Lloyd Harbor, NY - Lloyd Harbor's Robert Basso, President of Advantage Payroll Services Long Island, the New York region’s largest independently owned and operated payroll and tax processing provider, recently unveiled the results from a recent small business trends and data survey he and the company commissioned. The findings of the survey were the topic of a company sponsored program and panel discussion entitled “From the Trenches: A declassified report on current small business trends.”
Advantage Payroll Services and Basso commissioned Dr. Martin Cantor, regional economist of Melville-based Long Island Center for Socio-Economic Policy, to survey Long Island businesses to determine if what small businesses are experiencing aligns with today’s headlines. Panelists included Dr. Cantor and CEO/Chairman of Empire National Bank Doug Manditch. The discussion was moderated by small business expert and author Basso.
Businesses that participated in the survey included professional financial, insurance and legal services firms as well as food service, retail and medical services providers. The report asked a number of compelling questions relating to a wide variety of business topics. Several questions focused on the impact of the Affordable Care Act. The majority of small businesses surveyed expressed overwhelming concern about the anticipated administrative and financial impact of changing Human Resource regulations and the Affordable Care Act as well as about the cost of compliance with the new act. Many small businesses admitted they are not prepared for the law’s implementation. Perhaps more critically, the report found that most small businesses did not understand the complex requirements of the law or the penalties that a failure to meet such requirements would incur.
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According to the report, the overall workforce on Long Island is shrinking. Service businesses are growing in importance as once high paying manufacturing and construction jobs continue to decline. The report pointed out that those businesses which provide low-paying, low-skill jobs create fewer spinoff jobs and support for other local businesses. This finding reinforces the need for a better regional focus on supporting and developing a healthy and vigorous service sector across Long Island.
Among the companies surveyed, 40% reported that their gross revenues had decreased from 2011 and 41.7% of companies reported their employee workforce decreased from 2011 to 2012. The majority of businesses surveyed agreed Long Island government is important to the growth of their company. More than half of the companies surveyed disagreed that the Long Island economy has improved since 2011.
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The report did find, however, that the future is perceived to be bright among many Long Island business professionals and owners with 72.5% agreeing that the service sector will grow over the next five years. Nearly 66% of respondents disagreed that they would leave Long Island over the next five years despite high taxes, burdensome regulations and high energy costs.
Noteworthy findings in this survey were that the most successful respondents (those who saw an increase in revenue), paid their employees well and as a result retained them. The companies that saw decreased revenues had lower paid employees and as a result, a lower employee retention rate.
“Our mission at Advantage Payroll Services is to support local businesses and the entrepreneurs who create jobs and economic activity. In today’s turbulent and competitive economy, having a real picture of what business owners and operators are facing is important. Businesses on Long Island face many challenges, our report puts some of them in perspective allowing for appropriate strategies to be implemented for growth and success,” said Basso.
For a copy of the report, email ccesarino@liadvantage.com or call (516) 931-8400, ext. 17. For more information about the services offered by Advantage Payroll Services Long Island, visit www.liadvantage.com.
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