at all , 2 = Maybe , 3 = Likely , 4 = Very likely , 5 = Definitely
Answer
12345
Number of
  Responses
Rating
Score*
You will sell to an external buyer as your exit path
   
135 2.4
You will sell to a family member/members as your exit path
   
135 1.6
You will sell to one or a few key employees as your exit path
   
132 1.8
You will sell to a broad group of employees via an ESOP, co-op, or similar structure as your exit path
   
127 1.4
*The Rating Score is the weighted average calculated by dividing the sum of all weighted ratings by the number of total responses.
6How would you describe the current state of Vermont's economy?
 
Answer
0%100%
Number of
Responses
Response
Ratio
Improving
   
13 8.5%
No change
   
21 13.8%
Declining
   
92 60.5%
Unsure/Do not know
   
24 15.7%
No Responses
   
21.3%
 Totals152100%
7How would you describe the current state of the U.S. economy?
 
Answer
0%100%
Number of
Responses
Response
Ratio
Improving
   
16 10.5%
No change
   
15 9.8%
Declining
   
100 65.7%
Unsure/Do not know
   
19 12.5%
No Responses
   
21.3%
 Totals152100%
8What is the one key business economic issue that you would like to see addressed by the State Legislature?
 
 Number of
Responses
  118
9How do you expect your company's sales to change in the next six months?
 
Answer
0%100%
Number of
Responses
Response
Ratio
Increase by less than 10%
   
29 19.0%
Increase by 10-30%
   
27 17.7%
Increase by 30+%
   
4 2.6%
Decrease by less than 10%
   
9 5.9%
Decrease by 10-30%
   
36 23.6%
Decrease by 30+%
   
26 17.1%
No change
   
18 11.8%
No Responses
   
31.9%
 Totals152100%
10How do you expect your company's capital spending to change in the next six months?
 
Answer
0%100%
Number of
Responses
Response
Ratio
Increase by less than 10%
   
24 15.7%
Increase by 10-30%
   
13 8.5%
Increase by 30+%
   
5 3.2%
Decrease by less than 10%
   
9 5.9%
Decrease by 10-30%
   
19 12.5%
Decrease by 30+%
   
23 15.1%
No change
   
57 37.5%
No Responses
   
21.3%
 Totals152100%
11How do you expect your company's employment to change in the next six months?
 
Answer
0%100%
Number of
Responses
Response
Ratio
Increase staffing by 1-3 people
   
35 23.0%
Increase staffing by 3+ people
   
6 3.9%
Decrease staffing by 1-3 people
   
15 9.8%
Decrease staffing by 3+ people
   
5 3.2%
No change
   
89 58.5%
No Responses
   
21.3%
 Totals152100%
12Please indicate your business industry.
 
Answer
0%100%
Number of
Responses
Response
Ratio
Agriculture
   
2 1.3%
Artisan
   
3 1.9%
Construction
   
7 4.6%
Educational Services
   
8 5.2%
Finance & Insurance
   
4 2.6%
Health Care & Social Assistance
   
9 5.9%
Hotel & Restaurant
   
26 17.1%
Information
   
3 1.9%
Manufacturing
   
12 7.8%
Professional, Technical
   
20 13.1%
Retail
   
17 11.1%
Transportation & Warehousing
   
3 1.9%
Utilities
 
0 0.0%
Wholesale Trade
 
0 0.0%
Other
   
37 24.3%
No Responses
   
1<1%
 Totals152100%
13County of Headquarters:
 
Answer
0%100%
Number of
Responses
Response
Ratio
Addison
   
5 3.2%
Bennington
   
9 5.9%
Caledonia
   
5 3.2%
Chittenden
   
46 30.2%
Essex
   
1 <1%
Franklin
   
2 1.3%
Grand Isle
   
3 1.9%
Lamoille
   
9 5.9%
Orange
   
2 1.3%
Orleans
   
6 3.9%
Rutland
   
20 13.1%
Washington
   
16 10.5%
Windham
   
9 5.9%
Windsor
   
18 11.8%
No Responses
   
1<1%
 Totals152100%
14Please indicate the scope of your marketplace.
 
Answer
0%100%
Number of
Responses
Response
Ratio
Exclusive to Vermont
   
59 38.8%
Multi-state
   
52 34.2%
National
   
19 12.5%
International
   
21 13.8%
No Responses
   
1<1%
 Totals152100%
15If the scope of your marketplace is at the multi-state, national, and/or international level, please indicate the percentage of your business done outside of Vermont.
 
Answer
0%100%
Number of
Responses
Response
Ratio
Less than 25%
   
48 31.5%
25-50%
   
14 9.2%
50-75%
   
12 7.8%
75+%
   
27 17.7%
No Responses
   
5133.5%
 Totals152100%
16Please identify your total annual revenue in fiscal year 2019.
 
Answer
0%100%
Number of
Responses
Response
Ratio
$0 - $250k
   
64 42.1%
$251k - $1M
   
37 24.3%
$1.1M - $3M
   
29 19.0%
$3M+
   
18 11.8%
No Responses
   
42.6%
 Totals152100%
17Please indicate your business's total number of employees including self.
 
Answer
0%100%
Number of
Responses
Response
Ratio
1 - 10
   
108 71.0%
11 - 25
   
23 15.1%
26 - 50
   
10 6.5%
51 - 75
   
4 2.6%
75+
   
5 3.2%
No Responses
   
21.3%
 Totals152100%
18Please enter the information indicated below if you would like additional information including results. (optional)
 
AnswerNumber of
Responses
First Name 68
Last Name 68
Company Name 68
Email Address 71

   
19Would you be willing to discuss your survey answers?
 
Answer
0%100%
Number of
Responses
Response
Ratio
Yes
   
70 46.0%
No
   
61 40.1%
No Responses
   
2113.8%
 Totals152100%