Family-owned businesses remain optimistic about revenue growth in 2013, but continued economic uncertainty and public policy concerns are driving a reluctance to add to their workforce compared to the previous year, according to the 2013 Family Enterprise USA (FEUSA) Survey of amily firms.
The just-released annual survey compiles responses from 230 family firm executives from a wide range of industry sectors. Results show 70% of respondents report revenue growth within the last 12 months, up from 50% of respondents from last year's survey.
The result has been more hiring. A full 54% of respondents indicate that they grew their workforce in the last 12 months in response to the increase in business. Looking ahead, general attitudes toward 2013's business outlook remain slightly optimistic, measured by revenue growth projections, but companies are reluctant to commit to adding workers. While 75% of respondents anticipate that their revenues will grow in the next 12 months, only 45% believe they will add workers. As noted above, this is down from the 54% employment projection in last year's survey, which proved to be accurate.
“At the core of family owned enterprises is a focus on long-term, sustainable growth and that is why they continue to be a beacon of hope for hiring and revenue growth, despite the sluggish economy,” said FEUSA President Ann Kinkade. “But continued unease about the economy, uncertainty about tax policy, and federal irresponsibility toward our debt and deficit is a hardship on planning and development for the primary drivers of our economy, family firms.”