by Max Marbut
Staff Writer
Based on a survey of small to medium-size business owners (companies with more than five but fewer than 499 employees) the loss of confidence in America’s economic future has improved from its lowest point late in 2008. But there’s still a long way to go before the collective business psyche even comes close to the level of optimism that was prevalent before the current slowdown.
That was the report delivered at Monday’s meeting of the Rotary Club of Jacksonville by Jacksonville Business Journal President and Publisher David Sillick.
The local weekly publication is one of more than 40 business newspapers owned by American City Business Journals, headquartered in Charlotte, N.C. Sillick said the company maintains a large database of companies with fewer than 500 employees. More than 800 of those business owners have been periodically surveyed on the telephone and on-line since 2008 to gauge how the economy has affected how they view the current state of domestic commerce and the future.
One of the areas studied was how business owners perceive America’s place in the global economy. Sillick said the survey revealed business owners feel the U.S. “economic power center” has shifted from Wall Street to Washington, D.C.
“They also see places like Hong Kong, London and Dubai emerging as the world’s financial centers,” he added. “Twenty-five percent believe the United States will never be dominant in world finance again and 50 percent feel the U.S. economy will never be the same.”
On the positive side, Sillick said the survey showed that 75 percent of business owners in the sample believe their business prospects will improve in the next year but despite the improved optimism, “There is still a great deal of concern over security.”
Another trend identified by the study is the increasing importance of a company having a strong connection with its community. Sillick said business owners want to know their customers and vendors more than ever and many are taking advantage of technology, including the Internet to make that connection.
“Small business owners are certainly realistic,” said Sillick. “They know there’s opportunity to win with new customers.”
He also said the largest single category increase in the survey was planned spending, which jumped more than 50 percent between August 2008 and the end of last year. While spending on traditional forms of advertising remains soft, there is an increased interest in marketing through trade shows and events.
“The trend is to conduct business in a face-to-face fashion,” said Sillick.
In other news from the meeting, former Rotary President Mike Williams eulogized club member Fred Schultz, who died Nov. 23 after a battle with cancer. He recounted Schultz’s academic achievements, including graduating from The Bolles School, Princeton University and the University of Florida Law School.
Williams also recalled Schultz’s professional career, which included being the longest-standing senior director of the Barnett Bank’s board and his service as vice chairman of the Federal Reserve Board. Schultz also was elected to the Florida House of Representatives and served as speaker for two years. When he returned to Jacksonville he became chair of the Jacksonville Regional Chamber of Commerce and his actions led to the creation of Leadership Jacksonville and Jacksonville Community Council Inc.
Williams said Schultz will be remembered most for his passionate advocacy of education. While in the legislature, he supported bills that led to the chartering of what has become Florida State College at Jacksonville and the University of North Florida. In 2002 he founded The Schultz Center for Teaching and Leadership, which trains educators and administrators.
“Fred truly earned the unofficial title of ‘Mr. Education’ for Jacksonville and for Florida,” said Williams.
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