REPORTED INCREASE IN GROSS REVENUE FOR 2017: More than two-thirds of businesses reported an increase in gross revenue in 2017 relative to 2016 (70 percent), with over half of those reporting that revenues increased by more than 10 percent (53 percent). Interior designers/decorators were most likely to have seen revenue gains relative to 2016 (76 percent), followed by home build and architecture firms (both 73 percent).
CONTINUED GROSS REVENUE GROWTH EXPECTED IN 2018: The majority of businesses are optimistic about continued gross revenue growth (78 percent). Home build and architecture firms are most bullish in their expectations for increased gross revenue in 2018 (81 and 74 percent, respectively), followed by interior designers/decorators (73 percent). To support that growth, firms plan to invest in more marketing (59 percent) and bring in larger budget projects (54 percent).
INCREASE IN REVENUES IS NOT WITHOUT CHALLENGES: Nearly a third of businesses reported a surge in the cost of doing business in 2017 (26 percent), along with difficulty finding prospective customers and increased business competition (26 and 21 percent, respectively). While managing customer concern over cost continues to be a challenge (35 percent), the report shows a one percent point increase from the previous year (34 percent). Additional costs of doing business were felt most significantly by architecture firms (28 percent), who also faced the most difficulty in hiring (20 percent).
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CONTINUED GROSS REVENUE GROWTH EXPECTED IN 2018: The majority of businesses are optimistic about continued gross revenue growth (78 percent). Home build and architecture firms are most bullish in their expectations for increased gross revenue in 2018 (81 and 74 percent, respectively), followed by interior designers/decorators (73 percent). To support that growth, firms plan to invest in more marketing (59 percent) and bring in larger budget projects (54 percent).
INCREASE IN REVENUES IS NOT WITHOUT CHALLENGES: Nearly a third of businesses reported a surge in the cost of doing business in 2017 (26 percent), along with difficulty finding prospective customers and increased business competition (26 and 21 percent, respectively). While managing customer concern over cost continues to be a challenge (35 percent), the report shows a one percent point increase from the previous year (34 percent). Additional costs of doing business were felt most significantly by architecture firms (28 percent), who also faced the most difficulty in hiring (20 percent).
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