Henrico County officials hosted a town hall with local business leaders to provide an opportunity for businesses to discuss how local government can contribute to their growth and success.
Thursday's event at the Advanced Career Education Center at Hermitage High School featured comments from County Manager John Bisourkas, along with Henrico EDA Executive Director Anthony Romanello.
They spoke to local business owners about their biggest challenges, asked about their concerns, and answered how the county can best support individual businesses.
County leaders were joined by business experts from InUnison, an independent business partnership. Formerly known as the Retail Merchants Association, the company provides data and resources to help local businesses accelerate their success.
“At InUnison, we recognize the opportunities and challenges these companies face and are committed to providing the resources to help them succeed,” said Nancy Thomas, President and CEO of InUnison. said in a statement. “Local businesses serve as engines of employment, provide meaningful work, build communities and enrich our lives.”
InUnison developed the survey as a tool to measure the performance of independent businesses in the Richmond area.
The second annual Field Situation Report was conducted from February 14 to March 15 for 120 individual businesses located in Richmond, Chesterfield, Goochland, Hanover, Powhatan and Henrico.
According to the data, 77% of respondents reported an increase in revenue over the past 6-12 months, with an estimated total revenue of more than $192 million. And he ended 2023 with 80% of the companies surveyed making a profit or breaking even. 61% ended the year with a profit, and at least 19% reached breakeven by the end of last year.
Other notable findings in the report included businesses' concerns about the overall economy. A majority, 47%, expressed concern about inflation, followed by income expectations at 23%. Some raised concerns about labor costs and tax issues, the report said.
Romanello said this information will help the county better understand the daily outlook for local business owners as Henrico looks for ways to foster economic growth.
“I think it's important that we make sure that the business environment here really thrives and that we support businesses to succeed, and even just events like this, that we take a few hours out of our weekdays to talk to the small business community.” Romanello said. “They are telling us to try to strengthen the situation further.
As Romanello said, while statistics tell a great story about the county, opportunities like Thursday's forum reveal more than just numbers.
“The global economy and the U.S. economy are doing well, but there are some real challenges in terms of product costs associated with interest rates,” Romanello said. “We listen to people's ideas and see what we can do to help their businesses succeed.”
Henrico has already taken steps to strengthen resources for local businesses by expanding the county's business zone at the April 23 Board of Supervisors meeting.
The county plans to reclassify about 166 acres of residential development and government land. There are also plans to add 194 acres to areas designated by the state for business development and job growth.
Created in 2003, the Enterprise Zone currently covers 3,793 acres. Businesses within the Enterprise Zone have access to state and county financial assistance.
Over the past three years, Henrico businesses have received more than $8.6 million in direct economic benefits thanks to the Henrico County Enterprise Zone.
The Board of Supervisors also introduced an ordinance impacting license taxes for local businesses. If passed, businesses with revenue between $500,000 and $1 million would not have to pay license taxes.
The board is scheduled to vote on the proposal at its May 28 meeting.
Editor's note: InUnison, which conducted the research, is a VPM sponsor.
