Henrico County officials hosted a town hall meeting for local business leaders to provide an opportunity for businesses to discuss how local governments can contribute to their growth and success.
Thursday’s event at Hermitage High School’s Advanced Career Education Center featured remarks from County Manager John Vithoulkas alongside Anthony Romanello, executive director of the Henrico EDA.
The pair spoke with local business owners about their biggest challenges, asked them about their concerns and answered how the county can better support individual businesses.
County leaders joined business professionals from InUnison, an independent collaborative. Formerly known as the Retail Merchants Association, the company provides local businesses with data and resources to increase their success.
“At InUnison, we recognize the opportunities and challenges these companies face and focus on providing the resources that will help them succeed,” InUnison President and CEO Nancy Thomas said in a statement. “Local businesses serve as engines of employment, provide meaningful work, shape our communities and enrich our lives.”
InUnison developed a survey as a tool to measure the performance of independent businesses in the Richmond region.
The second annual State of Local Report was conducted between February 14 and March 15 with 120 individual businesses based in Richmond, Chesterfield, Goochland, Hanover, Powhatan and Henrico.
The data reveals that 77% of respondents reported revenue growth over the past six to 12 months, for an estimated collective total of more than $192 million in revenue. And 80% of the companies surveyed ended 2023 with a profit or break-even point: 61% ended the year profitable and at least 19% reached the break-even point at the end of last year.
Other notable findings from the report included companies’ concerns about the broader economy. The majority or 47% expressed concern about inflation, followed by revenue expectations at 23%. Others cited concerns about the cost of labor and tax issues, the report states.
Romanello said this information helps the county better understand the daily perspectives of local business owners as Henrico explores methods to promote its economic growth.
“I think the business environment here is really about prosperity, about helping businesses succeed, and even about events like this where we set aside a few hours each weekday to talk to our small business community,” Romanello said. . “They are telling us to try to make things even stronger.
As Romanello said, while statistics tell a great story about the county, opportunities like Thursday’s forum reveal more than just numbers.
“The world economy, the U.S. economy is strong, but there are some real challenges with commodity costs and interest rates,” Romanello said. “We want to hear what’s on people’s minds to see if there are things we can do to make businesses successful.”
Henrico has already taken steps to strengthen its resources for local businesses by expanding the county’s enterprise zone at an April 23 board of supervisors meeting.
The county plans to reclassify about 166 acres of residential development and government property. It also plans to add 194 acres to an area identified by the state for business development and job growth.
The Enterprise Zone, created in 2003, is currently 3,793 acres. Companies in the Business Zone can take advantage of state and municipal financial assistance.
Over the past three years, Henrico businesses have received more than $8.6 million in direct financial benefits, thanks in part to the Henrico County Enterprise Zone.
The board of supervisors also introduced an ordinance that would affect local taxes on business licenses: If passed, businesses earning between $500,000 and $1,000,000 would not have to pay license taxes.
The council will vote on the proposal during its May 28 meeting.
Editor’s note: InUnison, which conducted the research, is a sponsor of VPM.
