Businesses Optimistic Heading Into 2009
FunctionFox survey finds creative professionals expect growth, new opportunities
Victoria, British Columbia: Seventy-two percent of
small businesses in the creative services sector expect revenues
to grow or remain stable despite the economic downturn, a new
study reports today. Among the other optimistic findings: a
solid majority expects to maintain or increase staff size and
more than one-third see strong positioning as their greatest
opportunity in 2009.
The FunctionFox Creative Industry Outlook survey was designed
to determine the mind-set of creative business executives with
25 employees or less as they prepare for 2009. Respondents
were asked to answer questions relating to projected revenue,
staffing, challenges and opportunities.
"These small companies are finding innovative ways to
operate more efficiently than ever," said Mary-Lynn Bellamy-Willms,
CEO of Suburbia Advertising and Founder of FunctionFox. "In
a time when many businesses are cutting back, it seems this
nimble sector is energized. Their strategies include a focus
on new leads and clients, micro-targeted marketing, and providing
clients with new solutions using Web technologies."
Highlights of the 2009 survey (charts available in full survey
- 40% of firms expect revenue growth in 2009
- 32% of firms
expect similar revenues to 2008
- 23% expects to increase
their staff in 2009
- 61% expects to maintain current staff
- 33% of firms feel positive about their abilities to
refocus their approach and positioning
- 20% sees new media,
such as social networks, as their greatest opportunity
Other highlights: Of the challenges facing these organizations,
the most significant is finding new business. Respondents gave
a range of answers when asked about opportunities, with some
noting that the collapse of larger firms provides them with
the unprecedented chance to take market share. Other opportunities
- "establishing our position as an expert in specialized
- "social networking and ideation"
- "[be] leaner and cleaner, both in-house and for clients"
- "moving into developing markets"
- "opportunity to bring in better talent without increase in payroll"
This positive outlook in the midst of a recession was explained
by one respondent as: "We're looking at the downturn in
the economy as a potential boost to the outsourced marketing
industry. More of our clients are looking to scale back on
marketing staff in favor of strategically timed, expert support."
The survey, deployed November 16 through December 3, 2008, was completed by
209 highly targeted professionals in design, advertising, public relations,
web and marketing communications in the U.S. and Canada. Respondents were
invited to participate by email as part of the November 2008 issue of the
FunctionFox About Time Newsletter. The survey was delivered online. Some
answers were also broken down by region. (For charts, visit FunctionFox Creative
Industry Outlook 2009.)
FunctionFox is the leading provider of time and project tracking software for
small creative companies. TimeFox, its web-based timesheet and project management
software, is the number one ranked time-tracking system in North America.
Graphic design, advertising, communications, marketing, multimedia, public
relations, and interactive firms all choose TimeFox as their web-based time
and project management application. TimeFox is currently used by thousands
of customers in Canada, the US, Europe, Asia, Australia and New Zealand.
For a copy of the full FunctionFox Creative Industry Outlook
for 2009 Report, visit www.functionfox.com/Creative-Industry-Outlook-2009/
For questions and more information, contact:
Matt Humphries, Director of Sales and Marketing
FunctionFox Systems Inc.