COVID-19 — WHERE DO YOU STAND NOW? SURVEY RESULTS

Posted on: May 15th, 2020

CFO Strategic Partners conducted a brief survey earlier this week to determine how local CEOs and business leaders are responding to the current challenges of re-opening their businesses and the related employee and economic impact.  We received a significant number of responses and greatly appreciate the time of those who participated.  Here are how the responses shaped up:

OFFICE WORKSPACE:

When evaluating how the return of employees is being handled, the majority of respondents replied that their office is now open and employees could decide to come in or to work remotely.  For offices still closed, most employees are working remotely.  The results for each category are as follows:

FUNDING:

Since our last survey on the topic of COVID-19, many businesses have received PPP funding.  We now asked what level of support this funding was expected to provide. At 81%, the overwhelming majority of respondents feel that the funding they received was crucial or immensely helpful to their business this year.  The results for each category are as follows:

CURRENT FINANCIAL PROJECTIONS:

We asked about your projected bottom line results at the end of 2020 as compared to your original (or prior year) projections on this survey, as well as in our survey sent out approximately 45 days ago.  When comparing respondent’s views then and now, we found a positive trending shift in views on this topic.  In the previous survey, 97% of overall respondents believed their organization would experience a reduction in performance, and only 3% believed they might actually do better in 2020.  In this recent survey, those who now feel they might actually do better rose to 21%.  The results for each category in the recent survey are as follows:

GENERAL OUTLOOK:

Once again, we note a positive trending change in views on this topic when compared to a similar question in our previous survey.  The percentage of respondents who are not worried at all more than doubled, and those who are extremely worried dropped by 6%.  Here is the breakdown of results for this survey:

FEEDBACK:

We appreciate the insightful feedback received from many respondents on the issues you would like to see discussed in future articles.  We will use your input to design future content that is meaningful to you and addresses some of the issues being faced by business leaders during this economically challenging climate.

CFO Strategic Partners is committed to being a valuable resource for small and medium-sized companies during these dynamic and uncertain times.  If your company is in need of sound financial based solutions, a part-time, outsourced CFO can deliver the expertise you need to weather the current economic crises and develop a strategy to prosper in the future.  Visit us at http://www.cfosp.com, email us at admin@cfosp.com, or call us at 407-426-8288 to learn more about how we can help set your company on a path to success.

NOTE:  Given the current evolving economic climate, CFOSP is publishing more frequent communications on this topic based on what our clients are experiencing and our firm’s expertise.  Stay tuned for updates or click here for more content on this topic.

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