Local Companies Remain Weak on Revenue, Profit and Employment

BOSS Survey of 447 business owners and executives finds lackluster performance on all three measures for most local companies. Third of 5 parts this week.

For 24 years, the BOSS Survey has asked local business owners and executives about revenue, profit and employment at their companies. Did each of these crucial measures go up, down or stay the same in the past year?

The numbers in the latest survey, conducted in March and April 2021, are among the most dismal ever in those 24 years. Only in April 2010, in the aftermath of the Great Recession, were the numbers worse.

The BOSS Performance Index combines the survey results on revenue, profit before taxes and employment into one index. It is essentially unchanged from November 2020, but far down from April 2020, when the pandemic began and 11 of the previous 12 months had been strong.

Note: The Performance Index began at 100 in 1998. The lowest point was 88 in April 2010.

Next, when we look at each measure, revenue and profit show the worst results, while employment numbers are less bad – possibly because forgivable PPP loans allowed many companies to keep employees on the payroll even when revenue was sparse.