Scarinci Hollenbeck, LLC, LLCScarinci Hollenbeck, LLC, LLC

Firm Insights

New Jersey Businesses Had A Good Year in 2014

Author: Robert A. Marsico

Date: December 31, 2014

Key Contacts

Back

For many New Jersey businesses, 2014 was a good year.

More importantly, many New Jersey busineses expect their success to continue into the New Year.

According to Provident Bank’s 2014 Business Barometer, which surveyed more than 300 New Jersey business owners, 43 percent reported that their business performed “great” or “good” in the past 12 months. In addition, fewer companies reported struggling or poor performance of new jersey businesses in 2014 compared to 2013 (26 percent vs. 31 percent).

Looking ahead, 82 percent of owners of new jersey businesses  stated that they are either somewhat or very optimistic about the coming year. In other good news, fifteen percent of companies surveyed expect growth of 10 percent or more in 2015. Only twelve percent of surveyed companies projected such growth for 2014.

According to the survey, the optimism should translate to job growth. Overall, 37 percent of companies are planning on adding new employees in 2015, and 46 percent of such employers plan to hire full-time workers in 2014, which represents a significant increase over last year’s 20 percent.

Below are several other key findings:

  • Among those who said business was good or great in 2014, owners most often attributed increased sales (33%) and new customers (13%) for their success.
  • 51 percent of business owners indicated that they worked more hours in 2014 than in 2013.
  • When asked what the most important lesson learned was in the past year, 16% of respondents said “Keep up with changes in technology and marketing” while 11% cited “Retaining customers and the importance of good customer service” and10% chose “Work harder & smarter/keep pushing forward”.
  • The most important concern among owners of New Jersey businesses continues to be the state of the economy (rated 4.34 on a scale of one to five), followed by consumer confidence (3.91) and the national political climate (3.64). Two business owner concerns which increased in importance from last year included state property taxes (up from 3.53 to 3.96 this year) and cyber threats (up from 2.36 to 2.82).

Hopefully, the optimism for business conditions in 2015 as expressed by the respondents in this survey will signal a happy new year for New Jersey businesses.

No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.

Scarinci Hollenbeck, LLC, LLC

Related Posts

See all
Corporate Transactions: Best Practices for Successful Deals post image

Corporate Transactions: Best Practices for Successful Deals

Corporate transactions can have significant implications for a corporation and its stakeholders. For deals to be successful, companies must act strategically to maximize value and minimize risk. It is also important to fully understand the legal and financial ramifications of corporate transactions, both in the near and long term. Understanding Corporate Transactions The term “corporate […]

Author: Dan Brecher

Link to post with title - "Corporate Transactions: Best Practices for Successful Deals"
How to Conduct a Fair and Legal Employee Termination in 2025 post image

How to Conduct a Fair and Legal Employee Termination in 2025

Ongoing economic uncertainty is forcing many companies to make tough decisions, which includes lowering staff levels. The legal landscape on both the state and federal level also continues to evolve, especially with significant changes to the priorities of the Equal Employment Opportunity Commission (“EEOC”) under the Trump Administration. Terminating an employee is one of the […]

Author: Angela A. Turiano

Link to post with title - "How to Conduct a Fair and Legal Employee Termination in 2025"
Admin Dissolution for Annual Report: What You Need to Know post image

Admin Dissolution for Annual Report: What You Need to Know

While filing annual reports may seem like a nuisance, failing to do so can have significant ramifications. These include fines, reputational harm, and interruption of your business operations. In basic terms, “admin dissolution for annual report” means that a company is dissolved by the government. This happens because it failed to submit its annual report […]

Author: Dan Brecher

Link to post with title - "Admin Dissolution for Annual Report: What You Need to Know"
What Is Antitrust Litigation Law? post image

What Is Antitrust Litigation Law?

Antitrust laws are designed to ensure that businesses compete fairly. There are three federal antitrust laws that businesses must navigate. These include the Sherman Act, the Federal Trade Commission Act, and the Clayton Act. States also have their own antitrust regimes. These may vary from federal regulations. Understanding antitrust litigation helps businesses navigate these complex […]

Author: Robert E. Levy

Link to post with title - "What Is Antitrust Litigation Law?"
Dissolving Your Business: Essential Legal Steps to Protect Your Interests post image

Dissolving Your Business: Essential Legal Steps to Protect Your Interests

If you’re considering closing your business, it’s crucial to understand that simply shutting your doors does not end your legal obligations. Unless you formally dissolve your business, it continues to exist in the eyes of the law—leaving you exposed to ongoing liabilities such as taxes, compliance violations, and potential lawsuits. Dissolving a business can seem […]

Author: Christopher D. Warren

Link to post with title - "Dissolving Your Business: Essential Legal Steps to Protect Your Interests"
The Role of Corporate Restructuring in Mergers & Acquisitions post image

The Role of Corporate Restructuring in Mergers & Acquisitions

Contrary to what many people think, corporate restructuring isn’t all doom and gloom. Revamping a company’s organizational structure, corporate hierarchy, or operations procedures can help keep your business competitive. This is particularly true during challenging times. Corporate restructuring plays a critical role in modern business strategy. It helps companies adapt quickly to market changes. Following […]

Author: Dan Brecher

Link to post with title - "The Role of Corporate Restructuring in Mergers & Acquisitions"

No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.

Sign up to get the latest from our attorneys!

Explore What Matters Most to You.

Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.

Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.

Let`s get in touch!

* The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!