A state can have many general trends when it comes to companies. This includes general trends regarding business climate. A recent 24/7 Wall St. report points to Louisiana having the worst business climate in the nation.
For each state, the report looked into 47 measures related to doing business. The measures fell into eight different categories. The categories were: business costs, cost of living, economic conditions, quality of life, regulations, state infrastructure, technology/innovation and workforce availability and skill level.
The overall rankings of state business climates were based on how the states did in these categories. Overall, Louisiana was ranked worse than all other states in the report.
Among the things that the report pointed to as big problems for companies in the state were a shrinking working-age population and troubles with the state’s talent pool.
Do you feel Louisiana is a tough place to do business?
Now, each company in a state can be affected differently by that state’s overall business climate. Also, in addition to general issues facing many businesses in the state, each company can also face unique issues unrelated to general state trends. So, every business here in Louisiana can be facing its own unique set of challenges.
How a company addresses the challenges particular to it, including challenging legal matters that arise, can have major repercussions for it. So, getting legal guidance tailored to its specific situation can be important for a Louisiana business when it is trying to overcome the challenges that have come before it.
Source: 24/7 Wall St., “Why Louisiana Is the Worst State for Business,” Trey Thoelcke, Feb. 18, 2017