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NASHVILLE, Tenn .– (BUSINESS WIRE) – LBMC, one of the 50 largest accounting firms and the largest Tennessee-based professional services and management consulting firm, is proud to announce the fourth annual National Business Outlook Report. The report offers insights into business trends, challenges, and optimism in seven major industries in the United States

The report is based on results from the national Business Outlook survey, in which more than 500 executives, mostly in C-level positions, reviewed business operations over the past year and provided insights into the business landscape over the next 12 months. More than half of the attendees represent companies with sales of more than $ 15 million and at least 50 employees. For the first time, this year’s report also surveyed high-growth companies – companies with a growth rate of at least 20%.

“As companies adapted to the new normal last year, many brought in skills, talents and processes that they didn’t have before the pandemic. What are you focusing on in the coming year? This report outlines the top priorities for executives in 2021 and beyond, ”said Suzanne Reed, MBA, LBMC’s Chief Marketing Officer.

Download your copy of the Business Outlook report here.

2021 Business Outlook Report – Key Findings

The COVID-19 pandemic was by far the greatest challenge of 2020 and affected all industries and almost three out of four companies surveyed. While more than 40% of those questioned were concerned about the election, almost 60% of those questioned were neutral or positive about the election. While optimism about the economy is low, many companies believe their earnings will grow this year. For more than half of the companies, acquiring and retaining talent was a top priority.

Report highlights

Top priorities:

• Growing sales

• Improve financial performance

• Increase in business value

• Keeping and finding great talent

• Improvement of information management

Top business challenges:

• Covid-19 pandemic

• Domestic economic conditions

• Employee and service costs

• Regulatory requirements / changes

• Development of new products / services / markets

• Fluctuation / availability of top staff

Who took part in the survey?

• More than 500 executives, mainly in the C-suite

• Seven major industries including healthcare, manufacturing and distribution, construction and real estate, technology, nonprofits and education, professional services, retail and entertainment / hospitality

• US company, all sizes

• High growth, average growth and no growth companies

“If 2020 has taught us anything, there will always be factors that are beyond our control and affect your business. If you do the right things, you will be better equipped to weather the storm if curveballs are thrown at you. One of the silver linings of 2020 is that it has resulted in positive changes that otherwise may not have happened – especially in terms of technology and innovation. If you have the right infrastructure to take care of your team members and customers, the rest will be done, ”said Jeff Drummonds, CEO of LBMC.

About LBMC

LBMC is a Forbes Top Recommended Firm, one of the largest auditing and management consulting firms in the southeast and one of the 50 largest companies in the country, serving around 10,000 customers with different requirements in a wide range of industries. The LBMC family of companies employs more than 700 people and has offices in Chattanooga, Nashville, Brentwood, as well as Knoxville, TN and Charlotte, NC. Established in 1984 as a traditional accounting firm, LBMC has broadened its focus to meet a wide range of advisory and business advisory needs for its diverse client base. Today we are industry leaders in finance, human resources, technology, information security, and asset advice for businesses and individuals. Visit www.lbmc.com for more information.