Outline of 2024 Live June Survey Results

The Southern Gold Coast Chamber of Commerce recently conducted a comprehensive survey among its members and non-members to gain insights into their experiences, needs, and expectations. With a total of 143 participants and an impressive average response rate of 88.5%, the survey results offer valuable data that will help shape our strategic plan for 2025.

Key Reasons for Joining

Understanding why individuals join the Chamber is crucial. The top reasons cited include:

1. Networking & Events (16%): Members value opportunities to connect not just with others, but with high-value or B2B clients in a meaningful way, beyond traditional elevator or sales pitch approaches. These opportunities foster genuine relationships and business growth through quality interactions.
2. Community Involvement and Social Responsibility (15%): Highlights a desire to contribute to the local community.
3. Industry Insights and Trends (14%): Indicates the importance of staying informed about industry developments.

Grading our Chamber Benefits

One of the standout findings is the high satisfaction with the events organized by the Chamber, which received an impressive rating of 4.5 out of 5. This high rating is not just a testament to the quality of the events but also to the number of attendees and the quality of networking opportunities they provide. Networking was highlighted as a key reason for joining, with 16% of respondents emphasizing it. This correlation suggests that our events are effectively meeting members’ networking needs.

However, there is room for improvement in other areas:

• Communication and Newsletters: Rated 3.8, indicating a need for more effective communication strategies.
• Website and Social Media: Rated 3.6, suggesting enhancements in our digital presence.
• Education and Training: Rated lowest at 3.2, highlighting a significant area for development.

Challenges and Opportunities

The survey also identified the main challenges and opportunities facing our members and broader business community, shown below in order:

1. Cost of Living & Inflation:

   • The top concern for members is the impact of rising living costs and inflation on business operations and profitability. This finding is consistent with broader economic trends, where small businesses are struggling with higher costs for raw materials, inventory, rent, and labour​​. The significant squeeze on profit margins and uncertainty about future costs are affecting strategic planning and investment decisions.

2. Talent Acquisition, Retention, and Reskilling:

   • Attracting and retaining talent remains a critical issue. Rising living costs are making it more expensive to attract and keep skilled employees, leading to increased recruitment and training costs. This aligns with national trends where businesses are facing intense competition for talent and higher wage demands due to inflation.

3. Staffing:

   • Staffing issues continue to pose a significant challenge, impacting business scalability and efficiency. This challenge is particularly pronounced in the service industry, where maintaining adequate staffing levels is crucial for operations. The cost of living crisis exacerbates these issues, as potential employees seek higher wages to cope with rising expenses, not to mention housing creating a significant barrier in attracting skilled workers from outside the city. 

4. Digital Transformation and Optimization:

   • The need for digital transformation remains urgent and an important opportunity for members and the broader southern GC business community. Businesses must adapt to changing consumer behaviors and technological advancements to remain competitive. This includes investing in digital marketing, e-commerce, and customer relationship management systems. The shift towards digital solutions is a key trend seen across various industries as businesses strive to optimize operations and improve customer experiences​.

Interest in Event Topics

Members expressed strong interest in various event topics:

• Major Infrastructure Project Updates: Highest interest at 16%, indicating a demand for information on local developments.
• Networking: Close second at 15%, reaffirming the importance of networking opportunities.
• Understanding and Embracing AI: 13% interest, suggesting members are keen on learning about emerging technologies.
• Digital Marketing: 13% interest, highlighting a need for skills in this area.

Standout Features of the Southern Gold Coast

Respondents were asked what were the standout features of doing business on the Southern Gold Coast. Most popular responses included the regions quality of life, community spirit and opportunities available within the local market. We have purposefully ommitted results highlighting a certain Chamber VP's distinguished choice of facial hair.

Conclusion and Strategic Opportunities

The survey results provide a clear indication of the areas where the Chamber is excelling and where there is potential for growth. The high satisfaction with events and the importance of networking suggest that these should remain a focal point in our 2025 strategic plan. Additionally, the identified challenges and areas for improvement, such as communication, digital presence, and education, offer opportunities for targeted initiatives to enhance member satisfaction and engagement.

By addressing these key findings and incorporating them into our strategic planning, we can ensure that the Southern Gold Coast Chamber of Commerce continues to meet the needs of its members and foster a thriving business community. The survey not only reflects the current sentiments of our members but also provides a roadmap for future success and growth.