The Vistage Confidence Index evolved from a “customer survey” to the largest survey of chief executives from small and medium sized businesses in the U.S. Over 2,500 small business CEOs answer the same set of 9 questions based on the economy and another 5-7 questions relating to current economic issues. All of the respondents are members of Vistage International.
The Results for Q2 2010
Here is a quick summary of the Q2 results that were published in July, 2010.
- CEOs have made adjustments based on a leaner, meaner economy and feel that they are positioned for success.
- New opportunities and profits will come from innovative new products and services, generating new customers and maintaining business with existing customers.
- 50% plan to finance their growth with cash.
- 87% feel that the government doesn’t understand the challenges well enough to expand opportunities for small business.
The actual Confidence Index for Q2 2010 is 94.4 and is significantly higher than the 69.0 at the same time last year.
What does all this mean?
If you’re in the market research business, then it means that the survey recommendations that you make have to be focused on collecting information that’s going to help small business owners identify new, more profitable customers . Other kinds of research to recommend would be anything that will help them increase the level of innovation within their products and services.
Research that helps small business CEOs identify competitive advantage and increase the profit-level of their existing customers while attracting new ones is money well spent.
Get the full Vistage Confidence Index Report and read more about Vistage here.