Publisher’s note

Jennifer Jackson, Publisher, Springfield Business Journal

Welcome to the second special publication in our series of six, where we delve into the Economic Growth Survey data collected from esteemed local business leaders. The 2023 survey and surrounding coverage was very intentionally timed to help inform the budgeting and planning process that so many business leaders engage in at this time for the year ahead. We try to anticipate and plan for all possibilities. In this edition, our primary focus is the changing economic landscape. We will explore various aspects of the local economic landscape and show how others are cultivating and maintaining confidence amid economic challenges. We will learn how some businesses are positioning themselves for success in the face of uncertainty.

In this special edition, you’ll read about businesses that are outsourcing functions of payroll and accounting. In doing so, they often free up valuable time and resources to focus on core operations while also minimizing the risk of errors, penalties and noncompliance. We explore the market outlook and what some anticipate will be a recession soft landing. Additionally, you will find some analysis of Springfield Business Journal’s business confidence index that was formulated and continues to be tracked through Economic Growth Survey responses.

 As we conclude this section on the economy, it is evident that local businesses are actively embracing strategies to navigate economic growth successfully. Outsourcing accounting functions and payroll responsibilities are recognized as effective measures to achieve cost savings, scalability, risk mitigation and compliance. Moreover, the market outlook reflects cautious optimism, with local businesses demonstrating confidence in their ability to weather potential economic challenges. By leveraging these insights, businesses can position themselves for sustained growth and prosperity in an ever-evolving economic landscape.

I invite you to read and then to become part of the continuing conversation via email in SBJ’s Economic Growth Series Google Group. Send me an email, jjackson@sbj.net, if you want to join the email group. Also, you will want to stay tuned for our next publication, where we will explore progress and challenges that are still ahead related to the workforce.