NASHVILLE, Tenn.--(BUSINESS WIRE)--LBMC, a 2020 Forbes America’s Best Accounting Firm and one of the Southeast’s largest business consulting firms, presents the third annual Business Outlook Report full of information to help with planning for the year ahead. The report was based on results from the Business Outlook Survey, where more than 750 business leaders, 70% in C-suite, reviewed business activity over the past year and provided insight into how they see the business landscape over the next 12 months.
“As companies review 2019 and strategize for 2020, it is important to pay attention to key economic trends, industry data insights and national information. LBMC helps answer these questions - and more - in the third annual Business Outlook Report,” noted Suzanne Reed, LBMC’s Marketing Leader.
2020 Business Outlook Report - Key Takeaways
The majority of respondents reported revenue growth in 2019 and were cautiously optimistic about 2020, with 83% anticipating some growth. These results line up with a recent report by the Conference board— an independent business membership and research association — which projected the U.S. economy will grow 2.1 percent in 2020.
As political tensions continue to be a challenge, the report highlights some signs of tightening of the belts and increased savings efforts until the election on the national front and global economy stabilization.
Leaders are laser focused on digital transformation, business intelligence and talent development. More confident in their capitalization and current talent pool, they are investing strategically on improving productivity and efficiency of current products/services, unlike last year’s focus on expanding to new locations and entering new markets.
Top business goals include:
- Growing sales
- Improving financial performance while enhancing operational efficiency and productivity
- Increasing business value
- Leveraging technology
- Enhancing existing products, services, resources and markets
Report highlights: The 2020 middle market outlook will be the year of the customer, talent and economic climate, according to the C-suite executives surveyed across the nation.
- Customer needs are driving demands, not company preferences.
- Finding, retaining, and developing top talent remains a top priority.
- Leaders will keep a keen eye on the national and global economic landscape in 2020.
Who participated in the survey?
- More than 750 business leaders, mostly in the C-Suite
- Eight major industries, including healthcare, construction, financial services/banking, manufacturing, professional services, real estate, retail trade and technology
- Companies across the U.S., all sizes
"We believe the report offers relevant information for business leaders across multiple industries as they shape their operations and will allow them to make better informed decisions as they continue to develop blueprints for success," said Suzanne Reed, LBMC's Marketing Leader.
LBMC is a Top 50 firm in the country and the largest professional service solutions provider based in Tennessee, serving more than 10,000 clients with diverse needs across a spectrum of industries. Today, we've become industry leaders in financial, human resources, technology, information security, and wealth advisory services. For more information visit www.lbmc.com.