The Results of the survey as follows
In March the Chamber of Commerce distributed a State of Business Survey to member business owners and, or, key managerial staff to see how they were fairing in the global economic downturn. We appreciate the time spent by the 208 members who responded to the survey, which clearly represented an even cross section of industry sectors in the membership responsible for large and small businesses.
The survey asked members to identify the main constraints for business growth, to identify the top drivers for the Cayman Islands economy and to rank their top ideas for diversifying the economy. Other questions asked member businesses to rate the economy, the Cayman Islands as a place to conduct business and the quality of the Cayman Islands Civil Service.
Members were also asked whether they plan to hire or lay off employees, increase or reduce wages, increase or reduce hours, outsource jobs or expand or downsize their businesses and office space.
“The Council wanted to connect with the Chamber membership on the ground and find out how they were coping with the challenges resulting from the economic flat line.
We knew the results from this survey would help determine the level of confidence that local businesses have in Cayman’s economy and the importance they placed on certain constraints and opportunities as we reach for a more stable economic future. The survey results form a sampling from local businesses that we can use to move forward with plans for the Future of Cayman Forum.
We have begun discussions with Cayman’s private associations and government departments so that all community sectors are represented. Working as a holistic group we are confident that we will be able to identify three or four key economic pillars and develop an effective strategic plan for their implementation,” said Stuart T. Bostock, Chamber President.
The survey results show that business operating fees are a main constraint for most businesses and almost 100 per cent of businesses feel Cayman is still in an economic recession. The good news is there is still a level of optimism from business owners as 87.9 per cent rated their level of confidence in the future of the Cayman Islands as fair to excellent.
Full results of the survey are posted on the Chamber’s website caymanchamber.ky