Economic outlook for 2023*

Global economy: Optimistic 57%; Neutral 16%; Pessimistic 27%

National economy: Optimistic 58%; Neutral 17%; Pessimistic 25%

Local economy: Optimistic 63%; Neutral 24%; Pessimistic 13%

Industry performance: Optimistic 77%; Neutral 14%; Pessimistic 9%

Company performance: Optimistic 85%; Neutral 9%; Pessimistic 5%

^{*Among respondents who indicated they work in the tech industry.}

Business expectations

Revenue/sales: Increase 84%; Remain the same 11%; Decrease 6%

Profits: Increase 73%; Remain the same 19%; Decrease 8% 

Capital expenditures: Increase 61%; Remain the same 29%; Decrease 10%

Sentiment following the 2022 elections*

Climate change concerns: Worse 14%; Same 49%; Better 37%

Inflation: Worse 33%; Same 38%; Better 29%

Regulatory environment: Worse 13%; Same 45%; Better 42%

Trade policy: Worse 12%; Same 46%; Better 42%

Corporate taxes: Worse 18%; Same 46%; Better 35%

Infrastructure: Worse 9%; Same 50%; Better 41%

Government favorability toward businesses: Worse 13%; Same 51%; Better 37%

^{*Among respondents who indicated they work in the tech industry.}

How are your costs of business changing*

Costs are rising: 76%

Costs are staying the same/declining: 24%

^{*Among respondents who indicated they work in the tech industry.}

What’s driving up the cost of doing business*

Retaining/hiring employees: 66%

Supply chain: 57%

Energy costs: 56%

^{*Among respondents who indicated they are experiencing inflation.}

Top ways companies are adapting to inflation*

Raising prices: 51%

Automating processes: 43%

Changing pricing model: 40%

Prioritizing most profitable products: 38%

Watching change in relative prices: 38%

^{*Among respondents who indicated they are experiencing inflation.}

Top responses to the labor shortage*

Invest in automation: 60%

Increase wages and/or benefits: 60%

Provide flexible work location: 52%

Offer upskilling/training: 49%

Offer flexible hours: 48%

^{*Among respondents who indicated they are planning to increase staff or maintain their current headcount.}

Top external business threat*

Cybersecurity and fraud: 22%

General market volatility: 15%

Competition: 15%

Access to capital: 15%

Energy prices: 12%

Local currency value volatility: 7%

^{*Among respondents who indicated they work in the tech industry.}

Top areas of focus within corporate responsibility*: Governance 46%; Diversity, equity and inclusion 56%; Social 60%

^{*Among respondents who indicated they work in the tech industry.} 

Top objectives motivating corporate responsibility* 

Improve employee retention: 62%

Enhance marketing and find new customers: 54%

Build company culture: 51%

^{*Among respondents who indicated they plan to focus on an area of corporate responsibility in 2023.}

Plans for business transfer 

Yes, full transfer: 31%

Yes, partial transfer: 22%

Timeline to transfer business*

Within the next 2 years: 84%

More than 2 years from now: 16%

^{*Among respondents who indicated they have a full or partial business transfer plan in place.}

Growth strategies for the next 12 months

Introduction of new products/services: 63%

Expand into new domestic markets: 48%

Strategic partnerships/investments: 47%

Expand into new distribution channels: 46%

Expand into new international markets: 42%

Impact of declining tech valuations

Hiring/talent management: Positive; 51%; None 34%; Negative 15%

Growth projections: Positive; 42%; None 42%; Negative 16%

New product development: Positive; 49%; None 41%; Negative 10%

Current liquidity/runway projections: Positive; 35%; None 47%; Negative 18%

Fundraising: Positive; 36%; None 45%; Negative 19%

Who took the survey

CEO/chairman/chairwoman: 34%

CFO: 26%

Other C-level: 22%

Owner/founder: 11%

Other: 7%

Company size by number of employees

1-49: 5%

50-99: 7%

100-249: 12%

250-499: 15%

500-999: 31%

1,000-4,999: 27%

5,000+: 3%

Company size by annual revenue

Under $20mm: 8%

$20mm-$100mm: 39%

$101mm-$499mm: 52%

$500mm+: 1%