Waukesha - A number of businesses in Waukesha and Milwaukee counties are planning for growth in 2009 while remaining cautious about overall economic conditions, a survey released this morning shows.
A panel of local business leaders discussed the results during a morning meeting in a lecture hall at Carroll University. The discussion and survey results indicate business owners are optimistic while still being cautious about the local economy going forward. While no consensus was reached among the 100 or so business leaders who attended the invitation-only event, several said they expect the economy to turn around sometime next year.
Others said whether or not there is a turnaround, it is possible to grow in the current economic climate. "As things constrict, there are still people out there who are shopping," said Cliff Anglewicz, CEO of Yale Equipment Services Inc. in Menomonee Falls. Businesses need to find those customers - and customers need to be able to find the businesses. That makes exposure crucial, especially on the Internet, where customers are increasingly going to find companies that can meet their needs, Anglewicz said.
The 2008 First Business Economic Survey of Milwaukee and Waukesha Counties was conducted for First Business Bank by the University of Wisconsin's A.C. Nielsen Center for Marketing Research. The survey reflected a sense of optimism.
"While a number of businesses reported less than optimal results for 2008, the survey revealed an overall sense of optimism," according to the survey's summary. "More businesses expect to see a slight increase in sales revenue and profitability in 2009."
Despite the optimism, the survey indicates many businesses will be seeking to hold steady for the coming year. "People are being cautious," said Dave Vetta, president and CEO of First Business Bank-Milwaukee, which is based in Brookfield. Higher petroleum prices were cited as the top reason why businesses underperformed expectations in 2008, according to the survey.
The survey was sent to 7,500 local businesses. Of those, there were a total of 495 completed surveys, a response rate of approximately 6.6%. This sample size has a 95% confidence level, according to the survey's methodology statement.