The latest Indiana Business Confidence Index (BCI) indicates the Indiana business community continue to have concerns about the economic climate. The BCI has fallen from a high of 67% in February to 60% this month.
The BCI is a measure of the overall confidence Indiana business leaders and employees have in their company’s opportunity for growth and success in the coming 12 months. Indiana is home to the recreational vehicle industry’s manufacturing hub in Elkhart County.
“Even though 60% of respondents are still confident in their business, the Business Confidence Index as a whole has significantly declined in the last eight months,” said Gerry Dick, president of Grow INdiana Media Ventures LLC and host of Inside INdiana Business with Gerry Dick. “Indiana executives seem to believe that the economy will not turn around quickly, however they do feel that Indiana is poised for a resurgence once the economy improves, especially compared to other states.”
The INdiana Business Council’s latest study also measured how Hoosiers businesses feel about their customers. Nearly 1,400 members of the statewide, online panel responded to the survey and the results include:
• Nine out of 10 Hoosiers feel their company is customer-focused, and more than 70% say they use customer input for strategic direction.
• Seventy-one percent believe they incorporate customer insights in their strategic planning, and almost two-thirds say they seek input from customers to manage and improve business.
• While price alone can be a factor for customers to switch to a competitor, the study indicates when customers have a high level of satisfaction price becomes less of an issue.
The INdiana Business Council is an online panel of approximately 4,500 Indiana business professionals that are surveyed on important business and economic issues throughout the year. Feedback from the panel is analyzed, interpreted and published by Walker and Inside INdiana Business. The INdiana Business Council is a partnership between Inside INdiana Business and Indianapolis-based Walker.