Virginia CEOs Report Economic Outlook in 2013 2nd Quarter Survey
Robins School of Business –Virginia Council of CEOs survey finds CEO economic outlook index highest in four quarters. Staffing concerns are most on the minds of VA CEOs.
Each quarter the Virginia Council of CEOs (VACEOs) and University of Richmond’s Robins School of Business partner to take the pulse of top executives in the region.
The survey results provided by Jeff Pollack, assistant professor of management at the Robins School of Business, provide a snap shot of the overall economic outlook index for various companies within the region and help central Virginia companies anticipate business decisions and plan for growth. This quarter the survey finds the overall outlook index of top executives is the highest compared to the four previous quarters.
Says Scot McRoberts, executive director of the Virginia Council of CEOs, “I’m not surprised that the index is up. The CEOs I work with are busier than they have been in a while.”
VA CEOs Economic Performance for 2nd Quarter, 2013
Among the executives of small and mid-sized companies participating in the survey, 68 percent anticipate an increase in sales, up 4 percent from last quarter. Expected capital spending has also increased 6.8 percent from last quarter to 36.1 percent. Employment expectancies decreased less than a point.
The survey also found staffing and economic uncertainty to be the most significant issues CEOs currently face. Some 40 percent of CEOs said their business performed about as expected over the past six months, with 9.1 percent saying performance was mostly better than expected, down 5.8 percent from the first quarter survey.
Affordable Care Act: Will VA CEOs Make Adjustments?
When asked “The changes coming to health insurance (Affordable Care Act) are changing the way you operate your business,” 23.6 percent said they neither agreed nor disagreed, while 20 percent said they slightly agree. Of the respondents 74.1 percent said they do not plan to drop employer-provided health insurance in the next three years. (First time question included in the Robins School of Business / VACEOs Economic Survey.)
“We see in these data a continued positive trend building from the last quarter—growing optimism regarding sales, capital spending, as well as employment growth for the next six months,” said Jeff Pollack, assistant professor of management at the Robins School, who calculated the results. “Staffing issues, economic uncertainty and rising healthcare costs are the top three areas of concern noted by the current sample of CEOs.”
Survey Results
The following survey results, from the first and second quarter of 2013 show projections for the next six months for sales, spending and employment:
The results also provide an overall economic outlook index, which is based on businesses’ projected six-month sales, spending and employment figures.
Economic Outlook Index
About the 2013, 1st Quarter Robins School of Business / VACEOs Economic Survey
The Quarterly Outlook Survey is conducted jointly by the Virginia Council of CEOs and University of Richmond’s Robins School of Business and is an adaption of the national Business Roundtable survey conducted by an association of CEOs of American companies.
This quarters results were based on the collected responses from 72 CEOs in central Virginia. The average annual revenue year-to-date for CEOs responding was $9.47 million. The data were compared to the first quarter 2013 of 75 participants. Multiple industries are represented in the sample (for example, construction, manufacturing, finance and insurance, and retail).
Request Results
The VA Council of CEOs continues to expand the survey beyond its members, offering any area business owners whose companies gross at least $1 million in annual revenue the opportunity to participate. If enough businesses participate, the Council will provide survey results by industry. Participation is free, and all participants will receive copies of the survey data.
Business owners and CEOs who would like to participate in the next survey should contact Scot McRoberts at smcroberts@vaceos.org.
Yes, I’m an Idiot
(A note from our board chair . . .)
Other CEOs sometimes ask me, “Why do you spend so much time working for free for the Virginia Council of CEOs?” Other CEO’s just think, “Idiot.”
Here’s why. Today I got to pre-screen a candidate for membership before the board gets to vote on his application. At his place of business we talked for an hour and a half about his business, the challenges, the rewards, how CEOs behave, the knowledge we have to share with each other, and so much more.
We talked about the lack of a rule book for CEOs and how often we were making decisions utterly alone. He told me about what makes his business successful, and how he has grown his business.
I came away with several immediately actionable ideas to change my business based on what our candidate said.
If I can do that once a week, what a great way to spend my time. Call me an idiot. I don’t mind.
Katrina VanHuss, CEO of Turnkey Promotions & Chairman of the Board of Virginia Council of CEOs
2013 CEO Retreat Recap
(Having trouble seeing video? Please refresh your browser.)
2013 Retreat Highlights, Takeaways, Videos
Rethink. Rework. Results. Right out of the gate our first speaker, Bill Taylor, founding editor of Fast Company Magazine, asked us to “embrace one of a kind ideas in a world of copy cats.” With that, the tone was perfectly set for our time together at Kingsmill Resort.
Between our opening and afternoon sessions, our members sparked our imagination and interest with twenty, 5 minute presentations — the topics were as varied as our members themselves. We heard about business strategies, employee woes and how to discover the best things in life. Clearly, we are a group of passionate souls embracing endeavors far beyond the business community in which we live.
If you missed the 2013 Retreat, or, if you are still recovering and want to relive the event, take heed. At the top of this page is a fast-paced, Retreat Day 1 video recap for you. I’ve also included one of the most popular Ignite presentations. (Day 2 and other Ignites are forth coming.) As Steve Kimball said, “Hold on to your hats, we’re going for a ride!”
Lastly, here are some of the key takeaways from our three workshops — I hope this information will rekindle your enthusiasm to RETHINK. REWORK and produce the RESULTS you desire.
Thanks again to everyone who attended. I’m already looking forward to next year’s event!
–Scot McRoberts
Executive Director, VACEOs
Bill Taylor, VACEOs Retreat Speaker, Founding Editor, Fast Company and Best-Selling Author.
Top 5 Takeaways
Bill Taylor Founding Editor, Fast Company.
Presentation: Change is the Name of the Game
1. The middle of the road is the road to nowhere.
2. Ask yourself: What is the core idea that defines / distinguishes my business? What is my sentence?
3. Now take it further: What is your sentence as a leader?
4. The most successful companies simply care more.
5. Successful companies in the future will a) Offer something that is hard to come by b) Embrace an idea c) Will be intensely human.
Top 5 Takeaways
Stuart Diamond, Author “Getting More.”
Presentation: Negotiate Your Way to Success
Stuart Diamond, VACEOs Retreat Speaker, leading expert on negotiation.
1. Negotiating pizza toppings is exactly the same as negotiating a billion dollar deal. The facts change, the process doesn’t.
2. People don’t expect to agree with you, but expect you to be straight with them.
3. If you are just talking money you are not a good negotiator. Ask yourself, what kind of intangibles can I find in this deal? How can I use this information to add value to this conversation?
4. Know your goals. Are your actions meeting your goals?
5. You are the least important person in the negotiation.
Sam Horn, VACEOs Retreat Speaker, marketing/branding expert.
Top 5 Takeaways
Sam Horn, marketing and branding expert
Presentation: What’s Your Sales & Marketing Story?
1. Brand story: a true, put ‘em in the scene example that resonates with your target audience because it shows what you are special at.
2. Avoid “info-besity” — marketing is about examples, not information.
3. Remember to WAVE when you tell your story: Who/where/when + Adversity + Victory + Emotion …. then hook and dovetail to the person you are speaking with!
4. Tackling or rethinking a new campaign or new product, think: Purpose, Person, Problem, Premise, Process, Pop!
5. Best way to corner a niche to create niche; best way to create a niche, coin your own word. Tip: Use Half/Half technique!
Virginia CEOs Report Economic Outlook in 2013 1st Quarter Survey
Robins School of Business –Virginia Council of CEOs survey finds CEO economic outlook index up for first time in three quarters.
The Robin School of Business / VACEOs Economic Survey projects an overall economic outlook index, which is based on businesses’ projected six-month sales, spending and employment figures.
Each quarter the Virginia Council of CEOs (VACEOs) and University of Richmond’s Robins School of Business partner to take the pulse of top executives in the region. The survey results provided by Jeff Pollack, assistant professor of management at the Robins School of Business, provide a snap shot of the overall economic outlook index for various companies within the region and help central Virginia companies anticipate business decisions and plan for growth. This quarter the survey reveals the outlook index is on the rise for the first time in three quarters.
Says Scot McRoberts, executive director of the Virginia Council of CEOs, “We finally have some good news to report! This data reflects what many of the CEOs I work with tell me—they are as busy as they have been in years.”
VA CEOs Economic Performance for 1st Quarter, 2013
Among the executives of small and mid-sized companies participating in the survey, 64 percent anticipate an increase in sales, up 5.8 percent from last quarter. Expected capital spending has increased 3.7 percent from last quarter to 29.3 percent. Employment expectancies also increased to 53.3 percent, up from 44 percent last quarter.
Says Scot McRoberts, executive director of the Virginia Council of CEOs, “When I look at our survey’s results and listen to the challenges facing small company CEOs, I’m not surprised that there is an increase in the hiring percentage. I am hearing a lot about competition for talent in our market.”
Business Performance Results
The survey also found staffing and financial issues, along with growth and economic uncertainty to be the most significant issues CEOs currently face. Some 29.7 percent of CEOs said their business performed about as expected over the past six months, with 14.9 percent saying performance was mostly better than expected, up 6.5 percent from the fourth quarter survey.
“We see in these data a departure from the previous trend of declining optimism—here, anticipated sales, projected capital spending, as well as employment growth are all more positive, relative to Q4 of 2012. And, the overall outlook index is up dramatically compared to Q4 2012,” said Jeff Pollack, assistant professor of management at the Robins School, who calculated the results. “Staffing issues, financial issues and too slow growth are the top three areas of concerns noted by the current sample of CEOs.”
About the 2013, 1st Quarter Robins School of Business / VACEOs Economic Survey
The Quarterly Outlook Survey is conducted jointly by the Virginia Council of CEOs and University of Richmond’s Robins School of Business and is an adaption of the national Business Roundtable survey conducted by an association of CEOs of American companies.
This quarters results were based on the collected responses from 75 CEOs in central Virginia. The average annual revenue year-to-date for CEOs responding was $10.8 million. The data were compared to the fourth quarter 2012 of 91 participants. Multiple industries are represented in the sample (for example, construction, manufacturing, finance and insurance, and retail).
The results also provide an overall economic outlook index, which is based on businesses’ projected six-month sales, spending and employment figures.
Request Results
The VA Council of CEOs continues to expand the survey beyond its members, offering any area business owners whose companies gross at least $1 million in annual revenue the opportunity to participate. If enough businesses participate, the Council will provide survey results by industry. Participation is free, and all participants will receive copies of the survey data.
Business owners and CEOs who would like to participate in the next survey should contact Scot McRoberts at smcroberts@vaceos.org.
What’s Your Safe Haven?
Most of us have one. It may be a river house, an out of the way coffee shop, or just running. Mine is on the river in a canoe or kayak. Even when I take the kids with me, there is something about being part of the flow that recharges me and gives me clarity.
At the Council, we have a very special culture we call “Safe Haven.” It starts in each CEO’s roundtable or forum, where it is clear that we are there to learn from and help each other in an atmosphere of confidentiality and mutual respect. But Safe Haven extends to the larger Council community – now over 160 CEOs and 30 sponsors – where you may end up at lunch with someone you have never met, but you have the mutual understanding that this is not a sales opportunity, but a chance to start learning from one another.
We are proud of this unique culture that gives CEOs a much-needed safe haven. It allows us to connect in meaningful ways, learn from others’ experiences, and get clarity in a complicated world.
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