Brentwood, Tenn.-based IPA 100 firm LBMC PC (FY20 net revenue of $129.4 million) recently compiled the thoughts and insights of more than 500 business leaders in its fourth annual national Business Outlook Report.
The respondents came from seven major industries, including health care, manufacturing and distribution, construction and real estate, technology, non-profit and education, professional services, retail and entertainment/hospitality, and represented companies of all sizes and growth trajectories across the United States.
Not surprisingly, respondents saw the COVID-19 pandemic as by far the most significant challenge of 2020, affecting all industries and nearly three out of four businesses surveyed. Leaders are also concerned about domestic economic conditions, employee and benefits costs, regulatory requirements/changes, developing new products/services/markets and staff turnover.
For more than half of businesses, acquiring and retaining talent was a top priority, while growing sales, improving financial performance, increasing business value and improving information management all registered as well.
While optimism about the economy is low, many businesses believe their revenue will grow this year.
“If 2020 has taught us anything, it’s that there will always be factors outside our control that will impact your business,” says LBMC CEO Jeff Drummonds. “If you are doing the right things, you will be better equipped to weather the storm when curveballs are thrown at you. If you have the right infrastructure in place to take care of your team members and clients, the rest will fall into place.”