Company owners and commercial entrepreneurs in the Dallas-Fort Worth metro area and other locales spanning North Texas routinely have a lot on their minds. Business success is not casually conferred. Individuals who prosper daily confront and effectively deal with broad-based challenges.
That reality is underscored by one Texas legal source addressing the commercial realm. It duly notes that company principals must closely focus on myriad matters, including “entity formation, transactions, daily operations and conflict resolution.”
And there is this too: the necessity for unflagging attention on business trends and their potential effects on the marketplace and operations over both short- and long-term measuring periods. Predictive ability is crucial for company managers and key decision makers.
What is 2021 signaling for Texas small company manufacturers?
The momentous year that is now fading in the proverbial rear-view window unquestionably brought significant – and often unprecedented – challenges for Texas business owners. What does 2021 portend?
Foremost, it leads off with some positive news, as delivered by the Federal Reserve Bank of Dallas. That authoritative regulatory body recently conducted a sizable survey of state manufacturers, which centrally revealed this:
- Nearly 70% of respondents expect a revenue spike during 2021
- Reported widespread “optimism for brighter days ahead”
Risks and challenges persist, of course, but the optimism expressed by Texas company owners concerning business growth in 2021 spells clear and welcome news.
And it is echoed across multiple commercial sectors, as noted immediately below.
Recent business findings in a key Texas service-sector report
The Dallas Fed followed up its above-cited survey on state manufacturing activity with close scrutiny of Texas’ service industry. That occupational sphere broadly encompasses jobs within sectors like retail, hospitality, professional services and more. The service realm is of colossal importance in Texas, reportedly accounting for about 70% of the state’s economy.
Fed findings concerning the industry are strongly encouraging. Among other things, they underscore this:
- Appreciable growth during December 2020
- Spiked expectations concerning a continuing upside in 2021
- Late-year rise in both hiring and average hours clocked
- So-called “outlook index” showing an upward tick
The bottom line was expressed by a federal economist following the Fed’s report release. He states that, while surveyed businesses generally had a mixed view of current economic conditions, “expectations of future activity picked up.”