Lately, it seems as if every week brings fresh recession warnings or new evidence of worsening business conditions, from rising prices to tighter credit. What plans does your business have for coping with economic conditions in the year ahead?
Of the top business news issues, what has caused you the most concern?
• Rising energy and commodity prices – 33.3 percent
• Subprime mortgage crisis – 29.2 percent
• Rising cost of health care – 25.0 percent
• Tightening credit – 8.3 percent
• Rising unemployment – 4.2 percent
Have you modified your business plans as a result of the deteriorating economy?
• Yes – 87.5 percent
• No – 12.5 percent
When did you modify your business plans to adapt to the changing economic conditions?
• Three months ago – 47.6 percent
• Six months ago – 28.6 percent
• Within the past month – 19.0 percent
• Within the past week – 4.8 percent
What steps is your business likely to take in the coming year?
• Delaying capital investments – 29.2 percent
• Staff reductions – 20.8 percent
• Reorganization – 16.7 percent
• No new hires – 8.3 percent
• No replacement hires – 4.2 percent
• No year-end bonuses – 4.2 percent
• Delaying office improvements – 0 percent
• None – 16.7 percent
The Providence Business News Executive Poll is a weekly survey of 70 business leaders, representing small and large businesses in a variety of industries throughout the state.