Business retention initiatives help local businesses thrive, fostering stability and economic growth. The Superior Economic Development Department conducted a local business survey from February 1 to May 1, 2024, to better understand the local business climate and the needs of local businesses.
The survey results highlight the strengths and challenges faced by businesses in the area, providing valuable insights for community leaders and policymakers.
Survey Respondents
The survey saw participation from 37 diverse businesses, including home-based businesses, small locally owned businesses, and large chain businesses. Notably, 64% of these respondents have five or fewer full-time equivalent employees, and 62% are members of the Superior Chamber of Commerce.
How Superior Businesses Are Doing
The general sentiment among Superior businesses is positive. Most respondents rated their success as good, very good, or excellent, with no businesses rating their performance as poor. This positive outlook is further bolstered by the fact that six respondents are considering expanding their operations within the next 12 months, signaling confidence in the local economy.
Environmental consciousness is evident, with 24 businesses having established processes for recycling. Additionally, the survey highlights strong wage practices, with 30 businesses paying above the minimum wage. Of these, 19 provided specific starting wages, ranging from $14.42 to $28.00, with some noting that the starting wage can be higher based on qualifications or role.
Support Businesses Need
The survey also sheds light on the areas where local businesses seek more support. Seventeen businesses expressed a desire for visits from Economic Development Staff, indicating a desire for more direct engagement and assistance. Marketing support emerged as a significant area of need, with 28 respondents requesting help in this area.
Moreover, a majority of the respondents (34 businesses) are keen on being featured in a Town social media spotlight. This suggests that businesses are looking for more visibility and opportunities to connect with the community through digital platforms.
Conclusion
The 2024 Superior Business Survey results underscore the resilience and optimism of local businesses while highlighting specific areas where additional support could further enhance their success. With a robust framework for engagement and support, Superior’s business community is well-positioned to continue thriving, contributing to the overall economic growth and stability of the area.
