InTents June/July 2023 - 9

The good news is that 63% of our survey
takers expected revenues to rise in 2023,
with almost a third projecting them to be
up more than 10%. Flat revenues were
forecast by 26% of companies. (See Figure 4)
Expansion plans
Most respondents let us in on their forward-looking
plans over the next two
years, with almost half working on new
product lines with their existing capabilities
(49%) and entering new markets
(47%). Such additions should help those
businesses concerned with growth (or lack
thereof) in their existing markets. Forty
percent plan to expand domestically. Few
expect business to contract or that they
will divest.
Going hand in hand with those growth
expectations, the most important strategic
areas for companies in the next
two years include product diversification,
improvements to supply chain/
logistics, and employee development
programs. (See Figure 5) On the latter
issue, some company representatives
reported having difficulty finding
people interested in taking up the trade
and then inspiring them in their career,
especially the youngest generation
entering the workforce.
Fortunately, nearly 83% reported their
staffing levels as up or unchanged from last
year, but with " finding skilled labor " moving
to the top of the list of concerns and many
companies having future expansion plans,
it's clear why retention of that labor is
so important.
New facilities are in the plans for about
16% of respondents and acquisitions for
nearly 20%. The U.S. Federal Reserve's attempts
to keep inflation in check by raising
interest rates means that borrowing costs
more, which also factors into people's inflation
concerns. New equipment is planned
for 34%, and nearly 23% are exploring
some kind of automation, a purchase or
rental, which can keep the work moving,
even in a tight labor market.
Figure 2:
41.94%
40%
30%
20%
10%
0%
32.02%
23.39%
21.49%
16.94%
12.28%
2021
2022
Up more than
10 percent
Figure 3:
2021
2022
Up less than
10 percent
2021
2022
Flat
2021
10.48%
2022
Down less than
10 percent
9.21%
2021
7.26%
2022
Down more than
10 percent
HOW DID YOUR 2022 REVENUE COMPARE TO
YOUR PRE-COVID (2019 AND EARLIER) REVENUE?
49.19%
40%
30%
20%
10%
0%
25%
HOW DID YOUR TOTAL REVENUE
IN 2022 COMPARE TO 2021?
28.51%
23.68% 20.97%
18.86%
12.9%
2021
2022
Up more than
10 percent
Figure 4:
40%
30%
20%
10%
0%
32%
2021
2022
Up less than
10 percent
2021
2022
Flat
17.11%
4.03%
2021
2022
Down less than
10 percent
WHAT ARE YOUR REVENUE
EXPECTATIONS FOR 2023?
31.2%
25.6%
2021
2022
Down more than
10 percent
11.84% 12.9%
7.2%
4%
Up more than
10 percent
Up less than
10 percent
Figure 5: Top 4 Strategic Plans
1. Improvements to supply chain/logistics
2. Product diversification
3. Employee development
4. Providing customized / personalized products
Flat
Down less than
10 percent
Down more than
10 percent
42%
39%
39%
36%
InTentsMag.com 9
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InTents June/July 2023

Table of Contents for the Digital Edition of InTents June/July 2023

InTents June/July 2023 - Cover1
InTents June/July 2023 - Cover2
InTents June/July 2023 - 1
InTents June/July 2023 - 2
InTents June/July 2023 - 3
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